Paying For Your Loved One’s Specialized Support.
First, we recommend maintaining any existing health care or insurance plans that may help meet your loved one’s care needs. Various insurance policies – including Medicare, private insurance, veteran’s benefits, long-term care insurance, a group employee plan, retiree health coverage or disability insurance – may help pay for care, which we have outlined below.
Medicare does not cover long-term care, although it may help with certain medical costs incurred due to memory loss. Medicaid coverage is not accepted at our community; however, you can look into these additional types of coverage for possible assistance.
- Veterans Benefits: Veterans and their spouses may be eligible for monthly financial assistance to help cover care costs through the Veterans Aid & Attendance program. Because the application process can take several months, it’s a good idea to apply early through the Veterans Administration.
- Long-Term Care Insurance: If you plan ahead, long-term care insurance can help pay for memory care; however, to take advantage of long-term care insurance, you need to have an existing policy in place prior to the diagnosis of dementia or Alzheimer’s. When reviewing your coverage, be sure to check how much the policy pays per day and how long the benefits will last.
- Employee or Retiree Health Plan: If someone is diagnosed with Alzheimer’s or dementia before age 65, their private health insurance, such as an employer or retiree health plan, may help cover certain care expenses.
- Disability Insurance: A disability insurance policy can provide income if someone is no longer able to work due to illness or injury. However, the policy must be active before any signs of memory loss appear.
If you or a loved one is facing the challenges of memory loss, The Crossings at North River is here to help. You’ll find personalized memory care that brings invaluable peace of mind and security to your family, as well as a sense of belonging for your loved one.