Apart from the psychological stress, taking care of a loved one with cognitive impairment can also result in serious financial stress. Often, we are left with no choice but to consider memory care as the only option for them. This long-term medical care can get expensive fast and put a strain on the finances of loved ones, hence, sourcing for ways to offset the cost of the care would be the smartest move to make.
For people living with cognitive impairment and is considering memory care near Cornelius, NC, there are a number of disability benefit which they can use to pay for their memory care. Listed below are some of the disability benefits, and their eligibility criteria.
Social Security Disability Insurance (SSDI)
Social Security Disability Insurance (SSDI) is a federal program that provides financial assistance to individuals who are unable to work due to a disability. SSDI benefits are based on your work history and the severity of your disability. To be eligible for SSDI, you must have paid into the Social Security system through payroll taxes and have a qualifying disability that is expected to last at least one year or result in death.
SSDI benefits can be used to pay for memory care, as well as other long-term care services, such as assisted living and home care. However, SSDI benefits may not cover the full cost of these services, and you may need to supplement your income with other sources of funding.
Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a federal program that provides financial assistance to low-income individuals who are 65 or above, blind, or disabled. SSI benefits are based on your financial need and are not tied to your work history. To be eligible for SSI, you must have a limited income and few assets.
Like SSDI, SSI benefits can be used to pay for memory care and other long-term care services. However, SSI benefits may be more limited in terms of the amount of coverage provided, and you may need to pay for some or all of the costs of memory care out of pocket.
Veterans Affairs Benefits
If you are a veteran who has been diagnosed with cognitive impairment, you may be eligible for benefits through the Department of Veterans Affairs (VA). The VA offers a range of programs and services to support veterans with disabilities, including financial assistance for long-term care.
The VA’s Aid and Attendance (A&A) benefit is specifically designed to help veterans and their surviving spouses pay for long-term care, including memory care. To be eligible for A&A, you must be a wartime veteran or the surviving spouse of a wartime veteran, and you must require assistance with activities of daily living, such as bathing, dressing, and eating.
Private Insurance
Some private insurance plans may cover the costs of memory care or other long-term care services. However, coverage for these services can vary significantly from one insurance plan to another, and you may need to pay for some or all of the costs out of pocket.
It is important to carefully review your insurance policy to understand what is and is not covered. You should also consider consulting with a financial advisor or insurance specialist to explore your options and determine the best course of action.
Other Funding Sources
If disability benefits, private insurance, and other sources of funding are not sufficient to cover the costs of memory care, there may be other options available to help pay for these services. These could include:
- Long-term care insurance
Some individuals may have long-term care insurance policies that cover the costs of memory care and other long-term care services.
- Medicaid
Medicaid is a joint federal and state program that provides health coverage to low
