Most residents and families pay for Memory Care with income from social security and pensions coupled with the use of savings, including the proceeds from selling a home. Long Term Care Insurance is more and more widely used to offset the cost of Memory Care. Some consumers convert life insurance policies to a loan, and others have family members who help pay a share of the monthly cost.
It’s important to note that Medicare, other health insurance plans, and HMOs will not typically cover memory care services. There is a specific program for veterans that may be an option called the Veterans’ Aid and Attendance Benefit.
If your resources are limited, it’s worth checking out financial assistance programs, including Medicaid to see what options are available. Because the vast majority of residents pay privately and every Memory Care community is different, you are encouraged to speak with someone at our Osmond Senior Living Memory Care in Salt Lake community to learn more about the payment options.