“When parents need long-term care, especially if it’s sudden, it can be very overwhelming,” says Michelle Ash, a certified financial planner in Jacksonville, Florida, and Chartered Advisor for Senior Living™. “Try to stop, take a breath, and make a list of financial sources that can help you access some short-term immediate funds while you get your head around the bigger financial picture.”

From veterans benefits to home equity to life insurance policies and more, learn how to pay for memory care and how to find financial guidance or resources to reduce stress along the way.

Dementia care for veterans is provided through a range of health care services depending on their needs, according to the U.S. Department of Veterans Affairs. The VA Aid and Attendance program — a benefit for veterans pension recipients and their spouses — can provide financial assistance for memory care.

To qualify for Aid and Attendance, a senior must meet one of the following requirements:
Needs assistance with activities of daily living (ADLs) like bathing or dressing
Have a mental or physical disability that requires extensive care
Be bedridden with the exception of medical appointments or therapies

Seniors must be 65 years or older, or completely or permanently disabled to qualify for veterans pension. Other qualifications include:
At least 90 days of consecutive active-duty services
At least one day of service during active wartime (not necessarily overseas or in actual combat)