Making the decision to place your loved one with Alzheimer’s or dementia in a community home can be stressful. Dealing with the financial considerations of this emotional life transition can magnify stress levels for the entire family. There are resourceful options available that may ease the move for everyone.
Veterans and surviving spouses may be entitled to V.A. Aid and Attendance. For benefits and qualifications, contact the Veteran’s Administration at www.va.gov or call 1-800-827-1000 to speak with someone at your Veteran’s Regional Office.
Long-term Care Insurance
Long-term care insurance is one other way to financially cover long-term care. This type of insurance will pay for some or all of your care, depending upon the benefit amount and the setting. If you are dealing with early-onset Alzheimer’s, it’s best to understand your coverage now, and be sure you have access to all the necessary documents. Talk with your agent to prepare for the changes that living with Alzheimer’s brings.
FHA/HUD HECM Reverse Mortgage Program
A reverse mortgage is a home loan taken against the equity in the home. Unlike conventional mortgages or home equity loans, the FHA/HUD HECM reverse mortgage currently allows homeowners over the age of 62 to borrow some of their home equity.
Borrowers can receive funds in a lump sum, as a line of credit, or get monthly payments every month. There are no restrictions on what the funds are to be used for and the payments are not considered income, so they generally do not affect social security or Medicare, and in some states can even be used in conjunction with Medicaid.
Generally, these loans are very safe, as there is no personal liability; the most one can ever owe is the appraised value of the home when the last borrower permanently leaves the home. In order to assure that homeowners are doing the right thing, FHA requires that borrowers attend a “counseling” session with an FHA approved counselor before they can apply for an HECM reverse mortgage. Find out more about reverse mortgages at FHA.
Life insurance policy as long term care benefit
Instead of lapsing or surrendering life insurance, a policy can be converted into an irrevocable Benefit Account that makes monthly payments on behalf of the individual receiving Senior Care. A long tern care benefit is flexible and can be adjusted to meet changes in care; any remaining account balance is paid to the family.
For more than a decade, Memory Care Living® has made it possible for those with Alzheimer’s disease or dementia-related illnesses to enjoy the benefits of full-time professional care in a comfortable residential setting. To learn more about Memory Care Living®, call us at (800) 935-9898 to arrange a private tour.
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All information on this page is for general information only. Memory Care Living does not endorse or take responsibility for the accuracy of the information contained on our websites. Please consult with your personal financial or tax adviser for the best financial options for you.