One of the many stressors when it comes to caring for a loved one with Alzheimer’s or dementia is how to pay for their care. We hope to provide you with a resource to help caregivers and families understand the wide variety of options that are available when it comes to financial planning and assistance for the cost of memory care. 

At The Moments, we never want our families to worry about the financial aspect of caring for your loved one. Our premium care comes at an extremely competitive price. Plus, you can’t put a price on the peace of mind that comes from knowing your loved one is in the best possible hands at the most outstanding, unique memory care community in the country. 

How to Pay for Memory Care 

When  families start looking for a long-term care option for their loved one who is living with dementia, you might discover that a specialized memory care home might be more expensive compared to other long-term care options. However, that’s because the care offered at memory care homes, such as The Moments, is exceptional and comprehensive, not to mention designed specifically for those living with memory loss. Patients with dementia require a more specialized kind of care than other seniors. Many families find that the price tag is well worth the quality and specialized care a memory care community offers for a loved one with Alzheimer’s or dementia. 

Does Medicare Cover Alzheimer’s Care?

There is not a simple answer to the question, “Does Medicare cover Alzheimer’s care?” Medicare has certain policies regarding when and how much it will pay for care. For example, it does cover inpatient hospital care, some doctors’ fees, and other medical items for people with Alzhimer’s or dementia who are 65 years and older. However, Medicare does not pay for the personal care that is provided in an assisted living residence. 

You can find out more about Medicare benefits online at www.medicare.gov or by calling 1-800-633-4227. 

Financial Assistance for Alzheimer’s Patients 

Many families need help when it comes to paying for memory care. Luckily, there are many financial assistance options available to help families of patients with Alzheimer’s and other types of dementia. 

Insurance

Many who are 65 years old or older have Medicare as their health care coverage. However, sometimes private insurance, a group employee plan, or retiree health coverage might still be in effect. If the person with dementia is younger than 65 and considered early-onset Alzheimer’s, they might be covered under their primary insurance. 

Employee Benefits

If someone who has been diagnosed with Alzheimer’s or another form of dementia continues to work during the early stages of the disease, benefits typically include paid sick leave, short-term disability benefits and a flexible spending account, which allows for payment of out-of-pocket medical expenses with pre-tax dollars. This can save a family between 20 and 30 percent. Be sure to review the employee benefits handbook, ask human relations or your benefits specialist what help might be available, and keep written confirmation of any benefits. 

Retirement Benefits

If the person diagnosed with Alzheimer’s or dementia hasn’t reached retirement age,  benefits from retirement plans, including individual retirement accounts and annuities, can help provide critical financial help for people with dementia. Someone who has dementia might be able to withdraw money from their IRA or employee-funded retirement plan before age 59 and a half without paying the typical withdrawal penalty. However, taxes will need to be paid on the money the person withdraws. Social Security benefits are also available before retirement age, if the person meets the disability requirements. 

Personal Savings, Investments, and Property

If you are still looking for additional funds to pay for memory care, personal assets can be a source of income. This can include investments, stocks and bonds, savings accounts, real estate, and personal property like jewelry or artwork. 

If you own your own home, you also have the option of taking out a reverse mortgage. This kind of loan allows individuals 62 and older to convert the equity in their homes into income that can be used to help pay for memory care. 

Government Assistance

Government assistance isn’t limited just to Medicare. There are a number of government programs that provide income support or long-term care services for people who are eligible. You might try Social Security Disability Income (SSDI), Supplemental Security Income (SSI), Medicaid, veteran benefits, and tax deductions and credits. 

Community Support Services

There also may be support services available in your community to help you pay for memory care for yourself or a loved one. Many local organizations offer low-cost or free services or other forms of assistance to help your family. For example, the Alzheimer’s Foundation of America provides Family Respite Care Grants that fund local, nonprofit member organizations. These organizations work directly with families in need of grants. 

For more information about the moving process and The Moments Memory Care, don’t hesitate to contact us today! 

Tips for Planning How to Pay for Memory Care

Figuring out how to pay for memory care can be stressful, tiring, and time-consuming. We have a few tips to help families manage the stress. 

Have a Family Meeting 

It is helpful to have everyone in the family involved when it comes to making big decisions and planning finances. Plan a family meeting to see who can contribute and to make sure everyone is on the same page. You can even consider using the help of an elder law attorney to help your family work through the necessary decisions and arrangements, and to help you sort any legal paperwork. 

