When choosing a memory care facility for a loved one, cost is often a significant factor to consider. Below is an overview of memory care expenses and available financial assistance options to help families better plan for the costs.
Overview of Memory Care Costs
In the United States, the cost of memory care varies widely depending on location and facility. The national average is approximately $6,450 per month, but this can range from as low as $3,000 to over $10,000 depending on the region.
- Most Expensive Areas: Washington, D.C. (around $11,490/month) and Vermont (around $8,400/month).
- More Affordable Areas: Georgia (around $3,995/month) and Utah (around $4,220/month).
Financial Assistance Options
Given the high costs, the following funding sources and assistance programs can help ease the financial burden for families:
Public Programs
- Medicaid: In some states, Medicaid offers coverage for memory care through Home and Community-Based Services (HCBS) programs, which can help offset some of the costs.
- Veterans Benefits: Veterans and their spouses may qualify for support through the U.S. Department of Veterans Affairs (VA) to help pay for care.
Insurance and Other Options
- Long-Term Care Insurance: Some policies cover memory care costs, but it’s important to carefully review the specific terms and coverage limits.
- Reverse Mortgage: This option allows families to convert their home equity into cash to pay for care, though the pros and cons should be carefully evaluated before proceeding.