If you’re caring for a loved one with dementia, you know how rewarding and challenging it can be. When a loved one’s needs evolve beyond what family members can provide, they may consider memory care in senior living communities. Memory care offers professional and personalized care and support for loved ones with dementia.
Once you’ve chosen a community for a loved one, there’s the overwhelm of financial planning and cost responsibility for care. However, you can pay for memory care with insurance, retirement benefits, personal savings, investments, property, and government assistance.
What Is Memory Care?
Memory care is specialized care for older adults with memory issues, such as Alzheimer’s disease or dementia. It offers a safe and structured environment where residents receive cognitive and physical therapies and help with daily tasks.
It’s a level of care that exceeds what is typically offered in assisted living or by home health aides due to the unique needs of the residents. From maintaining safety and personal well-being to managing behavior changes and providing medication management, the care provided in a memory care community addresses these needs.
Costs & Budgeting for Memory Care
A key aspect of planning for memory care is understanding the related costs. Prices for this level of care aren’t standard and can vary greatly depending on location, specific services, and more.
Typically, the costs for memory care are higher than those for assisted living and other types of senior care due to the increased level of supervision and specialized services. Monthly costs for memory care can include rent, utilities, maintenance, housekeeping, and meals.
To start budgeting for memory care, you need to:
- Research the costs in your area.
- Assess your loved one’s financial resources.
- Identify potential funding options.
- Consult with a financial planner or elder law attorney for personalized advice.
Resources to Pay for Memory Care
Planning can relieve stress when the time comes to seek out and pay for memory care. Financial resources can include private and public sources.
Insurance
Long-term care insurance can cover services not typically covered by health insurance, Medicare, or Medicaid. It can be a valuable asset when planning for memory care expenses.
Personal Funds
Personal savings, annuities, life insurance policies, and equity from the sale of your home can also contribute to the cost of care. Tapping into the value of one’s home through a reverse mortgage or sale can be an option for those in need.
Public Programs
Several public programs can help cover some of the costs of memory care, such as Medicare, a federal insurance program and the primary source of healthcare coverage for individuals 65 and over. Medicaid, which provides medical assistance to low-income individuals, covers a range of long-term care services, including some memory care expenses.
Government Assistance
Government assistance also includes programs for veterans. Veterans living with Alzheimer’s disease or dementia may be eligible for Veterans Administration (VA) services for long-term residential care.
Legal & Financial Considerations
Proper planning protects loved ones’ financial assets, which can help meet their care needs. Legal and financial planning for a loved one can include a will, a trust, and power of attorney to handle financial matters.
Understanding the implications of these documents and how they interact with memory care funding is crucial. Consulting with an elder law attorney can provide insights into the legal and financial strategies tailored to a loved one’s unique needs.
Navigating the Process of Finding Care
Finding and choosing the right memory care community for your loved one can require research. It involves a detailed assessment of the community’s services, staff qualifications, safety measures, and the overall culture of care. Family members can navigate this process by creating a checklist of the needs and preferences of loved ones, visiting potential communities with them, and evaluating the experience of current residents.
Financing and placing a loved one in memory care can be overwhelming. For these reasons, reach out to the administrative staff at the chosen community with questions or concerns to help manage this critical life transition with the diligence and care it requires.
Supporting Caregivers & Loved Ones
Caring for someone with memory impairments is a testament to your love and commitment. But it’s also a role often demanding access to adequate care and support, such as memory care.
By understanding the services and costs associated with memory care and exploring the funding options available, you can provide your loved one with the care they need. With the right approach, resources, and consulting financial professionals, you have peace of mind that a loved one can flourish in a community designed for them.
Contact The Enclave of Newell Creek if you have any questions regarding finances for our memory care program.