Plan Ahead for Future Expenses

Alzheimer’s and other forms of dementia are diseases that progress over time. One silver lining is the gift of time allowing  families time to prepare and plan well before moving to a memory care community becomes necessary. It is key to have conversations with parents, spouses, or loved ones after they are diagnosed so you can find out what they want before their disease progresses. 

Assess Family Resources and Funds

Next, take stock of your loved one’s or family’s resources, assets and funds. Make sure that your family member’s legal and financial affairs are up to date, you know where their various bank accounts and funds are located, and that someone trustworthy is designated as their power of attorney in order to handle their finances. It’s important to monitor their funds and accounts, because unfortunately, sometimes people with dementia can become targeted to be victims of fraud. 

Consider Long-Term Care Insurance

While Medicare or Medicaid might help, it will not cover all of the expenses of memory care. If you are unable to pay out-of-pocket, you might consider long-term care insurance. It can give you access to better long-term residential care for your loved one. 

Memory Care at The Moments 

The Moments is a destination community for residents and families looking for a better approach to memory care. Residents come first at The Moments, always. We care for them as if they were our loved ones, because they are part of our family. 

We believe that your loved one deserves the best. At the Moments, we are committed to round-the-clock nursing services (administered by our RN or LPN). Our unique advanced-care approach does not stop there, our low nurse-to-resident ratio provides personalized attention for our residents and the appropriate level of care, delivered with the highest standards.

When you are paying for memory care at The Moments, you are getting the highest standard of personalized, loving care for your loved one. 

We balance five-star hospitality with highly personalized clinical care, specifically, our all-inclusive payment plan includes: 

• 24-hour nurses on-site at all times 
• Medical director dedicated to residents’ care
• A low staff-to-resident ratio that exceeds the industry standard 
• Culinary program featuring made-from-scratch, fresh and nutritious chef-prepared meals 
• Sensory activities and programming designed for dementia patients 
• Kitchens in every residential wing that double as nurses’ stations
• In-room, secured safe for medication dispensing

Our community features:

• One-story living that ensures residents’ safety 
• 32 suites for residents that each features an exterior unique look in order to make it easier for residents to find their way through the building 
• Six air exchanges every hour to remove the stale air that many people associate with nursing homes and replenish with clean, fresh air
• An abundance of natural light and high ceilings throughout the residence
• An open floor plan that allow residents to move freely throughout the building 
• A beautiful patio and walking areas so our residents can enjoy the outdoors 

The Moments also features a unique, one-of-a-kind Sensory Design method that is designed to keep residents’ minds open, inspired, and calm. For our more independent and adventurous residents, The Moments Adventure Club enjoys weekly outings to educational and experiential destinations.

If you are looking for the best memory care home in the country that still offers a competitive price for memory care, consider The Moments Memory Care in Lakeville, Minnesota. Take a virtual tour of our community or contact us for more information. Browse testimonials from our resident families and hear what they have to say.

TAKE A TOUR

Our resident specialist will give you a private tour of The Moments Memory Care Community and answer any questions you may have.

THE MOMENTS
COVID-19
Safety Protocols

Our HVAC system was uniquely designed to deliver six complete air changes per hour which means clean air, safer air, throughout the building. Our resident rooms have individual fresh air and filtration above the windows, both designed to increase safety and sanitation levels.

Our normal protocol includes rigorous daily disinfecting of resident rooms and common areas. During every shift, staff disinfects doors, handrails and other common areas.

Meals have shifted from community gatherings to small group, socially distanced meals that are served in shifts, tables and chairs are sanitized after each seating.

ALL residents and staff are tested bi-weekly, at a minimum and take temperature checks are conducted daily of all residents.

Anybody – staff, caregivers, residents, vendors – who enters The Moments will pass through the ENTRY where Far-UVC lighting will inactivate surface-level viruses and bacteria

Additionally, prior to each
shift staff:

• Undergo a health
  screening, temperature
  check and contact risk
  evaluation surveys prior
  to entering the building
• Are required to wear a
  facemask and goggles
  at all times
• Constantly conducting
  thorough handwashing
  and hand sanitization
  during their shifts

Essential caregivers/visitors
are required to:

• Undergo a health
  screening, temperature
  check and contact risk
  evaluation surveys prior
  to entering the building
• Wear masks during
  their visit