Does insurance cover or pay for memory care?
How To Find Insurance Coverage For Your Loved One With Memory Loss
If your loved one is experiencing memory loss and/or the difficulties of Alzheimer’s disease or dementia, you may have begun to consider memory care. This specialized care often provides relief for individuals and their families facing the challenges of memory loss. Many times, families don’t know where to start when it comes to finding out if insurance covers memory care – so we’re sharing different factors to take into consideration.
Learn How To Pay For Memory Care
First and foremost, it’s very important to keep any existing health care or insurance plans instated which may help meet care needs. Different insurance policies – including Medicare, private insurance, a group employee plan, retiree health coverage, disability insurance, veterans benefits or long-term care insurance – may help pay for care.
- Medicare: Medicare does not pay for long-term care – outside of 100 days skilled services or rehabilitative care for a qualified stay. Medicare Part A covers hospital stays, short stays in a nursing home for certain kinds of illnesses and hospice care in the last six months of life – all after a standard yearly deductible. Medicare Part B covers partial fees for doctor’s services, outpatient care and other medical services not covered by Part A, as well as some preventive services. Medicare Part D covers some medication costs.
- Medigap or MedSup: Supplemental coverage can be helpful if you have to rely on Medicare for assistance with dementia-related health bills. Plans and benefits widely vary but could help pay for Alzheimer’s and dementia care.
- Medicaid: Memory care patients may qualify for medical care through Medicaid if they can demonstrate very low income and limited assets. Policies include coverage for long-term care.
- Employee or Retiree Health Plan: It’s possible to be diagnosed with Alzheimer’s or other form of dementia long before you turn 65, in which case private insurance through a group employee or retiree health plan may help pay for some expenses.
- Disability Insurance: A disability policy could provide income for a worker who can’t work due to illness or injury, but the plan would need to already be in place before symptoms of memory loss begin.
- Veterans Benefits: Veterans and their spouses may be able to qualify for monthly benefits to help with the costs of care using Veterans Aid and Attendance. The process can take several months so it’s important to apply early through the Veterans Administration.
- Long-Term Care Insurance: In order to take advantage of long-term care insurance, you need to have a long-term care policy already in place prior to diagnosis of dementia or Alzheimer’s. If you plan ahead, long-term care insurance can help pay for memory care – be sure to consider how much a policy pays per day and how many days or years it continues to pay out.