Finding quality memory care involves several factors to take into account, including how to pay for the expenses. Unsure how you can finance their Alzheimer’s care? Fret not, here are five tips to finance Alzheimer’s care in Boca Harbour, TX.
Look into Changing Your Insurance Plan
There are options if your current insurance doesn’t provide all the benefits you require. For example, some insurance plans provide Medicare Parts A and B coverage while also offering benefits for prescription, vision, caregiver support, and a round-the-clock nursing advice line. On the Medicare website, you can study the many plans that are offered.
Consider Drawing from a Retirement Account
If you have another retirement plan with your company or IRA, you might be able to withdraw money from it to use for your healthcare even though you are under 65 and not yet of retirement age. Although many people view this as a last resort, out-of-pocket expenses can differ, so it’s crucial to have a backup strategy. Remember that since this money qualifies as income, taxes will need to be paid on it.
Check Whether Work Benefits Might Cover Some of the Alzheimer’s Care Cost
The Alzheimer’s patient may be qualified to take a short-term disability leave offered by their company, which is often no longer than a year if they were still employed at the time of diagnosis. Additionally, the employer might offer paid sick leave choices.
Determine Your Budget and Choose the Right Care for Your Needs
Choosing the appropriate care is crucial if you have been diagnosed with Alzheimer’s. There are numerous possibilities, including adult day care, and in-home care; the one you pick must meet your diagnosis and financial situation. Depending on location and type of care, the average cost of Alzheimer’s care is $85,775 per year for a semi-private room in a nursing home. That price rises to $97,455 per year, for a private room.
Medicaid and Medicare may help to reduce some of these expenses. However, dementia care can still be expensive out-of-pocket. According to the AARP, 78 percent of family carers of dementia patients used their funds for caregiving, spending an average of $10,697 annually on personal care, medical, and home help. This does not account for the potential income loss experienced by caregivers who must reduce their working hours or take on fewer responsibilities.
Explore Alternative Ways of Paying for Long-Term Care
Although long-term care solutions can be expensive, there are other ways to pay for them. Consider adding a rider to a current insurance policy so that you can start receiving benefits sooner. Make sure you comprehend the terms of the rider before making any decisions. Additionally, expedited benefits are an option that enables people who have death benefits to apply for long-term care.
About Memory Care at Discovery Village At Boynton Beach
Searching for Alzheimer’s care for your loved ones? Our Memory Care community offers a personalized approach to help your loved ones with memory-related conditions. With resort-style amenities and exclusive senior living programs, we guarantee they’ll feel at home. Contact us today to learn more!