If your loved one is living with memory loss, Alzheimer’s disease or dementia, it’s natural to have many questions. A dedicated care team and a safe, nurturing environment can bring meaningful peace of mind for both those experiencing memory loss and for the families who love them. One of the most common concerns families face is understanding what insurance coverage may be available for memory care. The compassionate, knowledgeable team at The Palms is here to help guide you through the process. Below are some key factors to consider as you explore your options.
To begin, it’s important to keep any existing insurance or health care plans active as they may help cover your loved one’s care needs. Different insurance policies, including Medicare, group employee plan, retiree health coverage, private insurance, disability insurance, long-term care insurance or veterans’ benefits, may help cover some of 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 illnesses and hospice care in the last six months of life – after a standard yearly deductible. Medicare Part B helps cover partial costs 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 limited assets and low income. Medicaid policies include coverage for long-term care for people with specific medical diagnoses.
- Employee or Retiree Health Plan: Coverage may be available through private insurance, via a retiree health plan or a group employee plan. It may help pay for some of the expenses for an individual diagnosed with Alzheimer’s or another form of dementia before turning 65.
- Long-Term Care Insurance: Long-term care insurance must be in place before a diagnosis of Alzheimer’s or dementia. If you are planning ahead, it’s important to compare policies to see how much they will pay per day and how long the benefits last.
- 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 with Alzheimer’s or dementia if the plan is in place before symptoms of memory loss begin.