What Do You Do When You Can’t Afford Memory Care?

If you or a loved one has dementia and can’t afford memory care, what you can do is investigate funding options or consider alternative care settings. Various sources of public and private financial assistance may help cover full or partial memory care costs, and in some situations, you may qualify for aid for a different type of long-term care. Alternatively, other care types, such as in-home care, assisted living or adult day care, may offer a more affordable solution for those with mild to moderate dementia.

Although eligibility requirements vary between states, low-income seniors may qualify for financial support through Medicaid. While Medicaid generally won’t cover room or board costs in a memory care community, it may pay for some care and support services, reducing your financial burden. In some states, Medicaid directly covers memory care services, while in others, you may need to apply for a home- and community-based waiver program.

Although Medicare typically doesn’t cover long-term care, beneficiaries may qualify for limited assistance to help reduce their out-of-pocket expenses. Additionally, the Program of All-Inclusive Care for the Elderly (PACE), a dual Medicaid-Medicare program, may cover some of the costs associated with memory care for qualifying individuals living in specific target areas. Older adults who served in the U.S. Armed Forces might be eligible for VA Benefits to offset some of their care costs. Consult with your local Area Agency on Aging, Aging and Disability Resource Center, VA Center or eldercare lawyer for guidance to ensure you or a loved one are receiving all eligible financial aid.

If you don’t qualify for public assistance, several nonprofit organizations operate nationwide to alleviate hardship for individuals. Find out if any local initiatives can help reduce your costs. Check the terms of any insurance policies; although traditional health care plans generally don’t include residential care, long-term care insurance plans usually cover memory care. Seniors who own property could consider a reverse mortgage or selling assets.

During the early stages of dementia, you or your loved one may choose to remain at home with family caregiver assistance. However, it’s important to keep in mind that as the disease progresses, individuals often need additional professional caregiving support. Although they don’t offer the same level of specialized support, for practical assistance, adult day care and in-home care are usually more affordable than memory care. Similarly, assisted living facilities typically charge less each month than memory care communities.

For seniors in the later stages of disease progression, nursing homes offer 24/7 supervision and medical care. Although nursing homes are typically more expensive than memory care facilities, seniors who need institutional care often qualify for full state funding (including bed and board) for nursing home care.