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Navigating The Cost Of Memory Care: Understand The Expenses

Navigating The Cost Of Memory Care: Understand The Expenses

Kelly Moran
Kelly Moran | Senior Care Expert
Director of Aging and Dementia Services at StoryPoint Group
Navigating The Cost Of Memory Care: Understand The Expenses

We understand that caring for a loved one with memory impairments, like dementia or Alzheimer’s, can be emotionally and financially overwhelming. We want you to know that you’re not alone in navigating your loved one’s unique journey. Our expert guide is here to help you learn all you need to know about the cost of memory care services — so you can compare different options and find the best possible care for your family member.


Who Is Memory Care For?

If your loved one is having difficulty with activities of daily living or facing increased challenges with remembering things, memory care might be a thoughtful and beneficial option. Memory care is a form of long-term senior living specifically designed for individuals who are facing impairments with their memory and cognitive abilities, often due to conditions such as Alzheimer’s disease or other forms of dementia.

This specialized care is provided by trained employees who understand the unique needs of people with memory-related issues. A memory care community can offer a safe and supportive environment where residents can receive the personalized attention and assistance they need to help them thrive and make the most of each day. Most memory care communities feature a thoughtfully designed environment to help combat the effects of memory loss, such as confusion and wandering. This level of care can be financially prohibitive. Due to the need for specialized care and 24/7 supervision, memory care is typically more expensive compared to other senior living options, like assisted living.


daughter and father hugging on a sofa


What’s Included In Memory Care Services

Memory care communities are designed to provide specialized and compassionate care to individuals living with Alzheimer’s disease or other forms of dementia. Here are some of the key services offered in most memory care communities:

  • 24/7 supervision: Most memory care communities have specially trained employees who offer round-the-clock monitoring to help ensure residents’ safety and well-being.
  • Personalized care plans: Each resident is unique, and their needs and preferences may vary. Some communities create personalized care plans tailored to the individual, taking into account their abilities and challenges.
  • Memory-stimulating activities: Communities typically have a fun activity calendar filled with a wide range of engaging activities, such as art and music therapy, designed to stimulate memory and cognitive function.
  • Secure environment: Surroundings in memory care communities are specifically designed with the unique needs of memory care residents in mind. Living spaces typically feature thoughtfully designed elements, such as high ceilings and enlarged windows, to combat the effects of memory loss and dementia. Most communities also have security measures in place so residents can move around freely without any danger of wandering off.
  • Nutritious meals: Proper nutrition is essential for maintaining good health. Most communities provide carefully planned, delicious and nutritious meals.
  • Medication management: Employees are on site to help residents manage their medications, ensuring they receive the right doses at the right times.
  • Emotional support: Living with dementia can be emotionally challenging. Some memory care communities offer emotional support not only to residents but also to their families to help them navigate their difficult journey.


Factors Influencing Memory Care Costs

Memory care costs can vary widely based on several considerations. Here are some key factors that can influence the cost of memory care:

  • Location: The geographical location of a memory care community plays a significant role in determining costs. Generally, communities located in urban areas or locations with a higher cost of living have higher fees compared to those in more rural or affordable areas.
  • Amenities and services offered: Although paying more doesn’t necessarily translate to better care for your loved one, the range and quality of amenities and services offered in a memory care community can impact costs. Normally, communities that offer more extensive recreational activities, luxurious amenities, therapy options and specialized programs may charge higher fees compared to those that don’t.
  • Level of care needed: Memory care costs can also vary depending on the unique level of assistance and care required by an individual with memory impairments. Most communities can help assess the level of care your family member requires. If your loved one needs more extensive care, you will likely incur higher fees.
  • Accommodation preferences: Most memory care communities offer a wide variety of accommodation options for your family member. The type of accommodation chosen, such as shared, private or semi-private rooms, can influence memory care costs. Private rooms typically come with a higher price tag compared to shared accommodations.
  • Employee-to-resident ratio: A higher employee-to-resident ratio often indicates more individualized attention and support for residents. Communities with a higher employee-to-resident ratio may offer more personalized care, but often at a higher cost.
  • Specialized programs and therapies: Some memory care communities offer additional services, such as specialized programs, therapies and activities specifically designed to help combat the effects of memory impairment. These additional services may add to the cost of memory care.
  • Security features: Memory care communities often have enhanced security measures to help reduce wandering and ensure residents’ safety. The presence of advanced security features, like alarm systems, personalized trackers and smart cameras, can contribute to memory care costs.
  • Contract terms: The terms of the contract, such as the length of stay and the flexibility of services, can impact costs. Some communities may offer month-to-month agreements, while others may require longer commitments.


