The costs associated with caring for someone with Alzheimer’s or dementia can be surprisingly high. That can ring alarm bells when you begin seeing prospective invoices and monthly fee totals that feel impossible to tackle.
After considering the cost of medications, incontinence supplies, time required to transport someone to appointments, hiring help at home, or moving to an assisted living facility – it’s common for caregivers or family members to feel overwhelmed. Many wonder how they will provide quality care for their loved with limited time and resources.
We recommend taking a big, deep breath…
Luckily, there are many creative ways to finance high-quality, memory care for yourself or the person you love.
Planning Ahead Eases the Way
While the cost and need for Alzheimer’s care isn’t expected to decrease, planning ahead and utilizing available resources case help ease the burden. The earlier you begin talking about long-term care plans with your spouse, caregivers and families, the more you’ll have working for you as you uncover reasonable and attainable solutions.
Get familiar with the Alzheimer’s Association website
The Alzheimer’s Association website is an excellent place to start. In addition to having a commendable amount of information about financing memory care, they are a phenomenal source of support for individuals with Alzheimer’s and dementia and those who love them.
The website’s planning tools help you consider employee benefits, government assistance, retirement benefits and more.
Medical Insurance & related benefits programs
Carefully review your health insurance handbook and reach out to your benefits coordinator, who may help uncover hidden benefits, or prevent a surprise bill later. If you do speak with representatives on the phone, get any information they share with you in writing (email works well for this), so you have it to review later.
Medicare and other health insurance plans typically cover some costs for memory care, including:
- Annual wellness visits and health risk assessments
- Any doctor or medical appointments/procedures/treatments that would normally be covered
- Some medical equipment
- Health workers/help in your home
- Skilled nursing home care in certain circumstances
- Assisted living in limited, qualifying situations
There also other insurance and benefits options, including Medicare and Veterans Administrations, that can support the cost of memory care.
Caring for Someone at Home? Enlist support from family and friends
Be transparent with your family regarding itemized costs associated with caregiving. Those who live far away, and can’t help out in person, are often eager and willing to contribute a monthly contribution.
Ask friends and neighbors to help by running errands, or caring for your loved one once a week to give you a break (free respite care) without the added cost of hiring help.
Consider reaching out to local churches or houses of worship. They may have people looking to volunteer and help in the community by helping in your home, with yard work, delivering meals or other household necessities.
Multifaceted Financial Planning
If your loved one was recently diagnosed, now is the time to start the long-term care financial plan.
Get personal finances and assets in order and review the possibilities:
Look at available savings
Total up all of your liquid assets, invested monies and retirement pension plans and see if there are any accounts you’ve forgotten. Viewed one-by-one they may not seem like much, added together cumulatively and you may have more available then you realized.
About The Memory Centers
The Memory Center communities in Richmond, Virginia Beach and Johns Creek provide exceptional care for those living with Alzheimer’s and other forms of dementia. Founded as the first assisted living facilities devoted specifically to memory care, our program is designed to meet the challenging conditions of an aging brain with a caring, interactive community.
Our custom programs and activities are designed to inspire purpose, validate actions and invigorate while providing the highest quality of life for residents. Functional and fun are key components of our activities – and we encourage family members and spouses to take an active role in their loved one’s care or join us for daily activities.