If an aging loved one is suffering from Alzheimer’s disease or dementia, you may be planning ahead for the time when your loved one will require a memory care program.
Are you concerned about the costs of memory care?
The costs of senior living, and especially memory care, can be worrisome to older adults and their families especially if they don’t have long-term care insurance.
Fortunately, there are ways to offset these costs and pay for memory care.
The Dollars and Sense of Memory Care
The median cost of assisted living nationwide is $3,600 monthly, according to the 2015 Genworth Cost of Care survey. It rises to $4,100 a month in New York and $5,750 in Alaska, but falls as low as $3,000 in North Carolina.
(Life tip: You can move to an assisted living community in Hawaii for the same price as New York, according to Genworth’s statistics.)
While these rates may seem high, at first glance, consider that a memory care program encompasses living expenses that would normally be paid separately, including:
- Rent or mortgage
- Heating and cooling
- Home maintenance
- Landscaping and snow removal costs
- Well-balanced meals and healthy snacks
- Entertainment and activities, such as adult education courses, a gym membership, and social events
- Transportation services
Memory Care: Less Expensive than Aging in Place
When comparing the cost of memory care to hiring a home health aide to help an aging loved one with housekeeping and activities of daily living, it’s easy to see that memory care is the less costly option. Nationally, the median price of a home health aide is $3,813 per month. On average, that is $2,000 more than a memory care community.
A senior living at home may still need care on evenings and weekends when you can’t be there. Depending on the aide’s duties, you might also need to pay someone else to drive them to doctor’s appointments and run errands while you are working. And don’t forget that your senior loved one will still have to continue paying their regular housing and living expenses.
Since a home health aide typically doesn’t do handyman work or chores like mowing the lawn, they may also need to hire someone for home maintenance, landscaping and snow removal services.
We can’t overlook the cost of home modifications. Creating senior-friendly bathrooms, adding better lighting and ramps are just a few of the costly expenses you may incur.
As we add up all these costs, memory care begins to look like a smart financial decision. It can also be the best option for providing your aging loved one with opportunities for social enrichment, intellectual stimulation, and daily exercise that they may not get at home.
To learn more about Memory Care programs, we invite you to contact the Five Star Senior Living community nearest you. One of our team members will be happy to help answer questions and take you on a tour.