Here’s How to Cover Alzheimer’s Care Costs (And When to Get Help)

Disclaimer: I don’t normally do this – this article was written by a reader and submitted to me for publication. I generally turn these type of offers away but, in this case, I think Patrick Young did an excellent job in starting to prepare those of you with questions about Alzheimer’s care. Thanks, Patrick.

Onto the article:

Finding out that you have Alzheimer’s disease can be devastating. Struggling to cover care costs feels even more hopeless—but there are options. From insurance coverage to alternative funding options, here are some helpful ways to pay care costs, plus advice on when it’s time to make the move to a memory care community.

Covering Alzheimer’s Care Costs Out-of-Pocket

The average monthly cost nationally for memory care is $5,745. While finding memory care communities isn’t difficult, coming up with the funds to pay for it is daunting. Fortunately, there are many ways to finance memory care.

First, Medicare and Medicaid programs can help with dementia care, but limitations do apply. For example, Medicare covers up to 100 days of nursing home care, but only in specific circumstances. In many cases, short-term hospice support is all that’s covered. However, you can apply for Special Needs Plans (SNP) for Alzheimer’s disease as a beneficiary of Medicare. These plans are Medicare Advantage plans with coverage specific to people with dementia.

Medicaid is another alternative for funding care, and eligibility is based on income. If you qualify for Medicaid, it will cover all or a portion of your long-term care. However, not all memory care communities or nursing homes accept Medicaid—an important distinction when searching for facilities.

Supplemental policies, including Medigap insurance, may also chip away at the cost if you have invested in these. Plus, if you purchased life insurance or long-term care insurance prior to an Alzheimer’s diagnosis, that coverage may help, too.

If you qualify for veterans’ benefits, this is another avenue to pursue to cover costs. The VA offers community nursing homes with 24-hour skilled nursing care and covers some costs associated with care in memory communities.

If none of these options cover your needs, you may consider selling your home to afford care. Keep in mind that selling your home may disqualify you from Medicaid coverage, however, especially if you keep a lump sum in the bank.

Is It Time to Consider Memory Care?

Dealing with dementia is complicated and deeply emotional. For the person with the diagnosis, life may often feel out of control. But US News’ expert geriatrician explains that failure to care for oneself adequately is a sign that it might be time for dementia care.

Becoming more forgetful, such as not remembering to pay bills, or disoriented in familiar places are symptoms you can’t ignore. A decline in health or the loss of a caregiver can also create challenges with your day-to-day living at home.

Moving to a memory care facility means additional support as Alzheimer’s progresses. Staff will help you with daily tasks and can offer a customized care plan for meeting your needs. And if your condition worsens, trained professionals are able to administer prompt care.

From Home to Memory Care: How to Manage the Move

Moving from your home to a facility may not be easy. Transfer trauma is real, and often more intense for younger Alzheimer’s patients. Staying involved in the decision and preparation and allowing yourself time to process the move is crucial, say experts, and visiting the facility before the move is ideal.

Cleaning up the house and going through belongings is also a job that should involve the owner of the possessions. Bringing cherished items to your care home can ease the transition and help calm anxiety.

When it comes to the property itself, deciding what to do isn’t always easy. Managing the sale of the home can be time-consuming if you need to clean, repair, and list it. But maintaining the property long-term may not be financially or logistically feasible. Your choice may also depend on whether you have the funds to pay for long-term care or need the proceeds from the home sale to finance it.

Managing your health and finances is a tall order as you get older, but with an Alzheimer’s diagnosis, things become more complicated. Ultimately, the best decision is one that ensures your safety and comfort. Knowing that your best interests are the priority, you can move forward with accepting help with funding and transitioning to memory care.