Financial Resources for Specialized Memory Care
Trusted Financial Experts To Help Guide You
At Bridges® by EPOCH, we understand that pricing is a factor for many families when choosing a memory care assisted living community for their loved ones. Some may wonder how they will pay for the cost of care, especially if the need comes unexpectedly.
That’s why we connect families to financial professionals who can help them explore various resources available based on their personal situation to help cover the costs of memory care. These solutions have assisted countless families in receiving the support they need.
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Explore Supplemental Financial Solutions
Typically, the costs for the 24-hour care and lifestyle at a memory care community come from personal savings and assets, but there are alternative solutions that can help families cover the costs of care. Financial experts are available to discuss any of the options below that may fit your personal circumstances and needs. Complete the contact form and our Senior Advisor will help connect you with a financial concierge team.
VETERANS BENEFITS
Did you know there are specific Veterans Aid & Attendance Benefits that can help offset the costs of memory care assisted living for wartime Veterans and/or their spouses? We work with Veterans Affairs experts who help determine potential residents’ eligibility and provide guidance on how to maximize benefits.
The VA considers assets and net worth when determining benefit distribution, but with proper planning, many applicants who meet the other criteria can become eligible.
LIFE AND/OR LONG-TERM CARE INSURANCE
Life or long-term care insurance can potentially help cover the cost of specialized care, but policies can sometimes be difficult to understand. If you are unsure about the services that your loved one’s specific policy covers – and those it does not – we encourage you to speak with the insurance provider or contact us to receive a complimentary review.
HOME SALE
The equity in a loved one’s home is often the person’s largest asset and the primary source of funds for care for many families. The team at Bridges® by EPOCH can put you in touch with a Seniors Real Estate Specialist® who will assist you with the sale of your loved one’s home. They can work with you to prepare the home for sale and guide you through the entire process, from listing to closing at the best price.
BRIDGE LOANS
When the need for memory care comes unexpectedly, it provides little time to make necessary changes to your financial landscape, such as selling a home, waiting for Veterans Aid & Attendance Benefits to take effect, or awaiting distributions from a long-term care policy. Bridge Loans can provide short-term, immediate access to funds while you wait for more permanent sources to be available.
With a Bridge Loan, your loved one can benefit from a move now without the pressure of selling their home first, allowing more time to receive solid offers and maximize the return investment.
Contact us to discuss your options and to be connected with a financial solutions expert.