Finding the Resources to Pay for Memory Care Assisted Living
If you have an aging parent or loved one in need of full-time professional care for Alzheimer’s disease, dementia or other progressive memory impairment, you are certainly not alone. Today, with our nation’s large and fast-growing aging population, many families find themselves in this difficult situation and are looking for answers. Being a caregiver can be very stressful and the challenges of limited financial resources only add to the burden when it becomes apparent that a loved one requires more care and support than can be provided at home.
When you decide that memory care assisted living (MCAL) is in the best interest of your loved one with Alzheimer’s disease or dementia, you may find the process of identifying and coordinating all available financial resources to be very confusing, time consuming and complex. Memory care assisted living is primarily “private pay,” meaning most insurance coverage does not pay for it. Therefore, caregivers typically need to conduct a thorough accounting of all of their loved one’s income sources, assets and debts in order to identify a budget that can be used for the necessary care.
Fortunately, there are other viable financial options available in addition to personal financial resources to help pay for the care of a loved one in need of specialized memory care services. These options include real estate solutions, veterans benefits solutions and life insurance policy solutions.
Leading memory care assisted living communities such as North Woods Village at Edison Lakes can help to make it as easy as possible for you to organize the financing required to pay for your loved one’s care and to enable him/her to begin receiving the services he/she needs now.
Key Financial Resources Available
At North Woods Village, we will ensure that you understand and have access to all of the financial solutions you need, including:
- Real Estate Solutions – A loved one’shome equity is often a popular and significant funding source for memory care assisted living services. Senior real estate specialists can assist you with every step of selling your home – from listing through closing.
- Benefits and Planning Solutions – Many qualified veterans and spouses are eligible for Veterans Administration benefits that can be used to pay for senior living. Local VA experts are available and ready to assist you with your application for benefits today.
- Insurance Solutions – Your loved one’s life insurance policies may also be a financial solution for funding your move to a MCAL community. Today, this option is being increasingly viewed and utilized as a valid and appropriate resource for funding memory care senior living services for loved ones in need.
For caregivers who recognize that the needs of their loved one are beyond what they can safely and appropriately provide in the home environment, leading memory care assisted living communities such as North Woods Village at Edison Lakes and its “New Directions,” SM program are available to assist you. “New Directions,” SM provides a safe, professional environment and proven “best-practice” programs and services specifically designed to address the total physical, emotional and social needs of individuals with Alzheimer’s, dementia or other serious forms of memory impairment.
For more information and helpful resources dealing with memory care assisted living, contact us today!