When we want peace of mind regarding our loved one‘s well-being, the right choice can be senior living. For older adults with memory loss, the right senior living option is typically specialized memory care. Memory care can ensure that residents’ care needs are met, although that level of care and expertise comes at a price—literally. Knowing what the average monthly cost of memory care is can help families weighing their senior care options make an informed decision.
About Memory Care Costs
The average monthly cost for memory care services is $7,899, according to 2023 data from the National Investment Center.
These costs can change based on factors like:
- Location. Higher cost of living areas tend to have higher average costs than lower cost of living areas.
- Facility features. The amount of bells and whistles at a facility, along with the specialized services offered, can affect pricing.
- Additional services. Some communities have an all-inclusive monthly fee to cover all services. Others offer a lower base fee with additional services raising costs to older adults and their families.
Why Does Memory Care Cost So Much?
Memory care centers offer specialized care in a structured environment designed to reduce confusion. They are tailor-made for people living with memory impairments from Alzheimer’s disease or other forms of dementia. It is a higher level of care than assisted living and independent living, but does not offer the same services that skilled nursing care communities (nursing homes) do.
What’s included in memory care that affects pricing includes:
- Lower staff-to-resident ratio
- Specialized care for people with memory loss
- Smaller, monitored communities
- Medication management
- Personal care services, including assistance with activities of daily living (ADLs)
- Social interaction to stimulate cognitive function
Paying for Memory Care
Most memory care facilities are private pay/out-of-pocket pay, meaning they accept money from older adults‘ private funds. Many, but not all, will also accept payment from government programs, such as Medicaid and VA benefits.
Common ways older adults and their family members pay for senior living services, including memory care, include:
- Personal savings
- Retirement accounts
- Reverse mortgage
- Life insurance policy
- Selling personal assets
- Long-term care insurance
- Social Security Disability Insurance
- Medicaid benefits
- Veterans benefits
- State-sponsored waivers
- Non-profit financial assistance
Cost of Memory Care FAQs
What is the average monthly cost of memory care?
According to the National Investment Center, the 2023 national average monthly cost for memory care services was $7,899.
How much does assisted living cost?
According to CareScout and Genworth Financial’s Cost of Care survey, the 2024 national median monthly cost for assisted living communities was $5,900.
What happens to dementia patients with no money?
Elder care is a significant expense for many families, making planning for long-term care a major concern.
Ways to pay for senior care services with limited budgets include:
- Medicaid
- State-sponsored waivers
- Veterans benefits
- Section 8/Housing Choice Vouchers
- Family assistance
- Non-profit support
What is another name for a memory care community?
Memory care communities are also known as memory care units, memory care facilities, dementia care communities, and memory care centers.
Is memory care less expensive than a nursing home?
According to CareScout and Genworth Financial’s Cost of Care survey, the 2024 national median monthly cost for a semi-private room at a skilled nursing care community was $9,277. The national median cost of a private room at a skilled nursing facility was $10,646.
How can I reduce the cost of memory care?
Reducing the cost of elder care without sacrificing quality of life for a loved one can be a delicate balancing act.
Popular ways to reduce memory care costs while ensuring older adults‘ unique needs are met include:
- Ensuring that memory care really is the right level of care. Some older adults living with early-stage dementia may be able to receive care services in an assisted living community at first. On average, assisted living costs less than memory care does.
- Only pay for what’s needed. Extra amenities are nice, but they can quickly increase the cost of care. Many communities charge a base fee, with added services and amenities increasing monthly costs. Opting out of unnecessary services can mean cutting costs.
- Choose a shared room. If your loved one needs to move into a residential care community, like a memory care unit, opt for a shared room; shared suites typically cost less than private ones do.
- See if your family is eligible for the IRS elderly/disabled credit. This credit reduces tax burdens on older adults and/or disabled individuals and their spouses.
Does Medicare cover memory care?
Medicare coverage does not cover boarding costs associated with memory care services. Specialized services, though, such as medical treatments, may be covered under certain Medicare plans.
What other cost-effective options are there for senior care besides nursing homes?
Skilled nursing care communities (nursing homes) are only one type of elder care option. Depending on your loved one’s needs and budget, other residential senior living options that may work for your family include:
- Assisted living facilities
- Continuing care retirement communities
- Memory care communities
Besides residential care services, many older people rely on family caregiver support, adult day care services, or in-home care services.
Is your loved one ready for memory care?
Many families manage to provide quality care to their aging loved ones at home. This solution isn’t practical or sustainable for all families, though. In these cases, it makes sense to move to a secure environment where staff with specialized training can offer specialized support to older adults with impaired cognitive function.
Making the move to senior living can seem overwhelming. You may have many questions, like “Is my loved one really ready for memory care?” and “What is the average monthly cost for memory care?” Turn to the compassionate experts for answers to these questions and connect with the right senior services: Avista Senior Living.
Disclaimer: Each person’s situation is unique. This article is for general informational purposes only and is not intended to take the place of medical, financial, tax or legal advice.