The CDC estimates about 5.8 million Americans are living with Alzheimer’s and other dementia-related diseases. And by 2060, this number is expected to rise to about 14 million Americans. That’s a huge number of people who need and will constantly require the services of memory care facilities like the Bader House of Georgetown Memory Care. So, you need to know what memory care is and the costs of housing a loved one with dementia at a memory care facility. And this article will provide you with this information.
What Is Memory Care?
Memory care is specialized care provided to people with Alzheimer’s or another form of dementia-related ailment. The best memory care facilities offer the residents a safe and secure environment where they are closely monitored by their caregivers. Within these facilities, the community of residents enjoys programs and activities that are designed to improve their cognitive abilities, keep them physically active, and engage the residents in their favorite passions and hobbies. Since residents require round-the-clock specialized nursing care, the staff are usually highly trained caregivers, specially trained to assist the elderly suffering from memory loss.
How Much Do Memory Care Services Cost?
According to the AARP, the average monthly rent of a memory care facility is $6,935. These costs are higher than the average monthly rent of assisted living, which stands at $5,380. But compared to the average monthly rent of nursing homes, which stands at $10,562, the average monthly rent of memory care facilities is significantly less.
You’re urged not to be overwhelmed by the large amount you’re likely to pay for memory care services. At first glance, paying $6,935 each month might seem too much. However, this price also includes other expenses you’d normally pay separately. Some of these expenses include:
- Water and electricity
- Residence maintenance
- Preparation of healthy meals
- Transport services
- Entertainment services
You should keep in mind that this is the national average monthly memory care rent. Your state’s average monthly rent might likely differ based on the living costs. Therefore, if you’d like to keep your costs low, look for memory care facilities in communities where the cost of living is low.
What Are The Different Sources Of Financial Assistance For Memory Care?
The main challenge facing many Americans with loved ones living with dementia is the high cost of treatment and care. Most guardians are usually forced to pay for memory care services out of pocket. However, with the high cost of living, medical care costs have become a financial burden for many. Therefore, if you’re one of the people affected by these high costs, below are ways you can relieve yourself from the financial burden of taking care of a dementia relative.
1. Long-Term Care Insurance
Long-term care insurance policies were specifically created to offer senior citizens financial assistance. Part of this financial assistance includes covering the expenses of your loved one’s stay at a memory care facility. However, due to the profit-driven mode of operation of most insurance companies, many of these policies have limitations. So, before signing a long-term care insurance policy, ensure it offers coverage for memory care and other senior citizen care services like assisted living and nursing homes.
Note your loved one can’t apply for long-term care insurance if they’ve exceeded the age limit or are already receiving long-term care. Therefore, if you suspect your loved one might require specialized care in the future, apply now.
Your standard Medicaid won’t offer coverage for specialized long-term care. However, the Medicaid program in many states has been expanded to include additional services. For example, the Home & Community-Based Services 1915(c) waiver was designed to meet the needs of Americans who need long-term care. With this waiver, memory care residents can have a portion of their costs covered by Medicaid.
Medicare doesn’t offer any coverage for memory care. However, it does indirectly cover services related to specialized care for dementia patients. Some of these services include:
- 100 days of skilled nursing home care
- Hospital supplies, inpatient medical care, and medication
- General nursing care
- Hospice care
- Diagnostic testing
4. Life Insurance
If you’re strapped for cash, you can tap into the living benefits of the person living with dementia. Living benefits allow the insured person to access the money from their death benefit. However, for you to access this money, the life insurance policy must include long-term care as a living benefit. Without a living benefit, the only other way you can access money from the life insurance policy is to cash out the policy. Remember that the death benefit will be significantly reduced in both options.