Taking care of a parent with dementia can be overwhelming. Along with that, it can be expensive. That may lead many to consider memory care insurance for their parents. This post covers factors to consider when deciding whether it is worth it to get memory care insurance.
Memory Care Insurance for Aging Parents: Is it Worth it?
1. Can you get insurance for dementia?
There is no specific dementia policy. However, most health insurance plans will cover healthcare costs related to dementia and other conditions affecting cognitive ability. Private insurance companies and government-funded insurance can cover things such as:
- Doctor’s appointments
- Medications
- Diagnostic testing
- In-patient treatment
Health insurance can help defray these costs, but dealing with dementia and cognitive decline calls for specialized care, and it could be expensive. You might need to pay a much higher amount in the future. That’s why long-term care insurance may also be beneficial.
2. What do you mean by long-term care insurance?
Long-term care insurance covers health care costs for people over 65 who need constant supervision due to disease or disability. Although coverage differs from one policy to another, it can help you pay for your senior parents’ memory care costs, medications, and other needs.
3. How can long-term care insurance be beneficial for patients with dementia?
It can cover the cost of a memory-care facility. While the cost varies in different places, these facilities are expensive. The policy might also cover senior day programs for dementia. It may also reduce the financial burden by paying some costs not covered under Medicare.
Another benefit is that it may also provide funds to pay family caregivers. Being a family caregiver is no easy task, especially if you are dealing with a person with dementia. It can get frustrating and tiring. The income from long-term care insurance may make it easier for a family member to take on the role of caregiver.
4. What are the requirements for long-term care insurance?
Take your time to do research before starting your search for long-term care insurance. Your senior parent must meet the eligibility requirements for the policy. It is also important to note that the coverage gets more expensive as a person ages. After a certain point, you might be unable to find an insurer willing to cover your parents. It is also too late to get coverage if your parents already need care.
Long-term care insurance has its share of benefits and risks. Consulting a financial advisor to understand your insurance policy further can help you make the right decision.
Spring House Senior Living
At Spring House, we understand that finding the right senior living community can be challenging. That’s why we offer a variety of amenities and services to cater to different needs and preferences.
Schedule a tour of one of our communities in Cartersville, Lithia Springs, or Louisville today. You’ll see why Spring House is the ideal choice for senior living.
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