Memory care can cost a lot of money. You may think you’ll need someone to stay at home and look after the memory who will cost you nothing. But in the long run, this isn’t affordable for most people. Even if your loved one is able to stay at home for as little as a few weeks, that can add up over time. So how much should you spend on memory care? In this post, we look at what memory care cost is and how much it should cost?
Memory care is a type of assisted living that specializes in providing memory care services. The word “assisted” means that most memory care communities will also offer help with daily activities like bathing or dressing and extra support with meals and other housekeeping duties. Some areas of the home are left up to the resident, while others may be severely restricted.
The services that fall under the umbrella of memory care differ depending on whether they are provided by an individual, a company, or a non-profit organization. Each has its own benefits and drawbacks that you need to know about before choosing the type of care that’s right for you and your family. Here are the main benefits of memory care.
One of the most important benefits of memory care is the opportunity to select the right caregivers for your loved ones. This is particularly important if you are the one doing nursing home nursing. You should carefully consider the quality of care you are receiving and the person who is providing that care.
Collaborative Care Planning
Another critical benefit of memory care is working with a team of care brokers to create a personalized care plan for your loved ones. This team may include physical and occupational therapists, home health aides, and other specialists who can provide you with in-depth medical and physical rehabilitation recommendations and assist with daily living tasks.
Financial Assistance for Memory Care
- Medicare: If Medicare covers you, it’s essential to understand that different levels of support are available. These are known as “paramount” benefits, and the amount, type, and duration of coverage can vary by location and provider. You may be able to choose to spend a portion of your Medicare “paramount” benefit on home health care. Also, some assisted living communities may offer Medicare “paramount” consideration, so you must indicate that in the guest book. If Medicare does not cover you, you may be able to obtain assistance from a government program called a “Medigap” policy. These policies are priced differently for different types of plans, and you may need to speak with your doctor to determine which one might be right for you.
- Medicaid: If you’re covered by Medicaid, you may be able to select from a number of different types of care, including nursing care. The difference between a nursing home and a memory care is that a nursing home is a place where patients are rarely allowed to leave, and a memory care community is where patients are usually allowed to leave but may not be able to go out in certain conditions.
- Long-Term Care Insurance: If you or someone you care for has long-term care (LTC) insurance policy, you may be able to use part of that money to help with memory care. LTC insurance is usually only suitable for people who are in long-term care communities. Some LTC companies also offer discounts for people who use memory care services.
- Reverse Mortgages: Some reverse mortgages allow you to pay for memory care with the loan. This is a good option if you need the money for long-term care but don’t want to lose your home. Make sure you understand your loan terms and conditions. Some of these programs also have rules that limit your ability to make changes to your profile or change your beneficiary.