FINANCIAL SOLUTIONS
How can I pay for memory care?
An important part of deciding if memory care is the right choice for your family is determining how to pay for it.
Artis is pleased to introduce you to Second Act Financial Services a senior-focused Division of Liberty Savings Bank F.S.B. of Wilmington Ohio founded in 1889. This information is provided as a convenience to families – of course you are free to use whatever resources you choose.
Know Your Options
Here are four of the most common options available for financing a safer more connected living environment for your loved one.
home sale
Selling a loved one’s home makes sense for many families, although it can be overwhelming task. Second Act has relationships with local senior-focused real estate agents who can assist with everything from preparing the home for listing, to selling and closing, to packing and moving.
Bridge Financing
Often, families want or need to take extra time to prepare and sell their loved one’s home after they have already moved to memory care. Second Act offers eligible families bridge financing in the form of a home equity line of credit (HELOC) for this situation. If approved, you can use HELOC to pay for memory care, while making interest-only payments on the outstanding loan balance until you are ready to sell. Once the home is sold, you may use the proceeds to pay the HELOC in full.
Veterans Aid & Attendance Benefit
If your loved one is a wartime veteran or a surviving spouse of one, the Veterans Aid and Attendance Benefit may help pay for assistance with activities of daily living at a memory care community, based on income and assets eligibility. Second Act is proud to partner with Patriot Angels to help connect veterans with assistance that is justly theirs by evaluating their eligibility and applying for benefits through the Department of Veterans Affairs. You may also contact your local Veterans Affairs office for more information.
Long-Term Care & Life Insurance
If your loved one has long-term care insurance, it may benefit them now. Policies typically cover a maximum daily amount for housing and care of a memory care resident who needs assistance with certain activities of daily living. Second Act can help you with the process of filing a claim, and can also assist with converting an unneeded life insurance policy to cash to pay for memory care.
The cost of memory care vs. home care
Just about everything your loved one needs is included in your rate at Artis. Whether your loved one lives on their own or with you, this worksheet will help you see the value of memory care compared with their current living and care expenses.
Home Care
Mortgage or Rent
Included
Home or Renter’s Insurance
Included
Property Insurance & Taxes
Included
Maintenance & Home Repairs
Included
Utilities (Electricity, gas, water, sewer, trash removal)
Included
Security System
Included
Meals & Snacks
Included
Housekeeping
Included
Laundry & Linens
Included
Lawn Care and Landscaping Maintenance
Included
Social, Cultural & Recreational Events
Included
Exercise & Wellness Programs
Included
Total Monthly Expenses
Living at home $0
Living at ARTIS $0
Frequently Asked Questions
How much does memory care cost?
The cost of dementia care at Artis varies by location, assessed resident care needs, and whether the suite is private or shared. Current pricing is displayed on the pricing page of the community’s website, along with a cost calculator that makes it easy to compare the cost of home care with the cost of memory care at Artis.
What is included in memory care pricing?
It’s important to note the monthly rate at Artis includes care services, medication management, rent, utilities, meals, housekeeping, laundry and linen service, life enrichment programs, and transportation to group outings – expenses that families pay for separately with care at home.
Does insurance cover memory care?
Long-term care insurance may cover part of the cost of dementia care. Consult your insurance agent for specifics about your policy.
Is memory care tax deductible?
Some costs associated with memory care may qualify for tax deductions. Consult a tax professional for advice.
Are veterans benefits accepted?
Many Artis residents utilize the VA Aid & Attendance benefit. Consult your local Veteran Affairs office to learn about this benefit available to veterans with qualifying service and their surviving spouses to see if you qualify.
Does Artis help families understand payment options?
Yes, the Director of Business Services is happy to discuss your billing options, including checks, credit card and electronic funds transfer.
Can families combine funding sources?
Yes, many families use multiple payment strategies including insurance, pensions, proceeds from the sale of a home or other property, social security, and private funds.
Is there a community fee?
Yes. The community fee is applied at move-in to offset the costs of all the initial intake actions associated with moving a resident in. Fees vary by community and the care services required.
