The Cost Of Dementia Care In 2018
The Cost of Dementia Care in 2018
A recent study by Northwest Mutual Insurance discovered that caregivers in the United States are spending more money on caring while financially planning less. The study found that 7 in 10 caregivers reported lowering their own spending to be able to pay for caregiving costs for a parent or senior loved one.
Learn more about the cost of dementia care in the U.S. and the increased financial pressure on caregivers caring for senior loved ones.
Whose Costs Are We Measuring
In the final analysis, whether a treatment, intervention, or service is cost-effective depends very much on who is paying for it.17 Too often, novel, innovative interventions and services result in cost shifting rather than saving resources or providing better care. For example, depending on the organization of health care and the insurance status of the patient, the transfer of a patient from home to institutionalization may decrease the family out-of-pocket expenses and increase the insurer expenses, who now has to cover the cost of institutionalization. Similarly, a drug that delays institutionalization might increase the expenses of the local authorities, which are often covering the cost of day-care centers, and decrease the cost of the private or governmental insurance agency that covers the cost of a nursing home. Finally, indirect cost related to the care provided for free by a healthy spouse or child has monetary meaning only if the caregiver can obtain gainful employment instead of being a caregiver. This is particularly relevant in AD where most of the caregivers are spouses who are often, but not always, retired. In this case, quality of life rather than cost is the relevant variable, but pricing the quality of life of a demented individual or even of an elderly caregiver is a daunting task.
Explore Alternative Ways Of Paying For Long
Long-term care options can be costly, but there are some alternatives when it comes to finding a way to pay. You might look into adding a rider to an existing insurance policy, which would allow you to draw benefits early. You may have to meet certain criteria, and the amounts will likely be capped, so make sure you understand the terms of the rider before making any decisions.
Theres also the option of accelerated benefits, which allows those with death benefits to use them for long-term care.
Financial planning to cover Alzheimers care costs is complicated, to say the least. Professional help will allow you to figure out all your options, since everyones situation varies. Start by contacting the Eldercare Locator or the National Academy of Elder Law Attorneys.
Living with an Alzheimers diagnosis is never easy, and there are so many things to think about in terms of finding the right care and making sure your loved ones will be taken care of at the same time. Take your time, ask for help when you need it, and take care of yourself during this difficult process get daily exercise , eat right, get enough rest, and learn coping and relaxation techniques. Self-care is essential when it comes to reducing stress and anxiety, which can help in the fight against dementia.
Lydia is the co-creator of Alzheimerscaregiver.net, which provides tips and resources to help caregivers. She wrote this piece for Being Patient in 2018.
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How Much Does Alzheimers Care Cost
Whether you decide to have care on a visiting or live-in basis, you will be supported by compassionate carers who are experienced in supporting people living with dementia. All of our carers undertake rigorous training when they begin working for us to ensure that they are best placed to help our customers live life to the fullest in their own home. Added to that, we are fully regulated by the Care Quality Commission and the Care Inspectorate Wales, meaning you can be fully confident in us to provide a fully managed and regulated service to you or your loved ones.
Memory Care In Washington
Washington is a popular state for older adults to settle in. Nearly 16% of the states 7.7 million residents are 65 or over. Of these 1.2 million seniors, more than 120,000 are living with Alzheimers disease or another form of dementia. The number of people with Alzheimers is expected to increase as the senior population expands, and similarly, the rate of dementia diagnoses is likely to increase as Washingtons seniors live longer than ever before. Each year, more than 3,500 seniors die from Alzheimers disease and its complications.
The wide-open countryside of Washington surrounds the few large cities with misty pine forests in the west of the state and broad arid hills in the east. The states mild summers encourage year-round outdoor activities, and seniors near Seattle, Tacoma and the other western cities can find plenty of accessible trails through the woods. Because Washington has no state income tax, Social Security and other forms of retirement income are free from state-level taxation. Seniors with medical needs benefit from Washingtons lower-than-average health costs. On average, memory care in residential facilities costs $7,500 a month in Washington.
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The Cost Of Memory Care In Washington
Note: Memory care is most often delivered in residential senior living communities, sometimes called assisted living facilities, where specially trained staff can help seniors with Alzheimers with the therapy they need. No national database exists that tracks the cost of memory care, but rates tend to run 20%-30% higher than the cost of room and care in an assisted living facility. To get the most accurate figures possible, weve arrived at memory care costs by adding 25% to the baseline cost for assisted living in the area, as obtained from Genworths 2021 Cost of Care Survey.
At $7,500 a month, the cost of memory care in Washington is significantly higher than in neighboring Idaho , as well as in other nearby states, such as Oregon and California .
