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Ways to Cover the Costs of Care for Dementia

Posted on October 7, 2008 by DementiaGuide

Ways to Cover the Costs of Care for Dementia in the United States

The cost of providing long-term care for a person with dementia can be very expensive. Many people assume that government programs such as Medicare will pay for it. That is not the case. It is typically individuals and families that pay for services and long-term care for dementia. A number of financial resources may be available to help cover the costs of care for dementia.

Ways to Cover the Costs of Care for Dementia

Insurance - includes government insurance programs, employer-paid plans or personal policies. After symptoms of dementia appear, it is usually no longer possible to purchase many types of insurance. Therefore, it's important to findout about the different types of policies. Medicare is a federal health insurance program for people age 65 or older. Medicare covers inpatient hospital care, some doctor's fees, some medical items and outpatient prescription drugs.

  • Medigap insurance fills gaps in Medicare coverage, such as paying for co-insurance.
  • Disability insurance provides income for a worker who can no longer work due to illness or injury.
  • Long-term care insurance typically pays for the costs of most care settings, include nursing homes.
  • Life insurance can be a valuable source of cash. The person with dementia may be able to receive a part of the policy's face value as a loan, which is paid off upon the person's death.

Retirement benefits - include individual retirement accounts (IRAs), employee-funded retirement plans, such as a 401(k).

Personal savings and assets - includes stocks, bonds, savings accounts, real estate and personal property.

Government assistance - includes Social Security Disability Income (SSDI) for workers under age 65; Supplemental Security Income (SSI); Medicaid; Veteran's benefits; and tax deductions and credits, such as the Household and Dependent Care Credit.

Community support - includes local support services at low or no cost, such as respite care, support groups, transportation and meal delivery.

It can be overwhelming trying to learn about thedifferent types of insurance, government programs, and supportservicesoffered by the community organizations.If you start with contacting your localAlzheimer assocation, theywill help assist you in laying out who to contact and the type of information you should be getting. Whether you are concerned about dementia or some other illness, knowing what financial implications you may have to deal with is step one in managing and planning for the cost of care giving.

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