Caring for a loved one with dementia is emotionally challenging, and finding ways to cover the cost of assisted living or memory care can add stress to an already difficult situation. Many families wonder if financial help is available for a quality long-term care solution. Fortunately, there are several options to explore.

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Common Ways to Pay for Assisted Living

Many families cover assisted living through a combination of resources, including:

• Social Security Benefits: Monthly Social Security benefit payments can help offset the cost of care.
• Medicaid: Depending on your loved one’s eligibility, Medicaid may cover some or all of the costs.
• Veterans’ Benefits: For veterans and survivors, check with the VA to discuss your benefits, or explore programs like the Veterans Administration Aid and Attendance (more on that below) for financial support.
• Pensions: If your loved one receives a pension, this income may go toward their care.
• Reverse Mortgages: In some cases, homeowners can tap into their home’s equity to cover long-term care costs.
• Personal Savings: Many families utilize savings or retirement funds to cover the costs.

More Options for Financial Assistance

If traditional options like Social Security or Medicaid fall short or are unavailable to you, there are still avenues you can explore.

Long-Term Care Insurance

Long-term care insurance can be a helpful way to cover the costs of memory care, but it’s important to plan ahead. Policies are often more affordable and accessible if purchased before your loved one develops dementia, as pre-existing conditions may increase premiums or limit coverage. It’s worth checking to see if your loved one already has a policy in place.

Texas Long-Term Care Partnership

In Texas, the Long-Term Care Partnership program helps residents protect their assets if they need long-term care. Nationwide, the American Association for Long-Term Care Insurance program offers education and assistance in finding the right long-term care insurance policy. 

Veterans Aid and Attendance Benefits

For veterans, the Veterans Administration Aid and Attendance Program is a valuable resource. This benefit provides additional financial support to veterans and their spouses who need assistance with daily activities or have impairments that require care, such as dementia. It’s a supplement to the VA Pension Benefits and can be a helpful resource for covering the costs of memory care.

Family Contributions

While often overlooked, family contributions can be another way to offset the financial burden. In some families, relatives come together to help cover the costs of care. This option requires clear communication and a consistent effort from all involved, but it can be a helpful way to ensure that your loved one receives the care they need.

We’re Here to Help

Navigating the financial side of memory care can feel overwhelming, but you don’t have to go through it alone. At Sundara, we know that you want the best care for your loved one, and we specialize in providing expert memory care. Whether your loved one needs help with financial decisions or you need support finding ways to fund their care, we’re here for you.

Let’s work together to find the right solution for your family. If you or your loved one is in the Round Rock or North Austin, Texas, area, click here to send us a message or call us at 512-399-5080.