Walla Walla
Memory care is just one option seniors have for long-term residential care. For many seniors, other levels of care can be both more appropriate and more affordable. Adult day health care in Washington, for example, costs an average of $2,654 a month, while the cost of assisted living is $5,045. Home care and home health care are both less expensive than memory care in Washington, at average monthly costs of $6,006 and $6,101, respectively. Nursing home care in the state tends to be more expensive than residential memory care. The average cost for a semiprivate room in a skilled nursing facility in Washington is $10,342 a month, while private rooms average $11,113.
Nursing Home
State And Government Assistance
Medicaid
What it is: Medicaid is a combined state and federal program for low-income individuals and families. If you or a loved one doesnt have the financial capacity to pay for long-term care, there are Medicaid programs that can help family members with some expenses, depending on income and assets of an individual, says Gaines.
According to the Alzheimers Association, Medicaid is the only public program that pays for long-term nursing home stays that most patients with dementia require as the illness progresses. Of those with Alzheimers or dementia who have Medicare, 27% also have Medicaid and the annual average Medicaid payment comes to $8,779 per person.
Details to consider: Medicaid lacks flexibility and could potentially force the family to make decisions without very much optionality, says Gaines. It is also not free, as it usually requires a forced spend down of assets by the individual to qualify and differs in criteria from state to state.
A note on Medicare: This federal government health insurance program helps pay for some health care costs for people 65 and older. However, it does not cover long-term care costs or associated expenses.
In fact, Medicare beneficiaries age 65 and older with Alzheimers or dementia paid out-of-pocket an average of $11,068 for longterm health care services that arent covered, according to the Alzheimers Association.
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Assistance For Veterans With Alzheimers
While the VA does not have programs specifically for individuals with dementia or Alzheimers, there are benefits available through other VA programs that are available and relevant to veterans with these conditions. A pension benefit known as Aid and Attendance can provide the greatest amount of financial assistance. Up to approximately 2,230 / month in some cases. There is also VA Respite Care and other assistance available through Veterans Directed Home and Community Based Services.
Tax Credits Or Refunds
The Tax Credit for the Elderly or the Disabled allows adult children of people with Alzheimers or another dementia to claim their parent as a dependent, helping families save thousands of dollars on income taxes. The Child and Dependent Care Credit may also apply to qualifying families. In addition, people may be able to deduct the cost of memory care or home modifications from their taxes.
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What Is The Cost Of Care To Families Of People With Dementia
- Families pay more than 60% of the total social care costs in England, paying £8.3billion a year, whilst the state pays £5.2billion.
- Unpaid carers, or families and friends providing care to their loved ones, are providing care to a value of £13.9billion a year. This will increase to £35.7billion by 2040.
Can A Dementia Patient Be Cared For At Home
In addition to providing acute care through hospital facilities or care communities, in-home care offers many other services throughout the home. A person who is suffering from Alzheimers or any other form of dementia may be cared for locally within their own homes. On top of that, caregivers can benefit from it as well.
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Choosing A Memory Care Facility
You can start the search at AARP and the Alzheimer’s Association’s Community Resource Finder, an online directory of senior care services. Click on “Housing Options,” select a type of residence and enter your zip code the results will include information on whether the facility provides memory care.
Once you’ve narrowed down your choices, experts recommend visiting each memory care residence on your list several times, including at least one unannounced visit in the evening, when staffing is thinner. Here are some factors to consider during your search.
Layout and physical environment
Is the facility clean and pleasant? Does it have circular hallways, so residents don’t get frustrated by dead ends? Are rooms and doors clearly labeled to help residents find their way around? Is there an enclosed outdoor area with walking paths? Do residents seem happy?
Staff
The COVID-19 pandemic has left many long-term care facilities nationwide badly short-staffed. Ask about shortages at communities you visit and keep an eye on how staff members interact with residents: Are their needs met quickly? Is there a nurse who works in the building? What kind of dementia-specific training do employees receive?
Ask how they manage a person who becomes aggressive, suggests Laura Gitlin, dean of the College of Nursing and Health Professions at Drexel University and coauthor of the book Better Living With Dementia. They shouldn’t be relying on antipsychotic medications.
COVID-19 policies
How To Apply For Medicaid In Colorado
Seniors or their caregivers can apply for Colorado Medicaid online at the Colorado PEAK website. Paper applications can be printed and mailed or dropped off at the correct county Medicaid office or application assistance site. In-person applications with a Medicaid worker can be done at the same locations.
Applications can also be submitted over the phone by calling 221-3943 or State Relay: 711. Telephone service is available Monday through Friday from 8 a.m. to 4 p.m.
