{"id":160,"date":"2024-07-15T15:38:54","date_gmt":"2024-07-15T15:38:54","guid":{"rendered":"https:\/\/www.asccare.com\/?page_id=160"},"modified":"2024-11-19T14:03:51","modified_gmt":"2024-11-19T19:03:51","slug":"tips-for-financing-memory-care-in-skilled-nursing","status":"publish","type":"page","link":"https:\/\/www.asccare.com\/tips-for-financing-memory-care-in-skilled-nursing\/","title":{"rendered":"Tips for Financing Memory Care in Skilled Nursing"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"160\" class=\"elementor elementor-160\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a7d2b88 e-con-full e-flex e-con e-parent\" data-id=\"a7d2b88\" 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-2a6c58c e-con-full e-flex e-con e-child\" data-id=\"2a6c58c\" 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-1ac5972 elementor-widget elementor-widget-heading\" data-id=\"1ac5972\" 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 Skilled Nursing<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ae45253 elementor-hidden-mobile e-con-full e-flex e-con e-child\" data-id=\"ae45253\" 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-65507ce e-flex e-con-boxed e-con e-parent\" data-id=\"65507ce\" 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-dd66a64 e-con-full e-flex e-con e-child\" data-id=\"dd66a64\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d46cb4d elementor-widget elementor-widget-text-editor\" data-id=\"d46cb4d\" 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, one question they often have is how to finance it. Fortunately, there are many forms of financial assistance available for memory care in skilled nursing communities, and it\u2019s worth exploring the following financial programs. You might find one or two that can help budgeting for memory care a little easier.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93ccaf3 elementor-widget elementor-widget-heading\" data-id=\"93ccaf3\" 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 Skilled Nursing<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-233960c elementor-widget elementor-widget-text-editor\" data-id=\"233960c\" 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><p><strong>Bridge loans:<\/strong> 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.<\/p><\/li><li><p><strong>Reverse mortgages:<\/strong> 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 reverse mortgage 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.<\/p><\/li><li><p><strong>Life settlement funds:<\/strong> 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.<\/p><\/li><li><p><strong>Medicaid:<\/strong> 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 skilled nursing communities. These services offer support for what is often referred to as activities of daily living (ADL\u2019s), which include eating, bathing, dressing, medication, toileting, personal grooming and hygiene needs. For older adults who require memory care in a skilled nursing facility on a long- term basis, Medicaid will often cover much or all of the cost. Oftentimes, skilled nursing care communities can be an excellent resource for navigating the Medicaid application process. To learn more about Medicaid visit <a href=\"https:\/\/www.asccare.com\/faq\/\">ASCCare.com\/faq.<\/a><\/p><\/li><li><p><strong>Long-term care insurance:<\/strong> A long-term care insurance policy is generally purchased to cover memory care in a skilled nursing community. If your loved one has long-term care insurance, review the contract to look for coverage details or call the company.<\/p><\/li><li><p><strong>Accelerated Death Benefit (ADB):<\/strong> An accelerated death benefit allows a policy holder to receive a portion of your life insurance policy\u2019s death benefit when being diagnosed with a terminal illness. The amount received may be limited, and can be distributed in a lump sum or monthly payments. Any remaining balance <a href=\"https:\/\/www.newyorklife.com\/marketing\/sales\/whole-life?tid=1342&amp;amp;cmpid=kncnb_AP_Conl_Bing_na_na_na_INT_na_na_na_0_0_0&amp;amp;gclid=619ac2e655651186f1efa731d4b95550&amp;amp;gclsrc=3p.ds&amp;amp;&amp;amp;s_kwcid=AL!11384!3!!p!!o!!whole%20life%20insurance%20policy&amp;amp;msclkid=619ac2e655651186f1efa731d4b95550\" target=\"_blank\" rel=\"noopener\">will go to beneficiaries<\/a> upon the policy holder\u2019s passing.<\/p><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-494279f elementor-widget elementor-widget-heading\" data-id=\"494279f\" 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-1a6790e elementor-widget elementor-widget-text-editor\" data-id=\"1a6790e\" 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-96ef517 e-con-full e-flex e-con e-parent\" data-id=\"96ef517\" 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-2c14599 e-grid e-con-full e-con e-child\" data-id=\"2c14599\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6e978ba elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"6e978ba\" 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-f88fa37 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"f88fa37\" 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-986e221 elementor-align-justify elementor-widget elementor-widget-button\" data-id=\"986e221\" 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 Skilled Nursing When families begin the search for memory care for a loved one, one question they often have is how to finance it. Fortunately, there are many forms of financial assistance available for memory care in skilled nursing communities, and it\u2019s worth exploring the following financial programs. You might [&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-160","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\/160","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=160"}],"version-history":[{"count":0,"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/pages\/160\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.asccare.com\/wp-json\/wp\/v2\/media?parent=160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}