Will Medicaid Cover Memory Care? If Not What Can You Do?

The cost of healthcare is continuously rising! Hence, you might as well get thinking about how your parents will cover their costs. Genworth Financial says that the assisted living community expenses on average are $43,200 annually. The skilled nursing communities range from $80 to $90,000 annually for the semi-private and private rooms. Also, according to the Retirement Living Information Center, the memory care facility expenses are $69,000 yearly, on average.  

Hence, it is essential for family caregivers and adult children to understand the costs associated with the senior living communities clearly. It also comprises all that is and is not covered by Medicaid. 

Will Medicaid pay for the assisted living communities?

Your loved ones and parents would get qualified for Medicaid assistance if they have few assets and low income other than their residence. However, Medicaid gets funded partially by the states and partially by the government. Hence, there is a qualification bar available for people to get this coverage, and it also varies. 

Several people wonder about Medicaid assisted living coverage. It is interesting to know that almost all the state Medicaid programs cover some or the other assisted living expenses for eligible residents. But like Medicare, even Medicaid doesn’t pay for the cost of residing in an assisted living community. For the seniors who qualify, Medicaid will pay for the following assisted living services:

  • Medical exams
  • Nursing care
  • Medication management
  • Case management
  • Assessments

To know more about these, you can check out the memory care facilities in Rapid City

Does Medicaid pay for the memory care facilities?

Simply put, Medicare covers the essential care for people who have dementia. However, it doesn’t pay up for the personal or custodial care or the living costs associated with a memory care facility. The Medicare coverage for a person with dementia comprises inpatient hospital stays, hospice, and skilled nurse cases for as much as 100 days. It can also pay for doctor appointments, preventive care, physical therapy, medical equipment, and lab and diagnostic tests. 

The Medicaid might cover the expenses for a dear one in a memory care facility, just in case the facility owns a Medicaid contract. For those in the memory care facility that doesn’t have a Medicaid contract, Medicaid will pay for similar services listed under the assisted living community section. 

How to pay for senior living?

It is necessary to understand the expenses of senior care. It will enable the caregivers to decide the ways to pay for the same. Are you in a process to assist your dear one plan their living arrangements for the days to come? If yes, you should start assessing the available resources. 

There is long-term care insurance that usually covers custodial care. The coverage differs by policy! However, the memory care community and assisted living costs usually get covered by insurance. Several families decide to pay for memory care and assisted living from their personal finances. You can also sell assets, such as your parent’s house, which can result in extra funds and can assist you to pay for their new living condition. 

Last but not least, there are the home equity bridge loans that are another source that can finance senior living, as you plan to liquidate other assets or sell a house. Once you discover that Medicaid doesn’t apply for every memory care community expense, you can opt-in for these ways to fund the expenses. 

Search for the best memory care community

Now comes the next part! Once you are clear about the expenses, you need to choose the best memory care community for your loved one. Today, there are several options. For instance, you can check out the dementia care homes in Great Falls MT. From the set of options you have, you need to opt-in for the best ones that cater to your requirements and preferences. Here are a few things to consider:

  • The cost – You need to understand whether the memory care community is within your budget capacity. Today, you can come across several memory care communities that range between steep and affordable price ranges. It is an intelligent call to choose one that is within your expense range. 
  • The care and facility – You need to ensure that your loved one will get the desired care and facilities in the memory care communities. For this, you might want to check the testimonials and feedback from other families that will enable you to make the correct decision. 
  • Visiting hours – You need to visit your loved ones. It’s best to choose a memory care unit with visiting hours that suit your routine and is easy for you to manage. 

Hence, once you have known the terms and conditions of Medicaid, you need to find out how to pay for memory care communities and go about finding the best one.