When a senior lives with Alzheimer’s disease or a related form of dementia, keeping them safe and well can be an exhausting job for family caregivers. Because of the damage caused to the brain, it isn’t uncommon for a person with Alzheimer’s to go for long periods of time without sleeping. For spouses and adult children who have to work and care for their own families, it can be nearly impossible to keep up with them.
Some of the more common behaviors make the challenge even greater. Two that often lead families to begin searching for a dementia care community are wandering and aggression. They can be difficult to safely manage in a home setting.
If your family is just beginning to research options for senior living, financing may likely be a big concern. That can be especially true if one spouse needs a dementia care assisted living and the other will remain at home. To make certain you are aware of all of the options that might be available to you, we’ve created this quick overview.
Options for Financing Dementia Care
While most of the expenses for dementia care are paid for privately, there are a few additional resources families aren’t always aware of. Here are several to explore:
The Aid & Attendance Benefit from the Veteran’s Administration.
Converting a life insurance policy in to cash with a life settlement company.
Obtaining a short-term or bridge loan to cover dementia care expenses while assets are being liquidated.
Reviewing a long-term care insurance policy to determine whether or not it will cover an assisted living community.
A reverse mortgage that will provide funds to pay for the spouse who needs dementia care while allowing the other spouse to remain in the home.