How Much Does A Memory Care Community Cost?
Memory care communities are on the rise with the number of units increasing 55% from 2013 to 2018 according to Seniors Housing Business magazine. A memory care community is a form of senior living that offers specialized care for people with memory issues such as Alzheimer’s disease. The care can be provided within an assisted living community or skilled nursing care community (sometimes called health care centers).
The communities are different from assisted or independent living because the staff attends to residents 24 hours a day. They also make sure the residents are eating meals, attending activities and receiving the necessary fitness exercises. Most importantly, a memory care unit will ensure the security of a resident and is equipped with alarmed doors, enclosed outdoor spaces and other safety measures. Regulation of memory care communities will vary by state.
Is memory care covered by Medicare?
In general, Medicare does not pay for room and board or personal care in memory care or assisted living residences, but it will pay for medical care that the community provides. Once your loved one no longer has assets, Medicaid may offer some coverage for long-term care, but only if the community accepts.
Does insurance pay for memory care?
Long-term care insurance, if previously purchased, can be a big help. Some types of insurance can reimburse policyholders for long-term care related expenses which are administered in your home, in an assisted living facility or in a nursing home. Families can also tap into the living benefits on a life insurance policy to help cover the cost of a memory care community.
How much does memory care cost?
With a higher level of care comes a higher level of cost. A 2020 survey by Genworth reports that memory care can add another $1,000 to $4,000 per month to independent living in a community. The cost of memory care is affected by the level of care provided. The average monthly cost for memory care nationwide is $4,300 and varies by state. In Kansas, the average is $5,090 per month. Each year, the cost of care increases. This is due in part to personal protective equipment costs, labor shortages, employment retention issues, wage pressures and supply and demand.
How to pay for memory care?
If you believe your loved one is going to need memory care soon, planning is essential. There are ways to protect some assets and methods to qualify for Medicaid. But it is complicated so it’s important to discuss with an elder law attorney.
Ask us for a financial assessment consultation.
At Meridian Rehabilitation and Health Care Center, we’ve helped families all over the Wichita, Kansas area and in surrounding states find suitable financial plans for their loved ones needing memory care. Through a private meeting with you, you can gain a better understanding of how our daily exercise programs, stimulating events, and social enrichment activities in our memory care community can brighten the life of your loved one. We would welcome the opportunity to consult with you. Call us at 316-942-8471.