Monday, 22 April 2024 10:15

Insights on How to Pay for Memory Care in Illinois

If your aging loved one is struggling with memory-related difficulties, they may eventually need to move into a facility that specializes in memory care in Illinois. These communities are terrific resources for seniors with Alzheimer's disease or dementia as they can provide tons of supportive services for your loved ones. However, many may delay the transition and burden themselves with their loved one's care needs due to financial constraints.

Senior living communities are not free, and the costs of living at a memory care facility in Illinois can be surprising to many people. But you should not be deterred from seeking out the best care for your loved one just because of financial concerns. There are many great resources available today that can help cover the costs of memory care for your loved one.

What to Know About Paying for Memory Care in Illinois

It's important to note that memory care costs are not the same across all facilities. In Illinois, the average cost to stay at a memory care community is just under $6,000/month, with some facilities being more affordable and others more expensive. It ultimately depends on where you are looking in the state, the services offered at each facility, and the quality of their care.

That said, you may not need to cover the entire monthly bill on your own. There are many financial resources available to help cover costs and there are ways that your family can prepare for those costs well in advance. Let's dive into those insights on memory care in Illinois to help you find the care your loved ones need.

Medicaid Resources

In Illinois, Medicaid provides health insurance for low-income seniors and disabled individuals residing in the state. Regular Medicaid only covers the cost of institutional care that's provided at places like nursing homes, however, there are many managed care programs and waivers that can help seniors access affordable memory care services. If your loved one qualified for Medicaid, it's a good idea to explore state resources like:

  • The Illinois Supportive Living Program - This program offers funding for the services provided in assisted living and/or memory care programs. However, it does not cover room-and-board expenses.
  • The Medicare-Medicaid Alignment Initiative - This managed care program streamlines services of both plans and helps seniors access services for memory care while residing in long-term care facilities.

Please note that these Medicare and Medicaid programs may not cover all the care needs of your loved one. You can learn more about these programs and apply for them through the Illinois Department of Healthcare and Family Services.

Long-Term Care Insurance

Long-term care (LTC) insurance is a unique type of insurance plan that covers expenses related to long-term care services. These include not only medical care but also help with bathing, toileting, and other personal care activities.

While the specifics of LTC insurance policies can fluctuate from one insurance provider to the next, you can generally expect these policies to cover many memory care services. These may include:

  • Room and board
  • Skilled nursing care
  • Help with personal care tasks
  • Supplemental memory-focused services
  • Laundry and housekeeping
  • And more

If your loved one already has a policy, review it carefully in advance to fully understand exactly what services and expenses are covered. If they do not have a policy, it's worth exploring options for purchasing one. Keep in mind that LTC insurance premiums can be expensive, so it's best to start planning and saving early for that coverage.

Veterans Benefits

For veterans and their spouses, additional resources are available to help cover the costs of memory care in Illinois through the Department of Veterans Affairs (VA). The VA offers a variety of benefits and programs through the VA's health care services to support military members and their spouses who are impacted by Alzheimer's disease or dementia. For instance, the Aid and Attendance benefit can provide financial support in addition to a VA pension to cover assisted living and memory care costs.

If your aging loved one served in the military or their spouse served, they may be eligible for many benefits and programs through the VA. Make sure to explore those resources ahead of time to account for that financial assistance.

Explore Tax Deductions

Did you know that many assisted living and memory care expenses are tax deductible? Numerous out-of-pocket medical expenses and others for long-term care services can qualify as deductions when tax season rolls around. However, you will need a licensed healthcare professional to certify your loved one as "chronically ill" annually to qualify for these deductions.

If you'll be paying out-of-pocket for many memory care services, make sure you keep an itemized record of the payments for tax season. This may lead to a bigger return for your family, which can help offset the costs of Alzheimer's care for your loved ones.

Personal Assets, Savings, and Loans

Many families often must cover memory care costs with their own personal assets, which may include properties, life insurance policies, 401(k) plans, employer pensions, and savings accounts. You could leverage your loved one's home equity to pay for memory care by:

  • Selling the home
  • Renting the space
  • Opening a reverse mortgage to convert the home equity into tax-free income

If all else fails, you can apply for Alzheimer's care loans. These loans are good solutions for people who need short-term financing for senior care. For instance, if you need to wait for a home sale to proceed or for veteran benefits to kick in, these loans can bridge the gap for immediate treatment.

Get to Know Our Communities for Memory Care in Illinois

If you're starting to research your options for memory care facilities in Illinois, the Aspen Creek communities of Sullivan and Troy are great options for your aging loved one. We've established quaint, cozy, and familiar home-like environments for our residents that emphasize high-quality personalized care at every turn. We maintain a 1:5 staff-to-resident ratio 24/7 and we offer a wealth of exclusive amenities and features for our residents.

Contact us today to book a tour of our communities and learn more about the costs for our memory care facilities in Illinois.