Once the initial shock of a diagnosis of Alzheimer’s has passed, the immediate panic of “How do we pay for long-term care?” typically sets in. Most people make the decision to move to assisted living or nursing home care during periods of great stress. Finding the right facility can be panic inducing enough, but figuring out how to cover monthly costs that can be from $3,500 to $8,000 per month is more than most people can handle.
Hopefully, you have time to plan in advance for your parent with Alzheimer”s long-term care needs. If not, the following may be available to help you pay for the cost of an assisted living facility or nursing home.
- Long-term care insurance- Check with your loved one”s life insurance company, explore any insurance documents available, and check with the estate planner to see if long-term care insurance was purchased. Unfortunately, this is a fairly new insurance product, so depending on the age of your loved one, may not have been a readily available product.
- VA Benefits- Veterans Administration benefits will often cover long-term care costs in assisted living facilities and nursing homes. If your loved one served in a branch of the military or was the spouse of a military veteran, check into VA Benefits.
- Medicare- Medicare is the national health insurance program for people over the age of 65. It will provide short-term assistance with nursing home costs if you meet certain strict qualifications.
- Medicaid- Medicaid is a federal and state funded and state administered medical benefit program that will cover the cost of nursing home care if asset and income tests are met. It is typically reserved for low-income patients.
