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Caring for a senior loved one with dementia can be emotionally and financially demanding. With the rising costs of medical care, housing, and support services, finding financial assistance can become critical for families. Below are several options available to ease the financial burden of dementia care.
Government Programs & Benefits
Government programs can provide invaluable support for families handling dementia care costs. The most notable programs include Medicare, Medicaid, and Social Security Disability Insurance (SSDI).
- Medicare primarily covers medical-related expenses like screenings, hospital visits, and some therapies. While limited in covering long-term care, it may still support necessary health services for dementia patients.
- Medicaid, on the other hand, offers more comprehensive coverage for long-term care costs, such as in-home care or nursing facilities, usually for individuals with limited income and resources. Each state varies in eligibility and services, so make sure to explore your state’s specific guidelines.
- SSDI provides benefits for individuals under 65 years old who cannot work due to their dementia diagnosis. If eligible, applicants may also qualify for additional support through Medicare and supplemental programs.
Certain age-related conditions can make it more challenging for seniors to age in place safely and comfortably, but Boca Raton live-in care experts are available around the clock to help seniors manage their health. Whether your loved one is living with cognitive decline or recovering from a stroke, you can trust the professional live-in caregivers from Angel Touch Home Care to enhance his or her quality of life.
Long-Term Care Insurance
For those who planned ahead and purchased long-term care insurance, this can cover a significant portion of dementia care expenses. Long-term care insurance policies typically pay for services like home care, assisted living, and nursing home costs.
However, not all policies are created equal, and coverage depends on the terms laid out when purchased. Families should review their policies for waiting periods, daily limits, or exclusions for preexisting conditions. If you’ve already secured this type of insurance, it may offer relief and flexibility for managing current care costs.
Veteran’s Benefits
Veterans living with dementia and their families may be eligible for support through benefits offered by the Department of Veterans Affairs (VA). The VA provides a range of services, such as home care, respite care, and specialized memory units at VA facilities.
Additionally, the Aid and Attendance (A&A) pension may cover expenses for veterans who require assistance with daily living activities. Surviving spouses of eligible veterans can also seek financial benefits under this program. To access veteran-specific assistance, contact your local VA office or explore the VA’s online resources.
If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Angel Touch Home Care, a leading provider of home care service Boca Raton families can trust. Our caregivers help seniors focus on healthy lifestyle habits such as eating nutritious foods, exercising regularly, and maintaining strong social ties, and we offer mentally stimulating activities that can boost cognitive health.
Nonprofit Organizations & Community Assistance
Several nonprofit organizations are dedicated to supporting dementia patients and their caregivers. These groups provide resources, grants, and sometimes financial aid to families with care costs.
For example:
- The Alzheimer’s Association connects families with local programs and resources.
- The Alzheimer’s Foundation of America (AFA) offers respite care grants to give caregivers short-term relief.
- Local community initiatives, religious organizations, and charitable foundations also often step in with services like subsidized adult daycare, support groups, or reduced-cost caregiving assistance.
It can be worthwhile to research local nonprofits in your area that specialize in dementia or elder care services.
Personal Financial Strategies
For families without access to insurance or third-party benefits, personal financial strategies can help you manage costs. Some common approaches include:
- Health Savings Accounts (HSAs) – If established earlier, these accounts can be utilized for qualifying medical expenses, including dementia-related costs.
- Reverse mortgages – Homeowners aged 62 and older can convert their home equity into cash, which can then be used to pay for long-term care services.
- Life insurance policies – Exploring life insurance options like converting a policy to a long-term care payout can offer additional funding for care needs.
Additionally, some families opt for family care agreements to set clear roles and financial contributions among loved ones.
The type of home care seniors need can vary. Some need assistance a few hours a day, while others require more extensive around-the-clock assistance. At Angel Touch Home Care, we tailor our care plans based on each senior’s individual care needs, and the plans can be adjusted at any time. To learn more about our highly trained caregivers, call us today.
