If your loved one is experiencing memory loss and the challenges of Alzheimer’s disease or dementia, you are likely to have many 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. The helpful team at The Palms can help you get started. Below are some key factors to consider when exploring insurance options.
It’s important to keep any existing health care or insurance plans active as they may help cover your loved one’s care 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 helps with partial fees for doctor’s services, outpatient care, other medical services not covered by Part A and some preventive services. In contrast, Medicare Part D covers certain medication costs.
- Medicaid: Individuals with memory loss may qualify for medical care through Medicaid if they have low income and limited assets. Medicaid policies 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 of the expenses for an individual diagnosed with Alzheimer’s or another form of dementia long before turning 65.
- Long-Term Care Insurance: Long-term care insurance must be in place before a diagnosis of dementia or Alzheimer’s. If you are planning ahead, it’s important to compare policies to see how much they will pay per day and the duration of the benefits.
- Veterans Benefits: Veterans and their spouses may qualify for monthly benefits through the Veterans Aid & Attendance program that can then be used to help cover memory care costs. It’s essential to apply early through the Veterans Administration, as the approval process can take several months
- 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.