Dementia Care Affordability Considerations
What is the Cost of Memory Care?
Last year, Alzheimer’s cost Americans over $270 billion in paid and informal care. No wonder the first thought that comes to mind after an Alzheimer’s diagnosis is “How will I ever pay for this?” You may get overwhelmed with the financial pressures an Alzheimer’s diagnosis presents.
Millions of other families in America are discovering ways to navigate this stressful path with you. The information included here is designed to help you identify ways to pay for Alzheimer’s care and is a valuable resource during this difficult time.
There are no hidden or unexpected fees at our dementia care facility, making it easier to plan for your family member’s financial future. Our rates are simple. There are no “points” or “levels” or buy-ins, and residents are not charged based on their ever-changing dementia care needs.
The Department of Veterans Affairs provides the VA Aid and Attendance Pension to eligible wartime veterans and their surviving spouses. This benefit helps pay for a portion of long-term care and/or dementia care assisted living costs. Veterans or surviving spouses are eligible if — through a medical diagnosis — they require the aid of another person to perform activities of daily living, such as bathing, feeding, dressing, or going to the bathroom.
To apply, contact a VA office near you. Or visit veteranaid.org for more information. You can also call Veterans Affairs at 1-800-827-1000 and ask for the Veterans Services office near you. For the usage of VA Benefits, we highly encourage to inquire and allow for ample time for benefits to be implemented.
Life insurance policies can be purchased to help pay for long term care and dementia care. If your loved one carries such a policy, you may want to contact the issuing company and inquire about benefits. Some insurance policies include:
Long Term Care Insurance
Long-term care insurance is designed to cover long-term services and supports, including personal and custodial care (non medical care) in a variety of settings such as your home, a community organization, or other facility.
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as ambulating, bathing, dressing, eating, or toileting.
Most policies typically allow an individual to use the daily benefit in a variety of settings, including:
While these resources may serve as general information, every family’s financial situation differs, and the staff at our dementia care facility recognizes there are always extenuating circumstances. Terra Vista highly recommends the utilization of a financial advisor to care for your loved ones assets and to provide insight on how to best pay for Alzheimer’s and dementia care. Financial advisors can help you identify potential financial resources, uncover tax deductions and avoid investment decisions that could result in penalties or cause you to draw down your finances too quickly. For additional resources, please visit our Additional Resources Page.
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