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How Much Does Memory Care Cost?
Watching a parent or someone you love struggle with memory loss because of Alzheimer’s or dementia can be really tough. It’s even harder if you’re the one taking care of them. It can be emotionally draining and cause financial stress. Memory care facilities can be a good choice for people dealing with dementia, but they can be expensive. Assisted Living Phoenix is here to help you understand the costs of memory care, how to pay for it, and ways to save money on long-term care.
How Much Does Memory Care Cost?
When you start looking into long-term care for a loved one with dementia, you’ll probably wonder how much memory care costs. Prices vary a lot depending on the facility and location. In the United States, the average cost for memory care is $5,800 per month. This may seem high, but it covers housing, meals, and 24/7 care in a safe and comfortable environment. It also includes memory-enhancing therapies, assistance with daily activities, housekeeping, medication management, transportation, and emergency monitoring.
Memory Care Costs by State
The cost of memory care varies greatly from state to state. The median monthly cost for a memory care facility in each state is detailed below:
| State | Median Monthly Cost |
|---|---|
| Alabama | $4,410 |
| Alaska | $4,817 |
| Arizona | $5,448 |
| Arkansas | $5,053 |
| California | $5,419 |
| Colorado | $5,925 |
| Connecticut | $7,250 |
| Delaware | $5,972 |
| District of Columbia | $11,490 |
| Florida | $4,650 |
| Georgia | $3,995 |
| Hawaii | $8,100 |
| Idaho | $4,336 |
| Illinois | $5,900 |
| Indiana | $5,300 |
| Iowa | $5,669 |
| Kansas | $6,000 |
| Kentucky | $4,513 |
| Louisiana | $4,710 |
| Maine | $7,695 |
| Maryland | $6,285 |
| Massachusetts | $7,695 |
| Michigan | $5,213 |
| Minnesota | $6,418 |
| Mississippi | $4,452 |
| Missouri | $5,800 |
| Montana | $6,105 |
| Nebraska | $5,935 |
| Nevada | No data available |
| New Hampshire | $6,950 |
| New Jersey | $7,710 |
| New Mexico | $4,600 |
| New York | $6,895 |
| North Carolina | $5,490 |
| North Dakota | $5,745 |
| Ohio | $5,315 |
| Oklahoma | No data available |
| Oregon | $6,275 |
| Pennsylvania | $5,635 |
| Rhode Island | $5,925 |
| South Carolina | $4,415 |
| South Dakota | $6,083 |
| Tennessee | $4,417 |
| Texas | No data available |
| Utah | $4,220 |
| Vermont | $8,400 |
| Virginia | $5,555 |
| Washington | $6,175 |
| West Virginia | $5,460 |
| Wisconsin | $5,850 |
| Wyoming | No data available |
State Median Monthly Cost (Source: Genworth’s Cost of Care Survey Data from the National Senior Living Cost Index)
Daily Cost, Monthly Cost, and Yearly Cost of Memory Care
On average, the daily cost of memory care ranges from $83 to $403, with a median of $181 in the United States. The national median monthly cost is $5,800, and the yearly cost is $65,000, which increases annually.
How to Pay For Memory Care
If memory care is in a skilled nursing facility, insurance might cover it. However, most people in memory care facilities use private funds. Unfortunately, Medicare doesn’t cover memory care, and Medicaid coverage varies by state.
The Is Memory Care Tax-Deductible?
Our Under certain IRS criteria, the costs of dementia care may be tax-deductible. However, meeting these criteria can be challenging.
Cost of Memory Care vs. Senior Living
Memory care is generally $1,000 more per month than other long-term living arrangements because of specialized services and a low resident-to-caregiver ratio.
Saving On Memory Care Costs
Consider investing in long-term care insurance early on. Exploring community resources like adult day care or respite care programs can provide more affordable alternatives. Assisted Living Phoenix can help you find options that meet your loved one’s needs within your budget. Contact them to learn more about saving on memory care options.