What Does Memory Care Cost?

Memory Care is a specialized type of long-term care for those living with Alzheimer’s disease or another form of progressive-degenerative dementia. If your loved one is experiencing cognitive problems and needs some help with Activities of Daily Living (ADLs) such as dressing, bathing, moving about, using the restroom, or eating, they would benefit from Memory Care. Because of various care needs, the location of the community, and other factors, there is not a simple answer regarding what Memory Care costs. However, there are several factors that can be considered to help you get an idea of pricing.

A Memory Care Community is designed to provide a safe living environment that encourages independence, physical and mental activity, and assistance with medication and other specialized care for people with Alzheimer’s disease or dementia.

With increased medical staff personnel, greater supervision, and a higher staff to resident ratio, the cost of Memory Care can exceed the cost of Assisted Living and other resident-centered care communities. This article will review the average price of Memory Care based on state, what is included in that cost, and how your loved one can afford it.

The Cost of Memory Care

The average monthly cost for Memory Care with private room accommodation ranges from nearly $6,000 to $12,000, according to the 2022 Genworth Cost of Care Survey. This price will differ based on the location, level of specialized care services, and housing types, such as a private one-bedroom or shared living.

Some Assisted Living Communities provide memory care services, typically in a dedicated care unit or wing, commonly known as Memory Care Neighborhoods. In this situation, the cost of Memory Care is an added service charge to the overall cost of staying in the Assisted Living Community. If you would like to learn more about the distinct types of Memory Care available, read our next article, “What Types of Memory Care Communities are There?”

The Most Expensive and Least Expensive States for Memory Care

Memory Care costs can vary from state to state and community to community. Depending on the state your loved one lives in, they may see drastically varying costs. Some Memory Care Communities, located in the same area, charge double as much as others.

On average, Memory Care Communities in the Northeast and on the West Coast will have much higher costs than the South. Below is a list of the five most and least expensive states based on the median monthly price for a private room in a Memory Care, or Skilled Nursing Facility:

The five most expensive states:

• Alaska – $31,512
• Connecticut – $15,170
• Hawaii – $14,113
• Massachusetts – $13,535
• New York - $13,233

The five least expensive states are:

• Missouri – $5,931
• Oklahoma – $6,083
• Arkansas – $6,692
• Kansas – $6,813
• Alabama – $7,026

What’s Included in The Cost of Memory Care?

As one of the most expensive care types, Memory Care costs can be daunting. Fortunately, the incredible benefits significantly outweigh the expenses, and the high quality of life provided in these communities is priceless. Some of the many services and amenities included in the cost of Memory Care are:

• Greater supervision
• Around-the-clock care
• Special layouts
• Greater security
• Highly trained staff
• Higher staff to resident ratio
• Activities tailored to memory loss problems and promoting routine

How To Pay for Memory Care

Your loved one has options for financial coverage for Memory Care Communities, as programs offer financial assistance and other forms of aid to help families and caregivers. It is common to fund the cost of Memory Care using a combination of options, including private pay, long-term insurance, and Medicaid.

How Much Does Medicare Pay for Memory Care Communities?

It is essential to understand the common misconception that Medicare covers the cost of Memory Care. The Activities of Daily Living (ADLs) and supervision needed for people living with Alzheimer’s disease or dementia are not covered. However, some medical fees and items such as In-Home Care, prescription drugs, in-patient hospital care, and more may be covered, but it does not pay for long-term care.

How Much Does Medicaid Pay for Memory Care Communities?

On the other hand, your loved one may benefit from Medicaid if they meet the necessary income requirements, are over the age of 65, and live in a Skilled Nursing Facility. Medicaid is provided through the state they live in (so coverage may vary) and helps cover healthcare costs for people with low income or very few assets. If this is an option your loved one would like to take, they should apply for assisted benefits through their state.

Private Pay

Paying for partial or all care costs out-of-pocket is also an option. Your loved one may have assets that can be used, such as selling your home or taking out a second mortgage, Veteran assistance if applicable, and other means of private funding.

Long-Term Care Insurance

Long-term care or life insurance is a wonderful way to cover care expenses. Plans vary based on the state and the benefits chosen. The best thing anyone can do is apply for long-term insurance when healthy and fit because once diagnosed with Alzheimer’s, you are no longer eligible to enroll in long-term care insurance, and not all insurance policies will cover it.

Find a Memory Care Community Near You

Cost is one of the factors to be considered when selecting the right care type facility. Review other important questions that you need to ask to find the ideal Memory Care Community.

Memory Care Communities provide many opportunities for support. If your loved one needs increased care, the best option for support will be a Memory Care Community. Let Referah’s team of experts help you find the right services to meet your loved one’s needs, including compassionate around-the-clock care. Search for a local Memory Care Community near you.