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Memory Care costs explained

Memory Care costs explained

When your loved one has Alzheimer’s disease or another type of dementia, and family caregiving just isn’t possible anymore, you’re faced with the daunting task of approaching Memory Care costs. The economic reality is that most families will have to consider cost in their search. Memory Care isn’t covered by Medicare — the health coverage all Americans get at age 65. And Medicaid doesn’t help except in the direst of financial circumstances. When Medicaid is used to pay for Memory Care, almost all of your loved one’s income is put towards care costs before the state contributes, and your loved one must have depleted most assets paying for care already. What’s more, Medicaid severely limits your options, as most Memory Care providers are unable to accept to accept Medicaid or have limited space for Medicaid residents.

How much does Memory Care really cost?

Like any kind of housing, Memory Care costs at an assisted living community can vary widely by location. In areas with very low housing costs, the average cost of Memory Care may be as low as $3,500 per month. In high cost areas, it can be $6,000 to $7,000 per month.

But even in a given area, costs can vary widely based on many factors. For instance, a semi-private (shared) Memory Care apartment in a senior community without a lot of frills may be less than half the cost of a private Memory Care apartment in a high-end assisted living community.

Memory Care isn’t arbitrarily expensive. Senior care is a competitive market. Costs, while significant, are about as low as economically possible. In any Memory Care community, be it basic or luxury, you’re paying for your family’s peace of mind, and literally everything your loved one needs to live a safe, dignified life.

What are you paying for?

Memory Care goes beyond the scope of standard assisted living. At a Memory Care community, what you’re paying for includes:

Memory Care consumers are paying for a full-stack set of services that “wrap around” the needs of their loved ones. While the cost of Memory Care can seem daunting, the safety and dignity it affords loved ones in their autumn years is a price well paid. Click here to find a Memory Care community near you.