{"id":149,"date":"2024-07-15T15:08:40","date_gmt":"2024-07-15T15:08:40","guid":{"rendered":"https:\/\/www.asccare.com\/?page_id=149"},"modified":"2024-11-19T14:01:32","modified_gmt":"2024-11-19T19:01:32","slug":"tips-for-financing-memory-care","status":"publish","type":"page","link":"https:\/\/www.asccare.com\/tips-for-financing-memory-care\/","title":{"rendered":"Tips for Financing Memory Care in Assisted Living"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"149\" class=\"elementor elementor-149\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9ed5c2c e-con-full e-flex e-con e-parent\" data-id=\"9ed5c2c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-e863f27 e-con-full e-flex e-con e-child\" data-id=\"e863f27\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4807467 elementor-widget elementor-widget-heading\" data-id=\"4807467\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Paying for Memory Care in Assisted Living<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b57ba62 elementor-hidden-mobile e-con-full e-flex e-con e-child\" data-id=\"b57ba62\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0a7758e e-flex e-con-boxed e-con e-parent\" data-id=\"0a7758e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-c91a331 e-con-full e-flex e-con e-child\" data-id=\"c91a331\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f496026 elementor-widget elementor-widget-text-editor\" data-id=\"f496026\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>When families begin the search for memory care for a loved one with dementia, one question they often have is how to finance it. While much of the expense of memory care in an assisted living community will require private family funds, there are other options that may help.\u00a0<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: var( --e-global-typography-text-font-size ); font-weight: var( --e-global-typography-text-font-weight ); letter-spacing: var( --e-global-typography-text-letter-spacing );\">As you are putting together a budget for your loved one&#8217;s transition to memory care, it\u2019s worth exploring the following financial programs. You might find one or two that can help make financing memory care a little easier.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-828fbd7 elementor-widget elementor-widget-heading\" data-id=\"828fbd7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Resources for Financial Assistance - Memory Care in Assisted Living<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e36261 elementor-widget elementor-widget-text-editor\" data-id=\"7e36261\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<ul><li><b>Veterans benefits:<\/b> If you are a veteran or the surviving spouse of a veteran, you may be entitled to financial assistance through a Department of Veterans Affairs program known as the <em><a href=\"https:\/\/www.va.gov\/pension\/aid-attendance-housebound\/\" target=\"_blank\" rel=\"noopener\">Aid &amp; Attendance Benefit<\/a><\/em>. The benefit can range from $1,478 a month for a surviving spouse to $2,300 for a single veteran, or $2,727 for a married veteran.<\/li><li><b>Bridge loans: <\/b>When you are preparing to move a loved one to a memory care community, it may be easier to help them make the transition before selling their house. Selling a home while living in it isn\u2019t easy for anyone, but it can be especially challenging for someone with memory loss. A bridge loan allows you to utilize the equity in the home to finance a memory care community. This type of loan can also apply to other assets and investments. It can give you time to liquidate holdings so you don\u2019t incur fees and penalties.<\/li><li><b>Reverse mortgages:<\/b> A diagnosis of dementia can create unique housing challenges for older couples. One partner might need a memory care community to live their best quality of life, while the other wants to stay at home. But a house is often a couple\u2019s greatest financial asset. They might need the equity from it to pay for one spouse\u2019s memory care. In situations like this, a <a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/reverse-mortgage\" target=\"_blank\" rel=\"noopener\">reverse mortgage<\/a> can be helpful. It\u2019s a type of loan that allows homeowners over the age of 62 to use the equity in their home while still remaining in it. For a senior couple requiring different types of housing, it can be a good solution to explore.<\/li><li><b>Life settlement funds:<\/b> Another financial option to consider is selling a senior\u2019s life insurance policy to a life settlement company. People often buy life insurance when they are younger and have a family to provide for. After they retire, a large policy may no longer be necessary. While you won\u2019t receive full face value from a life settlement company, you will collect significantly more than the policy\u2019s surrender value. Make sure you carefully choose the company you work with or enlist the services of an elder law attorney or estate planner.<\/li><li><b>Medicaid:<\/b> Medicaid is state-funded insurance for people with limited income. It can help cover a variety of healthcare costs. In some states, including Indiana, Medicaid can help finance the nursing services provided by assisted living communities. These services offer support for what is often referred to as activities of daily living (ADL&#8217;s), which include eating, bathing, dressing, medication, toileting, personal grooming and hygiene needs. For older adults who require memory care in a skilled nursing facility, Medicaid will often cover much or all of the cost. This includes nursing care, daily assistance and room and board.<\/li><li><strong>Long-term care insurance:<\/strong> There\u2019s a misconception that long-term care insurance pays only for skilled nursing communities, also referred to as nursing homes or long-term care centers. While a senior\u2019s policy will usually cover memory care in a skilled nursing community, it might also extend to assisted living. If your loved one has long-term care insurance, review the contract to look for coverage details or call the company. To learn more, review <a href=\"https:\/\/www.asccare.com\/did-you-know-long-term-care-insurance-may-help-pay-for-assisted-living\/\">Did You Know Long-Term Care Insurance May Help Pay for Assisted Living?<\/a><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6759a7 elementor-widget elementor-widget-heading\" data-id=\"c6759a7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Share This Decision Toolkit<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a2bd32 elementor-widget elementor-widget-text-editor\" data-id=\"2a2bd32\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We understand that evaluating different memory care options can be a complicated process, and that a number of people may be involved in deciding which memory care community is the best fit for your loved one. We encourage you to share this decision toolkit with family members, and to <a href=\"https:\/\/www.asccare.com\/communities\/\">call an ASC community<\/a> near you for additional assistance.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-308429c e-con-full e-flex e-con e-parent\" data-id=\"308429c\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-ffad3c6 e-grid e-con-full e-con e-child\" data-id=\"ffad3c6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-73de8e2 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"73de8e2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"https:\/\/www.asccare.com\/communities\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Find a Community Near You<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2af5fdc elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"2af5fdc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"#elementor-action%3Aaction%3Dpopup%3Aopen%26settings%3DeyJpZCI6IjI0NDg0OSIsInRvZ2dsZSI6ZmFsc2V9\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Contact Us<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d2d95b1 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"d2d95b1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xs\" href=\"https:\/\/www.asccare.com\/careers\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Careers<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Paying for Memory Care in Assisted Living When families begin the search for memory care for a loved one with dementia, one question they often have is how to finance it. While much of the expense of memory care in an assisted living community will require private family funds, there are other options that may [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-149","page","type-page","status-publish","hentry"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/pages\/149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/comments?post=149"}],"version-history":[{"count":0,"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/pages\/149\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/media?parent=149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}