Creative Solutions to Help Families Pay for Memory Care

If a loved one is suffering from Alzheimer’s or another form of dementia, you may feel they need more advanced care than what you can provide but worry about the cost. The MorningStar of North Ridge memory care community wants families to know we are here to help, including offering creative solutions, advice and recommendations for professional assistance on how to pay for the level of care needed. 

As every family’s circumstances are different, a smart place to start is to meet with an elder life financial expert who can introduce options you may not know about such as bridge loans and real estate sales; and explain their various tax ramifications. To assist current and prospective residents to coordinate any and all available resources to help pay for rent and personal care, MorningStar has partnered with the experts at Elderlife Financial Services.

Long-term care (LTC) insurance policies sometimes cover 50% to 100% of daily costs for a specified period; while others may offer cash benefits instead of cash reimbursements. Some life insurance policies can also be redeemed for a cash value. Another often overlooked or unknown resource to discuss with an elder life financial expert is the person’s eligibility for the U.S. Department of Veteran Affairs Aid and Attendance (A&A) benefit. This tax-free, monthly payment can be used toward the daily assistance your loved one needs.  

At MorningStar of North Ridge, we are devoted entirely to the comprehensive care of those with Alzheimer’s and other forms of dementia. We are part of the highly-respected MorningStar Senior Living Company, founded on the principle “to honor, to serve, to invest.” Our loving home offers a peaceful residential setting and provides compassionate, individualized Alzheimer’s care for residents from the earliest stages of the disease to the most advanced. Please visit our website for contact information, pricing and availability; and ask about our Move-in Specials.