Memory care costs can vary depending on various factors. NOLA memory care communities provide 24-hour care, memory-enhancing activities, specialized team, therapies, and secure environments. Memory care also offers catered dining programs, housekeeping, and assistance with activities of daily living that include toileting, bathing, dressing, grooming, feeding, and overall mobility. If you are looking to relocate your aging loved one to one of NOLA memory care communities, here are several options to pay for its services.
Average Memory Care Cost
The average cost of memory care ranges from $2,000 to $7,000 a month. The costs may vary based on the amenities, location, and level of care. Some services like medication management, meals, and group activities are include but others are optional. For instance, some residents may choose to have laundry services, beauty services, or lunch outings which will all incur additional costs. The type of accommodations also affects the final price. A one-bedroom and a suite will each be priced differently. When choosing a memory care community, it is important to understand how the costs are derived and what services and amenities are included.
Options to Pay for Memory Care
After doing some research and deciding on a particular memory care community, you need to know how you can pay for memory care. There are several options to help finance the cost of memory care which are as follows:
- Veterans Benefits – For older adults who are veterans and qualify for VA pension benefits, they can use the funds to offset the cost of memory care. A surviving spouse of a senior vet who was on active duty during a time of war may also be eligible for VA pension benefits.
- Home Equity – For older adults who are homeowners, you may consider selling their home or renting it out. There is also a reverse mortgage option for you to explore. The reverse mortgage can convert equity into funds that can be used to finance the cost of memory care.
- Long-Term Care Insurance – Some older adults may have purchased long-term care insurance policies. Based on the terms of their policies, long-term care insurance may cover their care services at a memory care community.
- Life Insurance – Some life insurance policies can be cashed out and the lump sum of money can be used to finance the cost of memory care.
- Bridge Loan – There are short-term loans that can be used to finance the cost of memory care. This can help you to cover the costs while you are liquidating any assets or selling your aging loved one’s home.
- Medicaid – is a national public health insurance program that caters to individuals with low income. For older adults who are eligible, they can apply for the program to cover some expenses of memory care.
Choosing a Memory Care Community
There are many aspects of a memory care community that will benefit your aging loved one with dementia. You can schedule a tour of the community to explore the services and amenities it offers on site. You may also wish to interact with the community team to observe their demeanor when assisting residents.