how do you afford Memory Care facility?

yearofthedragon

My mom is on the waitlist for a memory care facility. I really wish they weren't so pricey. It's bizarre. Is this a topic that everyone just stresses over? Anyone else here put their loved one in a memory care facility? How were you able to manage it financially?

LisaLH

I have my father in a MC. He was frugal so he has money at this time to pay for it. He could out live his money and if so he will go on medicaid and moved to a facility that accepts it. It is very stressful.

H1235

In my state you need to pay out or pocket for at least a year and have spent down to qualify for Medicaid. Then you can apply for a Medicaid waiver that will cover the assisted living. But I guess is not a for sure thing, they only give out so many and the facility has to accept a Medicaid waiver. Not all do. If the waiver is not granted then we sell the house. My mil paid out of pocket for at least 5 years. When she passed everything was gone. Someone on here said there is no inheritance when a lo has dementia. For those without money for that first year, I don’t know what they are to do. A nursing home I guess if they qualify. It differs by state. The system is broken. I was told to be careful how an Al contract is signed. In some states signing may make you personally responsible. I’m sure there is someone here more knowledgeable than me that can advise you. If you haven’t yet it would be a good idea to speak with an elder law attorney.

Anonymousjpl123

I am so thankful my parents, who weren’t always great with money, had provisions for this. If they hadn’t I have no idea how this would work, or how I would cope with the stress, but people do and I would.

For this reason, I have already identified 2 places near me that guarantee life placement (you pay an entry fee and can move from independent to al to memory care) and are within my income. I even shared the info with my close friends. I’m only 54 but I don’t know how anyone pays for this. I want to be ready.

fmb

DH is in AL with enhanced services for his medical conditions, so it actually costs more than the MC side of the facility. DH and I are very frugal and saved money for our future. He also had purchased long-term care insurance many years ago, before he met me. After meeting the 100 day exclusionary period, LTC insurance is now paying $100/day (about 40% of the cost), but will cover his care for only about 7-1/2 months. We would not be able to purchase LTC insurance at today's rates. Because we saved, we will never qualify for Medicaid on our state (PA).