What Are the Financial Assistance Options for Memory Care at the Mission at Agua Fria
If you or a loved one are living with Alzheimer’s disease or any other type of dementia, deciding to move into a memory care community may be one of the best, but hardest, decisions you can make.
If you or a loved one are living with Alzheimer’s disease or any other type of dementia, deciding to move into a memory care community may be one of the best, but hardest, decisions you can make. Memory care’s mission is to keep its residents safe as well as living with the highest possible quality of life. For instance, at our memory care at the Mission at Agua Fria, we make sure that our residents age with dignity in an environment that is safe and secure. Memory care can be expensive, which is why our memory care at the Mission at Agua Fria accepts multiple financial assistance options. Here are some of them.
The Arizona Long-Term Care System, also known as ALTCS, uses Medicaid funding to help cover the costs of room and board for senior living communities, such as memory care, for Arizona residents who need and qualify for it. For the application process, you need to provide documentation that proves you meet financial, residential, and medical eligibility requirements. You also need to be pre-determined in order to receive assisted living or memory care. The process can take some time, so if this may be an option for you or your loved one, get started as soon as possible.
Bridge loans are short-term loans that give you about 12 months to complete the payment. The plans and timeframe can vary depending on the vendor you choose. For seniors, a popular type is Elderlife Financial Services. Bridge loans act as a line of credit. This means that you only borrow money that you actually need. If you need money now and know that you will have it in the future, for example, after you’ve sold your house, this is a great solution. Plus, if you want to pay the loan off early, there are no pre-payment penalties.
If you are a veteran or the spouse or widow of a veteran, you may qualify for Veteran’s Aid. The Department of Veteran Affairs offers the Aid and Pension Benefit if you have the applicable wartime service, need financial aid, and have a medical reason (such as needing memory care).
This is a tax-free benefit that will pay you a certain amount each month. A vet can receive upwards of $1,794 each month, a surviving spouse (who has not remarried) can receive upwards of $1,153 per month, and a couple can receive upwards of $2,127 per month. Additionally, a veteran that files with a spouse who is sick may be eligible for as much as $1,410 each month.
If you’re worried about the expense of memory care at the Mission at Agua Fria, there’s no need to be. Contact us to discuss your options. We look forward to speaking with you.