Options for Covering the Expenses Associated with Alzheimer’s Care

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Submitted by Lydia Chan

When it comes to paying expenses relating to Alzheimer’s care, sorting through resources and finding realistic options can be a daunting task. What’s more, when you are working to ensure your loved one’s needs are met, being burdened by financial concerns complicates matters; you want to provide the best care, but overspending is counterproductive. Here is important information on how to provide excellent Alzheimer’s care and cover the associated costs.

What Does Alzheimer’s Care Cost?

The type of care being administered greatly influences the expense of meeting the needs of someone with Alzheimer’s. For instance, an in-home aide ranges from $15 to $26 per hour, depending on location and on how highly trained the aide is. Meanwhile, care in an assisted living facility costs between $2,525 and $5,745 per month, and nursing home facilities generally run about $6,600 per month for a semi-private room. Prescription drugs can cost patients between $150 and $200 each month on top of other expenses. It’s important to note that this is just the outlay for billable expenses, and there are other financial ramifications associated with Alzheimer’s. As US News explains, about half of Alzheimer’s caregivers end up cutting their personal spending in order to manage patient expenses, tightening up on things like their own food, health care, and transportation. Given the high cost of tending to someone with Alzheimer’s, it’s crucial to learn about your options so you can avoid financial strain.

Reverse Mortgages

When it comes to paying for unanticipated medical expenses, one option many families consider is a reverse mortgage. While reverse mortgages have earned a questionable reputation, they are a viable option under the right circumstances. According to companies such as ConsumersAdvocate.org, the key to success is to seek out dependable companies with a trustworthy reputation. A conscientious company will help you navigate the process and assist you with understanding what choices are appropriate in your circumstances.

Alternative Resources

Many people don’t realize how many resources are available when it comes to paying for Alzheimer’s care. For example, veterans, their spouses, and children of veterans can often receive assistance through the Department of Veterans Affairs. There are also grants awarded to Alzheimer’s patients and their families through certain charitable organizations such as Hilarity for Charity. Additionally, local governments, faith organizations, and other nonprofits frequently assist those with chronic health conditions. Many community businesses will offer helpful fundraising opportunities, such as silent auctions, poker runs, and galas. Also, don’t rule out connecting with friends and family members by using crowdfunding or through social media.  You might be pleasantly surprised at their generosity.

Understanding Medicare and Medicaid

It’s important to understand that Medicare is an insurance, and like most insurances, it does not cover custodial care. Custodial care is the non-skilled care your loved one receives, such as dressing, feeding, bathing, and using the toilet. HuffPost notes that Medicare, which is a federal program, will pay 80 percent of required medical care for diagnosing and treating the disease.  Medicaid is a state program, so each state makes their own determinations. Generally speaking, Medicaid will help cover custodial care; however, the program is designed for low-income families, and you must meet stringent requirements to receive assistance.

Selecting Facilities

Oftentimes, with the progression of the disease, it becomes apparent that Alzheimer’s patients can no longer remain at home. If your loved one should need to be moved to a facility such as a memory care unit, Kiplinger explains it’s best to scrutinize potential facilities. Visit in person and pay attention to cleanliness, food quality, and the apparent care of residents. Care should be tailored to individual needs, and meals and atmosphere should be appealing.

A diagnosis of Alzheimer’s carries a heavy burden, and the cost of care is substantial. Learn about your options and make a plan so you can focus on your loved one. You’ll have peace of mind with a well-thought-out strategy in place.

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