Options For Loved Ones with Memory Loss
If your loved one is experiencing memory loss and the challenges of Alzheimer’s disease or dementia, you probably have lots of questions. Having a specialized team of support and a secure place to call home often brings greater peace of mind to those facing memory loss as well as their families. Adding to the challenges, families usually don’t know if their loved one has insurance coverage for memory care. Don’t worry, the team at Hamlet can help you get started. Here are several factors to take into consideration.
It’s important to keep any existing health care or insurance plans active that may support your loved one’s needs. Different insurance policies – including Medicare, private insurance, group employee plan, retiree health coverage, disability insurance, veterans’ benefits or long-term care insurance – may contribute to cover the cost of care.
Ways to Pay for Memory Care
- Medicare: Medicare does not cover long-term care outside of 100 days of skilled services or rehabilitative care for a qualified stay. Medicare Part A covers hospital stays, short stays in a nursing home for certain kinds of illnesses and hospice care in the last six months of life – after a standard yearly deductible. Medicare Part B pays partial fees for doctor’s services, outpatient care and other medical services not covered by Part A, as well as some preventive services. In contrast, Medicare Part D covers some medication costs.
- Medicaid: Individuals with memory loss may qualify for medical care through Medicaid if they demonstrate very low income and limited assets. Policies through Medicaid include coverage for long-term care for people with particular medical diagnoses.
- Employee or Retiree Health Plan: Coverage may be available through private insurance, either a group employee or retiree health plan. It may help pay for some the expenses for an individual diagnosed with Alzheimer’s or another form of dementia long before turning 65.
- Long-Term Care Insurance: To be eligible for long-term care insurance for memory care, a policy must be in place before a diagnosis of dementia or Alzheimer’s. For those planning ahead for memory care, be sure to compare how much a policy pays per day and how many days or years it will pay out.
- Veterans Benefits: Veterans and their spouses may qualify for monthly benefits to help pay for the costs of care using Veterans Aid & Attendance. It’s important for eligible veterans to apply early through the Veterans Administration, as the process can take several months to complete.
- Disability Insurance: If a worker cannot work due to illness or injury, a disability policy provides income for the worker. This may be an option for some individuals; however, this type of plan must be in place before symptoms of memory loss begin.
Memory Care at Hamlet ensures families a comfortable, compassionate, safe environment for their loved ones. We work together to confront the challenges of memory impairment and serve as a supportive resource for families when determining how to pay for memory care.
