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What is the Cost of Memory Care for Dementia & Alzheimer's Disease?

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Cost of Memory Care for Dementia & Alzheimer’s Disease

When a senior lives with Alzheimer’s disease or dementia, keeping them safe and well becomes a priority that can be mentally and emotionally exhausting for loved ones. Concerning behaviors that can be difficult to safely manage, like wandering and aggression, start to emerge. For family caregivers, such as spouses and adult children, meeting their loved one’s complex — and changing — needs can be a major challenge.

 

Memory care can be a beneficial alternative for the entire family, but how much do memory care facilities cost? Below we will discuss costs of memory care and ways it could fit into your family’s budget.

 

Understanding the Average Costs of Memory Care

If you’re considering memory care for a loved one whose dementia or Alzheimer’s becomes difficult to manage at home, you may also be wondering how the average monthly cost of memory care will impact your family’s budget.

It’s understandable — skilled ongoing care is a significant expense. However, the cost of Alzheimer’s and dementia care can vary significantly depending on factors such as your location and the level of care your loved one needs.

  • Average Monthly Cost for Memory Care (National Median) - Source: 2017 Genworth Cost of Care Survey
    • Homemaker Services: $3,994
    • Home Health Aide: $4,099
    • Adult Day Care: $1,517
    • Assisted Living Facility: $3,750
    • Nursing Home Care (Semi-Private Room): $7,148
    • Nursing Home Care (Private Room): $8,121

What Does Memory Care Include? 

Families often experience “sticker shock” when they initially learn the monthly cost of memory care for their loved ones with dementia and Alzheimer’s, but it’s important to also keep in mind what’s included. Memory care helps make daily life a bit easier and safer for loved ones who could otherwise be at home alone.  Memory care options often include quality care in addition to other services and amenities such as housekeeping, meal preparation and more.

Memory care at Elmcroft Senior Living includes:

  • Welcoming communities: Our thoughtfully designed memory care communities feature professionally designed indoor and outdoor common areas, dining rooms and spaces. 
  • Coordinated health care: We work with your loved one’s healthcare team and provide escorted transportation to and from needed appointments. Many of our communities often host third party health care providers who offer physical, speech and occupational therapy or visits from local physicians.
  • A culinary team: Our residents enjoy delicious and nutritious meals prepared by a team of culinary professionals. 
  • Caring staff: Our resident care staff, culinary and housekeeping teams, and Life Enrichment Coordinators collaborate to meet each resident’s special needs.
  • Housekeeping services: Cleaning, linen and laundry service is included at Elmcroft Senior Living.
  • Emergency response: We provide the peace of mind that comes from a medical alert or an emergency response system. 
  • Life enrichment: We know senior wellness. Life Enrichment Coordinators keep our communities vibrant with activities and events that keep residents engaged in the world around them. 

Unlocking the Benefits of Moving Into a Memory Care Facility 

Taking care of seniors with memory loss is challenging when the person providing the care is a loved one or family member. Memory care takes the burden of navigating the many unknowns and everyday obstacles of doing it at home and distributes it among an entire team of dedicated, caring professionals. It saves more than just time — memory care provides seniors who have unique aging challenges with a safe place where they can stay engaged and active. 

Are There Options for Financing Dementia Care? 

Financing is an understandable concern for families living through the challenges of caring for a senior with dementia or Alzheimer’s. That can be particularly true when one spouse enters memory care while the other remains at home.

While the cost of memory care assisted living are typically paid for out-of-pocket, there are other resources families can tap into for financial assistance. Families who need help covering the cost of memory care may consider the following:

  • Veterans’ benefits: VA Aid and Attendance or Housebound benefits provide monthly payments added to the amount of a monthly VA pension for Veterans and survivors who need help with daily activities or are housebound. 
  • Life insurance: Converting a life insurance policy into cash with a settlement company can sometimes provide needed funds for memory care. 
  • Reverse mortgages: Utilizing home equity to finance memory care can make it more feasible for the other spouse to remain in the home. 
  • Short-term loans: Getting a short-term or bridge loan can bring in funds to cover expenses while you liquidate assets to cover your family’s changing situation. 
  • Long-term plans: Taking a closer look at loved one’s insurance plans can reveal whether assisted living communities are covered under the policy.  

Families should always speak with their professional financial advisor about all the options that may work best.  

More Information on Memory Care At Elmcroft Senior Living 

FAQs about Memory Care
When is it Time to Consider Memory Care?
Tips for Assessing Memory Care Programs
Early Signs of Alzheimer's Disease
Helping Your Loved One Transition to Memory Care
Understanding How Doctors Diagnose Dementia
Types of Dementia

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