Disability Benefits

Disability benefits can be used to pay for the memory care your loved one needs. Whether your loved one will be staying at home or entering a care facility, this can help ease the financial burden caregivers often experience face with long-term medical care. Those who wish to receive disability benefits must apply for SSDI through the SSA.

Recipients may use SSDI benefits towards paying for any type of memory care that they please. Unfortunately, SSDI likely won’t be enough to cover the full cost of memory care that your loved one will need.

Other Ways to Pay

In addition to SSDI, there are several other forms of financial assistance available for patients who need assistance paying for memory care.

Long Term Care Insurance: Long term care insurance is insurance specifically used to pay for long term care such as a nursing home or medical care facility. What is covered varies between different policies, so be sure to check the details of your own to see which memory care services are covered.

Reverse Mortgages: Reverse mortgages allow homeowners to receive regular payments in exchange for relinquishing the equity of their home. The homeowner will ultimately have to sell their home once the last resident moves out in order to repay the loan.

Annuities: Annuities are long-term plans funded with an initial lump sum, which is then paid back to the account holder over time. They are a great way to ensure you have money coming in for years to come and are be a useful method for paying for memory care and other types of senior care.

Non-Profit Assistance: There are nonprofit organizations throughout the country dedicated to helping dementia patients. Some organizations may provide financial assistance themselves while others will help families obtain the help they need.

VA Assistance: If the patient is a veteran or the spouse of a veteran, they may qualify for financial assistance through the Department of Veterans Affairs. Not all veterans qualify for all types of assistance, so be sure to get in touch with your local benefits office to see if your loved one is eligible.

Since every patient’s situation is unique, it can be helpful to complete surveys such as this to narrow down the types of assistance your loved one may qualify for. For more information on qualifying for SSDI, visit the Social Security Administration website.

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