What Kind of Financial Assistance Is Available for Memory Care?
Having a loved one who suffers from memory loss can be challenging. It takes an emotional toll on everyone involved as they require more assistance in their everyday lives.
To provide them with the safest environment to live in, many people suffering from memory loss prefer to enter a memory care community. These communities are structured and safe, and have health professionals that are specially trained to care for memory care patients. But coming up with the costs can be difficult. If you’re worried about how to pay for the cost of memory care, you’ll benefit from knowing more about the memory care financial assistance options available.
Memory care communities can understand how affording memory care can be a challenge, especially when it has to be done at the last minute. At Solterra Senior Living, there are many memory care financial assistance options available that take your current needs and your long-term plans into consideration.
Here are some of the financial assistance options that you can use for memory care.
One type of memory care financial assistance that mirrors more typical financial assistance options is applying for a loan. It’s not the first option that comes to mind for many people, but there are specific loan options for people entering memory care, and they can be very helpful. With a loan, you’ll be provided with money up-front and then put on a payment plan that allows you to pay small amounts back each month. You’ll be subject to interest costs, but this is a great option for people who have to enter into a memory care community unexpectedly. It can provide you with the time needed to figure out your finances.
If you’re considering a loan to help you pay for memory care, Elderlife Financial may appeal to you. This financial assistance option is a loan that acts like a line of credit. It’s available to seniors and those with disabilities who are looking for a simple financial option and can be especially helpful to those who need money quickly. They offer a loan option called Elderlife’s Bridge Loan, which can fund your senior living expenses in as little as 24 hours. With loan options from $5,000 to $500,000, coming up with the cost of memory care can be one less thing you have to worry about.
Long-Term Care Insurance
It doesn’t hurt to assume that you will live a long life, and when you truly believe that you will, it can be smart to plan for your later years ahead of time. One way people experiencing memory loss can prepare for memory care beforehand is by purchasing a long-term care insurance policy. A long-term care insurance policy can come in handy when memory care becomes the best option, and it can be purchased at almost any age.
When you have an existing long-term care policy, affording memory care is much easier. Over 8 million Americans choose to acquire long-term care insurance, with 54 percent of all policyholders opting in after the age of 54. The monthly premium you pay during the years before you need memory care can end up saving you a lot more when the time comes to use the insurance. Long-term care insurance can be purchased through reputable insurance companies, which can be found through organizations like the American Association of Long-Term Care Insurance. You can contact them to receive quotes on policies or to receive more information on how this type of insurance can be beneficial for you.
Some kinds of financial assistance for memory care can be specific to different groups. Veterans are among those groups that can receive additional aid for having served our country through a program made available by the Department of Veterans Affairs, Aid, and Attendance Pension benefit. The assistance provided to those select individuals can make a big dent in the costs for memory care. If you are a veteran or the spouse of a veteran, you may be eligible for veteran’s benefits to help you pay for the care you deserve.
Determining eligibility is a key factor in figuring out if you can receive veteran’s benefits, as not all veterans may be eligible. If you’re a veteran who is eligible, you can receive up to $1,830 a month for your individual memory care needs. That number increases to over $2,000 if both you and your spouse are in need of assisted living or memory care. There are even options for the surviving spouse of a fallen veteran to receive financial assistance for their memory care alone. With the help of veteran’s benefits, memory care can be within financial reach.
Most people over the age of 65 use Medicare as their health insurance, but there are other government assistance programs that may be used to cover memory care costs. If you or a loved one are suffering from dementia, you may qualify for one of those programs based on your medical state or your financial needs. If eligible, you can receive income support or long-term care services. Options like tax deductions and credits, Supplemental Security Income, and Social Security Disability Income are all possible depending on your eligibility.
Community Benefits Advocate
Figuring out your finances can be difficult, as most programs require a lot of supporting documents and have strict eligibility requirements. The application process can be stressful, and without the right support, can discourage people from applying at all. For this reason, Solterra Senior Living provides community members and potential community members with help from a community benefits advocate.
The community benefits advocate can assist through the entire application process, while also providing knowledge about which assistance programs are available. They can go through eligibility requirements and guide you through the process of applying without judgment. With their help, memory care patients can get the financial assistance that they need and join the Solterra Senior Living memory care community.