In this article, we will discuss how to pay for long term care.
When seniors are unable to care for themselves and carry out daily tasks, it might be time to implement long-term memory care. The inability for seniors to remain independent depends on how long they can remain injury and illness free.
Long-term memory care for Alzheimer’s disease and dementia patients usually make up the majority of long-term health care patients. It is designed to deal with chronic illnesses for the rest of a patient’s life, but not to cure any diseases.
Paying for Memory Care
Seniors in the Golden, Colorado and Lakewood, Colorado areas need to find ways of paying for memory care. They also need to protect themselves against the extremely high costs of overall long-term care. Here is a list of the most well known forms of paying for memory care:
* Long-Term Care Insurance – Applewood Our House works with families, and makes sure they fulfill the necessary insurance requirements to help in paying for memory care. This includes checking with insurance companies and helping you deal with required paperwork. Long-term care insurance will pay for your loved one’s care into the distant future. Without it, your family might be left with taking care of a senior family member at home. It could also put a serious strain on your savings.
* Shared Assistance – For some families, senior care comes down to multiple family members chipping in to help pay for costs. In such cases, Applewood Our House can accept multiple forms of payment.
* Secured Credit Line – A secured line of credit can be defined as borrowing money against your property, personal stocks, Certificate of Deposits, and other items with monetary value. You should consult a financial advisor before considering secured lines of credit as an option for paying for memory care.
* Reverse Mortgage – Seniors are able to take out a reverse mortgage on their home as another method of paying for memory care. It’s eligible for those over the age of 62, and you can use the equity of your property to help with your long-term care. You can ask for monthly payments or you can receive the money at once.
* V.A. Benefits – By the time most U.S. veterans need memory care, they have long retired from military service. Many families might not know that veterans’ benefits are another financial solution to medical care. Luckily, United States veterans can receive a maximum of $1800 each month to offset long-term care costs.
* Life Insurance – Your life insurance policy could also be the key in funding assisted care living for a family member. To find out how much your loved one’s life insurance policy can provide towards funding medical care and assistance, you should contact your insurance company for more details.
Paying for Memory Care – Conclusion
These are some of the excellent ways that family members are paying for memory care programs in the Lakewood, Colorado or Golden, Colorado areas. It’s never too early to start looking into ways that your family can cover long-term care for your loved one. Do everyone a favor and look into it today!
