If you or your loved one is suffering from Alzheimer’s or other cognitive issues, moving to a memory care community may be your best choice. That’s not an easy conclusion to get to, however. It’s a big life change, and it can also come with a hefty price tag.
You may be asking yourself how people are even able to afford memory care. Some people may have saved the money for such an occasion, but not everyone has. Not to worry. There are financial options available.
Not every memory care in Peoria, AZ, may accept financial assistance, so it’s important to ask about it while doing your research. For instance, our memory care community at Mission at Agua Fria accepts various financial assistance options.
What kind of assistance can you expect? Here are some of the ways people afford memory care in Peoria, AZ.
You may already be familiar with Medicaid, but the Arizona Long-Term Care System (ALTCS) uses Medicaid funding to assist in the costs of room and board for memory care. To qualify for this, you must be a resident of Arizona and provide documentation that you meet the residential, medical, and financial eligibility requirements.
You also need to be pre-determined to need memory care to qualify for the funds. It’s a great financial assistance option to take advantage of if you are a resident of Arizona and looking at memory care in Peoria, AZ, but start the process as soon as you can, as it can take some time to complete.
You’ve likely taken out at least one loan in your life, so you may be familiar with how loans work. A bridge loan is a short-term loan where you have about a year to complete the repayment. The loan acts like a line of credit, meaning that you’re only borrowing the money that you need—you’re not borrowing more.
Bridge loans are a good idea if you’re short on funds now but know for a fact that you’ll have the funds in the future, such as if you’re waiting on the sale of a house. You can also pay off the loan with zero penalties in advance if you get access to cash earlier than you may have originally thought. Different vendors offer different plans and timeframes so be sure to find a vendor that works with your financial timeline. One popular bridge loan for seniors is through Elderlife Financial Services.
If you are a veteran, you likely know there are financial assistance options out there to help you pay for memory care. What you may not know is the spouse or widow of a veteran can also be eligible through the Department of Veteran Affairs Aid and Pension benefit.
To be eligible for this benefit, the veteran must have the applicable wartime service; have a medical need, such as memory care; or be in need of financial aid. Additionally, the surviving spouse of the veteran needs to have not remarried to be eligible. If you are a veteran, the spouse of a veteran, or a surviving spouse, this is something you want to look into.
If you are looking into memory care for you or your loved one, please consider the Mission at Agua Fria. We would be happy to arrange a tour so you can see for yourself exactly how we support our residents and how incredible our community is.