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Peace of mind | Memory care |
Recently, I was in the northern Virginia area to visit my parents (who still live in my childhood home) for my dad’s 84th birthday. When I go visit, I usually catch up with a few childhood friends. This time, I caught up with a friend who recently moved back to the area, who I probably haven’t seen in 25 years.
As we were catching up, she was telling me her mom was suffering from dementia. She has been having hallucinations, extreme paranoia, running away from home…just to name a few symptoms. My friend’s father, who is in his 80s, was no longer able to provide the round the clock care and supervision his wife needed. They explored their options and were able to find her a memory care facility nearby.
The conversation then shifted to the time it took to get her into the facility (several months) as well as the monthly cost (nearly $8,000/month). Through the course of our catching up, what I do for a living had previously come up. I told her we have a product, Recovery Care, that covers memory care facilities. She had no idea there was any type of insurance that would cover such an expense.
A memory care facility is covered under the Daily Nursing Facility benefit in our Recovery Care product.
Up to $400/day, up to 360 covered days, with a lifetime maximum equal to twice the number of covered days. I’m no actuary, but the $400/day, 30 days in a month, would come out to $12,000/month. This would have covered the $8,000 with $4,000 leftover. Bank that extra money and it covers the expense for 18 months.
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The median cost for memory care in the U.S. is $6,935 per month.1 |
Recovery Care is currently available in 36 states. Reference the outline of coverage for specifics in your state. We’re always here to help you. If you have any questions about Recovery Care, or any of our products, please contact our Agent Services team at 866-272-6630.
Source: 1 Alzheimer’s News Today, 2023, https://alzheimersnewstoday.com/alzheimers-disease-statistics/
If you need help or have questions, you can email us at AetSSIinformation@aetna.com or call Aetna’s Agent Services Team at 866-272-6630.
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