There are still some possibilities available to seniors who are not qualified for other forms of financial aid due to their location, financial position, or other circumstances. For a summary of some of the most popular methods for making memory care economical.

• Aid and Attendance- Veterans who receive a VA pension may also be eligible for the Aid and Attendance benefit, a monthly cash allowance that veterans receive in addition to their standard pension amount. The benefit is intended for veterans in need of long-term care services and may be used towards paying for Memory Care. Learn more and apply online at va.gov.
• Reverse Mortgages– You might be able to use a reverse mortgage to help pay for memory care if you own a property. One can borrow money against the value of their property with a reverse mortgage, thereby turning some of the equity into cash. The interest on reverse mortgage loans must be paid back, often within a year of obtaining the loan. Learn more about your options and how to apply at ftc.gov

Long-Term Care (LTC) Insurance- The cost of memory care may be covered by long-term care insurance currently held by seniors. The particular terms of each policy will determine whether it will pay the entire expense or only a portion of it. It should be noted that older people who already require Memory care are often not qualified to enroll in  LTC insurance coverage. Learn more about Long-Term Care Insurance and how to apply for a policy at acl.gov.