Information You Will Need
Verifications must be provided when applying for the Colorado Health First Medicaid program. Seniors must provide the following information when applying:
- Identification and Social Security cards
- Immigration documentation if not a verified U.S. citizen
- Verification of income that may include tax documentation or employer information
- Verification of Supplemental Security Income
- Insurance policy documentation for all household members
How to Get Help Applying for Medicaid
Seniors can obtain assistance with applying for the Health First Medicaid program by contacting the Office of Adult, Aging and Disability Services. Alternatively, assistance can be obtained at a local application assistance site. Help can also be found on the PEAK website, or seniors can contact the Colorado Division of Aging and Adult Services.
Program
866-2800
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Raise Money Through Friends And Family Who Want To Help
It can be painful to watch your loved ones health and quality of life worsen over time. It takes a lot of time to apply for grants and government benefits, and theres no guarantee youll be approved for funding. Crowdfunding is one of the most efficient ways to get help covering the cost of Alzheimers.
Crowdfunding allows you to reach out to friends, family, community, and kind strangers to ask for immediate support. It may feel embarrassing or shameful to ask for assistance at first, but you may be surprised by peoples generosity. Millions have already used crowdfunding topay for a nursing home, coverout-of-pocket medical expenses, and providecoronavirus relief for seniors.
If you start a fundraiser to cover costs associated with Alzheimers or dementia, dont be afraid to explain your situation and your needs. Everyone needs help at some point, so its likely your ask will resonate with others who have struggled with the same issues.
Here are some fundraisers that have helped cover the cost of Alzheimers disease:
Help for Richard
Richard was diagnosed with Alzheimers in 2017 after showing memory loss for a few years. His advancing condition made him aggressive towards his children and his wife. He needed help with daily activities like toileting. Richards son James used crowdfunding to raise over £1,515 for Richards transition to a supportive facility.
Ana Cristina needs Alzheimers care
Children care for their mother with Alzheimers
Cost Of Emotional And Professional Dementia Care
When families examine the financial costs of dementia care, they rarely include the non-monetary consequences of caregiving. While caring for a loved one who has dementia can be extremely fulfilling, it can also have severe health consequences. According to a survey issued by the National Alliance of Caregiving , more than one in three dementia caregivers experience substantial emotional stress and one in five experience financial or professional stress.
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Does Medicaid Cover Memory Care In Colorado
Note: For the purposes of this guide, when we say Memory Care we are referring to memory care provided in a social setting, such as an Assisted Living Facility. This is the most common way to receive Memory Care and is the best fit for all but the frailest seniors. Sometimes the actual service of memory care can be provided in a Nursing Home , so the financial assistance options will be very different. To learn more about the financial assistance options available for memory care provided in a nursing home, read our guide to Nursing Home Care in Colorado.
Colorado Medicaid which is called Health First Colorado does not directly cover memory care costs at a residential facility. However, seniors who have Medicaid or are eligible may qualify for the Elderly, Blind and Disabled Waiver . This waiver can help cover the costs of residential memory care for seniors with Alzheimers or another form of dementia. Seniors whose income disqualifies them for the Health First Colorado program may qualify for the Old Age Pension Health and Medical Care Program , which provides limited care and may be helpful in reducing expenses to income that can be used for memory care costs.
Cost Of Dementia Care At Memory Care Communities
Many of those living with dementia find a structured and supportive environment in a memory care community. These are long-term residences where individuals receive the medical assistance and support they need.
Memory care community costs vary by state, but they range from $2,844 to $9,266 / month, averaging $4,000 nationally.
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What Memory Care Services Are Covered By Medicaid In Colorado
Medicaid does not directly cover the costs of memory care in Colorado. The EBD waiver provides the same medical benefits as Health First, along with other services including transition assistance, transportation and various other personal care services that memory care recipients may need. The OAP also covers certain types of senior care, but its more limited in scope than the EBD waiver. Both programs can help seniors retain more income that would usually be spent on the medical services these programs cover, so more funds can go towards residential memory care.
Professional And Financial Repercussions Of Caregiving
Caregivers may have to miss work for doctors appointments, emergency calls, and days without in-home care. This can lead to poor performance, lost pay, and fewer vacation days.
Since the pandemic, Richards been working from home, and often spends afternoons at his grandfathers house, helping with showering, trips to the bathroom, and other needs. This has been a blessing for the family its cut in-home dementia care costs in half. This unexpected saving has him weighing the pros and cons of part-time work and considering finding a job that allows him to remain remote. Im dreading going back because so much of the money I make in those hours goes straight to payments, and I dont get to spend time with him. Even though staying with his grandfather can make meeting deadlines difficult and cause anxiety, 40+ hours of in-home dementia care costs cut the couples weekly budget in half.
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