Those who have Alzheimer’s can struggle to afford memory care, but there are multiple funding options available.

Social Security Disability Insurance: SSDI can be claimed by eligible individuals who need help paying for memory care. Those over age 65 will have to undergo a thorough review of the impairments that potentially qualify them for this form of assistance and how they affect the individual’s ability to work. In some cases, an Alzheimer’s diagnosis is a qualifying disability, but other issues can create a stronger case.

Long-term care insurance: Long-term care insurance is a form of insurance that pays for long-term care. This can be in a nursing home or a medical care facility, such as memory care. Policies have different benefits and forms of coverage, so seniors will need to check the details carefully to see exactly what is covered.

Reverse mortgages: Those with homes may wish to consider using a reverse mortgage to pay for the cost of memory care. These take the equity in the home and pay it out in chunks, typically in monthly payments. They do have drawbacks, however, in that the homeowner loses the equity in the home, and the amount paid out over the long term will be decreased by interest. There are also fees, such as service fees, closing costs and an origination fee, which decrease the overall amount that the homeowner gets compared to the home’s appraised value. Finally, the home is usually sold at the end of the loan to recover the costs, so it’s worth considering what would happen to anyone living in that house, such as a spouse.

Annuities: Most people have an annuity through a pension plan, but they can be purchased independently. This takes a lump sum and disburses it weekly or monthly. It acts as a regular form of income and lasts for the life of the policyholder. This can also be a good way to pay for the cost of Alzheimer’s care in an assisted living environment.

VA assistance: Veterans may qualify for assistance via the Department of Veterans Affairs. Spouses may also qualify. In most cases, VA health care covers medical care, and in mid-stage or late-stage dementia, it can cover some home care assistance, respite care and nursing home care costs. HISA grants may cover home modifications, regardless of whether the dementia is related to their service or not. Qualifying for these programs depends on a number of factors, so it’s worth contacting your local VA benefits office for further information.

Nonprofit assistance: There’s a huge range of nonprofits out there that provide assistance with Alzheimer’s care. Some focus on providing financial assistance, paying for care, accommodations or medical aids, and others connect seniors with low-cost or no-cost assistance in their local area.

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