Does Insurance Cover or Pay For Memory Care

If your loved one is experiencing memory loss and the difficulties of Alzheimer’s disease or dementia, you probably have lots of questions. Having a specialized team of support and a secure place to call home often brings greater peace of mind to those facing memory loss as well as their families. Adding to the challenges, families usually don’t know if their loved one has insurance coverage for memory care. The team at Renaissance North Tampa can be a valuable resource and help you get started. Here are several factors to take into consideration.

Options For Those With Memory Loss

Start by keeping any existing health care or insurance plans in place as you consider your loved one’s current and future care needs. Their various insurance policies could help pay for memory care – including Medicare, private insurance, a group employee plan, retiree health coverage, disability insurance, Veterans benefits or long-term care insurance.

• Medicare: Medicare does not cover long-term care outside of 100 days of 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 – after a standard yearly deductible. Medicare Part B pays partial fees for doctor’s services, outpatient care and other medical services not covered by Part A, as well as some preventive services. In contrast, Medicare Part D covers some medication costs.
• Medicaid: Individuals with memory loss may qualify for medical care through Medicaid if they demonstrate very low income and limited assets. Policies through Medicaid include coverage for long-term care for people with particular medical diagnoses.
• 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.
• Long-Term Care Insurance: To utilize long-term care insurance for memory care, the policy must be in place before a diagnosis of dementia or Alzheimer’s. For those who plan ahead, long-term care insurance can help pay for memory care – but policies vary in how much they will pay per day and how many days or years it will pay out.
• Employee or Retiree Health Plan: Depending on work history and eligibility, a group employee or retiree health plan may help pay for some expenses – particularly for those diagnosed with Alzheimer’s or other forms of dementia before turning 65.

• Veterans Benefits: Through the Veterans Aid & Attendance program, veterans and their spouses may qualify for monthly benefits to help with the costs of memory care. Eligible veterans must apply through the Veterans Administration and are encouraged to apply early because the process can take several months to complete.
• Disability Insurance: A disability policy can provide income for a worker who can’t work due to illness or injury. However, to take advantage of coverage, the plan would need to be in place before symptoms of memory loss begin.

Memory care at Renaissance North Tampa helps families looking for a compassionate and safe community for their loved ones facing the challenges of memory impairment. We’re here to support you if you need assistance in determining next best steps.