What to Do When You Need Memory Care
You’ve likely heard about Alzheimer’s disease and the crushing effects it can have on families, but you might not understand what it is. Alzheimer’s is a progressive brain disorder that leads to mental and physical decline. It’s the chief cause of dementia. As the disease progresses, thinking and memory loss can occur. When the individual reaches advanced stages, he or she loses physical faculties, possibly leading to death.
The symptoms and progression of the disease have devastated families worldwide.
With 5.7 million people living with Alzheimer’s disease in the United States and 16.1 million people providing unpaid care, your family could be affected by the costs of treatment. Because many seniors don’t have the extra funds to pay for dementia care, the burden for caregiving tends to fall on spouses, children, or other relatives. The cost of care is paid out of pocket, and the caregiver may have to take time off from work to provide care at home. It’s not an ideal situation for most families.
How to Find Care
Families spend around $60,000 out of pocket for a year of Alzheimer’s care. Rather than tackling the cost of care on your own, look elsewhere for affordable, quality care with experienced professionals.
Long-term care for Alzheimer’s and dementia is called memory care. Memory care providers are trained to work with patients who have cognitive impairment, and the facilities they work in provide assistance with daily activities and specialized medical care. Some programs even provide individualized therapy. Caregivers at these specialized centers know how to deal with wanderers, cognitive decline, and reduced eyesight. To find the right care, be sure to read reviews, interview the representative on care services and activities, and visit the facilities to see things in person.
Ways to Pay
Medicare covers up to 35 hours per week of home health care for homebound seniors and all-inclusive hospice care for late-stage patients. Medicare nursing home benefits only provide 100 days of care after a three-day hospitalization, though many seniors with Alzheimer’s need more time in a skilled nursing home.
Medicaid can be a great medical resource for those who can’t afford care, but you have to be low-income in order to qualify. The downside to Medicaid is the financial requirement to deplete your assets and the limitations on which nursing homes actually accept it, but the upside is the more extensive long-term care coverage that Medicare doesn’t provide, such as custodial services at nursing homes and at home.
Long-term care insurance is an obvious choice for long-term care coverage such as memory care. This insurance is purchased when you’re younger and healthier, with premiums paid regularly in a similar manner as life insurance. LTCI rates increase as you get older, so starting early may help cover you later.
Reverse mortgages provide an alternative way to bring in extra income. You can earn extra income by applying for a reverse mortgage against the equity of your home. It could mean less money later, but if you need the financial help now to cover unexpected medical expenses, then it may be a good option at this time. Some reverse mortgages are risky decisions, but responsible companies do exist. Make sure you research, shop, and learn what you can about each company to find the best choice for you; websites like Consumers Advocate can simplify this process.
Another cost to consider right now is how you’ll take care of the loved ones who are taking care of you. Every person’s life eventually leads to the same place, and that’s where burial insurance can ensure that your family’s financial future is protected from your final expenses. You can add this feature to your current life insurance policy to pay for your funeral arrangements and cover debts. Consider what final arrangements you want and how much you want to leave for your unpaid bills.
Ten percent of the population age 65 and older is affected by Alzheimer’s disease, and that number goes up to 32 percent after age 85. If you or a senior loved one is showing signs of early Alzheimer’s or dementia, consider getting an early diagnosis to manage the disease and have a financial plan to pay for care.
Photo Credit: Unsplash
