You may worry about not being able to afford a memory care program because as you age, you may develop permanent chronic disabilities such as dementia and Alzheimer’s Disease. To control the deterioration, you need to get long term treatment. With the high costs for memory care services, you may be averse to living in a retirement community that offers a memory care program. However, there are multiple ways to pay for memory care, which can help to reduce your financial burden. Read more to explore your options!
Medicare
Medicare benefits can only cover specific skilled care services such as cognitive therapy for memory care. To be qualified for Medicare benefits, one has to stay in the hospital for at least three days. Thereafter, Medicare can cover the full cost of these care services for the first 20 days, and 80% of the cost for the subsequent days till the 100th day. Medicare only covers costs for a maximum of 100 days. However, this plan is renewable on an annual basis. To continuously be qualified for Medicare so that it can cover the costs throughout the 100 days, the nurse or doctor must verify that you are on-track for your therapy sessions.
Insurance
Another way to offset some costs such as medical services for memory care is via third party insurance. Please check that the retirement community you choose accepts your insurance policy. While insurance can cover the fees of retirement communities that provide support for memory insurance companies tend to ask for a doctor’s referral to verify your eligibility for medical support.
Veterans Aid and Attendance Benefits
Many retirement communities have affiliations with Veteran Aids and Attendance (VAA) benefits. The VAA benefits offer a monthly payment on-top of a monthly VA pension. These benefits can be expended on in-house assistance in a Senior Living apartment, and costs of assisted living and memory care. To be eligible for VA, you will need a VA pension and you will require assistance for day-to-day activities such as feeding or bathing. If you are in a memory care program, you may need these services because dementia can cause one to forget how to do daily tasks.
Independent Funding
The last tip is independent funding. If you can afford, you can always fund your memory care program with your retirement savings. Other strategies to afford independent funding include your home’s equity and using pension or Social Security payments. You can also rent out your home, so that you can get a steady rent which can be used to fund your memory care program. You should plan your monthly budget, which constitutes rent, utilities, and access to care services, amenities, meals and housekeeping. The floor plan that you desire also contributes to this fee amount.
At a retirement community like Discovery Commons at South Biscayne, we offer state-of-the-art therapy programs to improve your condition. Our team members and professionals also prioritize your needs and will assist you in your daily tasks. If you are keen on a memory care program, contact Discovery Commons at South Biscayne today!