Memory Care Costs Explained

Understanding the cost of memory care can help you make an informed decision about your loved one’s future. However, memory care costs can vary widely from community to community, as well as geographical location. When thinking about possible care options for their family members, most caregivers often find themselves asking the question, “What is the average monthly cost for memory care?”

On average, you can expect to pay between $4,000 and $7,000 per month. However, costs can vary widely, with some communities costing as little as $3,000 and others as much as $9,000. According to Genworth’s recent Cost of Care survey, the national average cost of memory care is around $4,500. Below is a table showing the average cost of memory and dementia care costs by state. Please note that these costs may vary significantly depending on various key factors. Be sure to inquire with individual communities to find out more about total price.


Median Monthly Cost
District of Columbia
Median Monthly Cost
No data available
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
No data available
Rhode Island
South Carolina
South Dakota
No data available
West Virginia
No data available


How To Pay For Memory Care

We understand that memory care costs can be overwhelming for many caregivers and their families. Depending on available resources, here are some key ways you can pay for your loved one’s care:

  • Personal savings, the sale of a home, retirement funds or investments can be good sources of funds to help cover the cost of memory care.
  • If you have a long-term care insurance policy, you may be able to use it to pay for memory care costs, depending on the policy’s coverage and terms.
  • Through the Department of Veterans Affairs (VA), eligible veterans may benefit from financial assistance.
  • In some cases, Medicaid may cover the costs of memory care for individuals who meet specific eligibility requirements.
  • Depending on what state you’re in, there may be government assistance programs designed to help with senior living expenses, including memory care. These programs can provide financial help or subsidies to offset the costs of memory care.
  • In certain cases, family members may offer financial assistance or pool resources to help cover memory care costs.



Calculating The Costs

As you search for the right community for your loved one, budget is likely a key consideration. However, combing through websites and making endless inquiries may make the process of cost comparison less straightforward. Our cost calculator is here to help you understand the cost of memory care in your location.

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Independent Living: For independent seniors who want to maintain an active lifestyle while downsizing their daily living responsibilities.
Assisted Living: Provides daily support for seniors who need help with tasks such as medication management, bathing and dressing.
Memory Care: Specialized care for seniors with Alzheimer's disease, dementia or other memory impairments.
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*This information is intended to aid in the evaluation and the decision-making process related to senior living alternatives. It is based on information and assumptions provided by you and information compiled from multiple accredited sources for comparison purposes. The calculations and comparisons provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information.


Strategies For Managing Memory Care Costs

We understand that memory care costs can add up quickly. This can place a financial burden on family caregivers. Here are some key strategies to help you manage the cost of your loved one’s memory care:

  • Financial planning and budgeting: Budgeting for future memory care expenses can help you better prepare for memory care costs.
  • Insurance coverage: Some long-term care insurance policies can help pay for your loved one’s care.
  • Local community resources: Non-profit organizations and some support groups may provide information and assistance for families navigating the cost of memory care.
  • Negotiate fees and contracts: Some facilities may be open to adjusting costs based on the individual’s specific needs or financial situation. When discussing terms with a memory care community, don’t hesitate to negotiate fees and contract terms.


caregiver helping a StoryPoint memory care resident with medication


Memory Care Compared To Alternatives

When seeking specialized care for a family member, you may be faced with a wide range of options to pick from. Here’s how some common alternatives compare to memory care:

  • Assisted living: Assisted living communities are designed for individuals who need help with activities of daily living but don’t require specialized care.
  • Skilled nursing: While memory care primarily focuses on the special needs of individuals with memory impairment, skilled nursing mainly focuses on providing specialized medical care.
  • Home care: This form of care allows individuals to get help in a familiar home setting. Services can be tailored to individuals needs and preferences.
  • Respite care: Unlike memory care, which offers long-term care, respite care is primarily designed to provide temporary relief for primary caregivers.


Give Your Loved One The Care They Deserve

At StoryPoint Group, we understand the unique challenges that you go through to provide the best care for your loved one — which is why you need all the support you can get. If you need additional guidance about memory care services or any other type of senior living, we’re here to help you. Give us a call today at 1-844-275-9990 or visit a StoryPoint Group community near your location.

Kelly Moran

Kelly Moran | Senior Care Expert

Director of Aging and Dementia Services at StoryPoint Group

With more than 30 years of experience in social work, homecare, life enrichment programming and volunteer programs, Kelly is a foremost expert in senior care services. She is particularly noted for her work with dementia and memory care residents.

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Connect with us by phone at 1-844-275-9990 to get answers to your questions, or just to say hello.