How do we pay for memory care?

Memory care costs can be dependent upon the level of care needed and the environment in which this care is provided. Many people start their search for a memory care community not really knowing what they can afford or how they will pay for it. Families must assess all income sources, assets and debts before deciding on a budget. And remember to calculate all of the costs of living at home including food, bills, care providers, taxes, and home upkeep before attempting to compare the cost of an assisted living community to the cost of remaining at home.

Private Pay

Assisted living is primarily paid for privately. Though you may be able to get assistance for some memory care costs, at least some portion of the costs will likely come out of pocket. Some families fund this care by selling a home, with savings, or retirement income and social security or with the assistance of family.

Insurance

Long term care insurance may cover some of the costs of memory care, but there is a wide variety of insurance plans and yours may or may not cover this. Public funds such as Medicare and Medicaid very rarely pay for base fees in assisted living, though some of the costs of memory care may be covered especially if provided in a nursing home.

Veterans Benefits

Veteran’s benefits may help cover the cost of memory care for veterans and/or spouses of veterans.