A Complete Guide to Funding for Memory Care Services for Your Loved One

Creating a Budget for Funding Memory Care Services

Creating a realistic budget is key to ensuring your loved one receives the best memory care services. By accounting for all expenses related to memory care, you can better plan for the financial aspect of their care.

Tips for Creating a Memory Care Budget

Explore the following tips for creating a budget to help you fund memory care services for your loved one:

• Research Costs: Start by researching the costs of various memory care services in your area. Consider factors such as level of care needed, amenities offered, and location.
• Calculate Monthly Expenses: Once you have a good understanding of the costs involved, calculate the monthly expenses for memory care services. Include rent, meals, healthcare services, medication management, and any additional fees.
• Plan for Unexpected Costs: Remember to account for any unexpected or emergency expenses that may arise. Having a buffer in your budget can provide peace of mind.

Strategies for Saving and Planning for Long-Term Care Costs

To prepare for memory care expenses, start by establishing a dedicated savings account solely for this purpose, allocating a portion of your monthly income toward it. Investigate long-term care insurance as well, which could potentially offset some memory care costs—it’s important to thoroughly grasp what the policy covers and any restrictions it may have. Additionally, consult with a financial advisor specialized in long-term care planning to develop a thorough financial strategy tailored to your loved one’s needs. Their expertise can assist in crafting a holistic plan to ensure comprehensive care.

Explaining Funding for Memory Care Services for Your Loved One

When it comes to paying for memory care services for your loved one, there are various types of financial assistance programs that can help:

Long-Term Care Insurance

Long-term care insurance typically covers expenses related to custodial care, which includes assistance with daily living activities such as bathing, dressing, and eating. Memory care services, which cater specifically to individuals with Alzheimer’s or other forms of dementia, are often covered under long-term care insurance policies. It’s essential to review your insurance policy to understand what types of memory care services are included in the coverage and what limitations may apply.

Veteran Benefits

Veteran benefits for memory care can include financial assistance through programs like Aid and Attendance, which provides additional funds for veterans and their spouses who require help with daily activities due to dementia. These benefits help cover costs associated with memory care services provided by approved communities.

Medicaid

Medicaid eligibility for memory care services hinges on several criteria. Income limits are set by each state, requiring your loved one’s income to fall within specified thresholds to qualify. Asset limits also apply, encompassing bank accounts, investments, and property. Medical necessity mandates a diagnosed condition like Alzheimer’s, while residency in the applying state is mandatory for eligibility. Additionally, not all senior living communities accept Medicaid as a form of payment, so this is important to discuss with the community at admission.

Key Takeaways

Funding for memory care can be daunting to understand, considering the different routes and options available. For example, Assisted Living in Missouri has several licensing options such as Assisted Living Level One, Assisted Living Level Two, and Intermediate Care Facility (ICF). Fairmont Senior Living on Clayton’s specialized ICF license enables us to serve our residents as they age with high care needs, all the way to the end of life

At Fairmont Senior Living on Clayton, we can help you decide the best option for you and your loved one regarding memory care. And if you’re still looking for a community, our memory care community uses Montessori-based best practices to offer residents an independent, purpose-driven lifestyle. Our highly trained staff uses cognitive therapy techniques that will allow your loved one to engage in activities that improve their quality of life. Contact us today to schedule a tour of our community.