A dementia diagnosis is a heartbreaking and overwhelming one for the patient and their loved ones. Financial worries can hit almost as hard as emotional ones.
In Arizona, the costs associated with dementia care can quickly escalate and cause a burden to families. Proactive financial planning ensures you’re prepared to handle these challenges.
Understanding the Costs of Dementia Care
The costs associated with dementia care can include medical care, long-term care, and daily living expenses. Medical expenses may involve regular doctor visits, medications and specialized treatments. Long-term care could range from in-home care to assisted living or nursing home facilities. Additionally, families often need to make costly modifications to the home to accommodate a loved one’s needs.
Given the progressive nature of dementia, these expenses can continue for years, depleting even robust savings and causing significant financial strain. Understanding these costs upfront and planning for them is essential for maintaining financial stability.
Medicaid and Medicare
Medicaid and Medicare are two primary government programs that offer some coverage for dementia care. However, it’s important to understand the differences between them.
- Medicare is a federal program primarily for those over 65 or with certain disabilities. While it covers some medical costs, it does not cover long-term care like nursing home stays beyond a short rehabilitation period.
- Medicaid is a state and federally funded program that provides health coverage for low-income individuals, including long-term care. In Arizona, eligibility for Medicaid requires meeting specific income and asset criteria. Applying for Medicaid can be a complex process, but can offer essential assistance with long-term dementia care costs.
Long-Term Care Insurance
Long-term care insurance covers services that Medicare and Medicaid may not, like in-home care, assisted living or nursing home care. This type of insurance can be valuable for families facing the high costs of dementia care.
When selecting a policy, consider the coverage limits, waiting periods and premium costs. It’s a smart financial move to purchase long-term care insurance early, since premiums increase with age and health status.
Government and Community Resources
Arizona offers a range of resources for families affected by dementia. State programs, support groups and nonprofit organizations can provide financial and emotional support. The Arizona Department of Economic Security, for example, offers services through its Aging and Adult Services Division, including assistance with long-term care planning and caregiver support.
These resources can lessen the financial burden and provide much-needed support for families needing dementia care.
Veteran’s Benefits
Veterans with dementia and their families may be eligible for additional benefits through the Department of Veterans Affairs (VA) that can be used to cover certain costs. To access these benefits, families must apply through the VA.
A dementia diagnosis brings emotional and physical challenges and significant financial burdens. By understanding the costs involved, exploring insurance options and utilizing available resources, families in Arizona can better manage the financial impact of dementia and focus on providing the best care for their loved ones.
Learn more about memory care resources by visiting Desert Diamond Dementia Pavilion.