Memory Care Cost Per Month & How to Afford It
If you’ve typed 'memory care facility cost per month' into a search bar, you know the results can be confusing. Prices vary, and it’s not always clear what’s included. This guide is designed to bring simplicity to a complex topic. We believe every family deserves straightforward information to make the best decision for their loved one. We will walk you through the average costs, explain the key factors that influence the final price, and outline what you should expect to be covered in your monthly fee. Our goal is to replace uncertainty with clarity, empowering you with the knowledge to move forward confidently.
Key Takeaways
Understand the Value Behind the Cost: Memory care pricing is higher than assisted living because it reflects a deeper level of support. You’re investing in a community built specifically for memory needs, with highly trained staff, secure spaces, and programs that create connection and joy.
Know What Influences the Final Price: While most services are bundled into one monthly fee, the final cost depends on location, the amount of personal care needed, and your suite choice. Always ask for a clear breakdown of what’s included versus what might be an additional fee.
Explore Your Financial Options Early: Most families combine resources like long-term care insurance, VA benefits, and personal assets to create a sustainable plan. Planning ahead and asking direct financial questions on your tour is the best way to move forward with clarity and confidence.
What Does Memory Care Cost?
Understanding the cost of memory care is one of the first and most important steps in your planning. It’s a significant investment in your loved one’s well-being, and the numbers can feel overwhelming at first. But knowing what to expect can bring clarity and confidence to your decisions. The price of memory care reflects a highly specialized level of support that you won’t find in other senior living options. This includes everything from purpose-built environments designed for safety and calm to staff trained specifically in dementia communication and care techniques.
Unlike general assisted living, every aspect of a dedicated memory care community is tailored to the unique needs of individuals living with Alzheimer's or dementia. This means higher staff-to-resident ratios, secure indoor and outdoor spaces that allow for safe wandering, and daily programs designed to stimulate memory and create moments of joy. It’s more than just a place to live; it’s a comprehensive support system for your loved one and your family. When you choose specialized care, you're investing in peace of mind, knowing your family member is in a place where they are understood, safe, and engaged. Let’s break down what you can expect, from national averages to whatmemory care costsright here in Florida.
A Look at Average Memory Care Costs
Nationally, the median cost for memory care is around $7,785 per month. This is typically 15% to 25% higher than standard assisted living because it includes specialized programming, higher staff-to-resident ratios, and secure living spaces designed to reduce anxiety.National data showsthat costs vary widely by state—from nearly $14,000 a month in Hawaii to around $5,400 in Mississippi. Here in Florida, families can expect the average monthly cost to be about $6,375. This figure is a helpful baseline as you begin your research, but the final cost will depend on the specificmemory care communityand the level of personal care your loved one needs.
A Look at Average Memory Care Costs
Understanding the numbers is the first step toward making a confident decision for your family. Memory care costs can vary based on location, the level of care needed, and the specific community you choose. While every family’s situation is unique, looking at average costs provides a helpful starting point for your financial planning. These figures reflect the comprehensive nature of specialized memory care, which includes 24/7 support, secure environments, and programming designed for those living with Alzheimer's or dementia. This dedicated attention is why memory care is priced differently than other senior living options. Let's break down what you can expect, from national averages to local costs right here in Florida.
National and monthly cost ranges
Across the country, recent data shows the mediancost for memory careis around $7,785 per month. This price point reflects the specialized nature of the support provided, which is typically 15% to 25% more than standard assisted living. That difference covers the highly trained staff, secure living spaces, and tailored programs essential for residents' well-being and safety. It’s not just about housing and meals; it’s about providing a holistic environment where your loved one can feel engaged, understood, and cared for by experts in memory support.
State-by-state comparisons
The cost of memory care changes significantly depending on where you live. For example, families in Hawaii might see average monthly costs around $13,980, while those in South Dakota could find options closer to $5,377. This wide range is influenced by local real estate values, labor costs, and state regulations. This variation highlights why it’s so important to research costs in your specific area. A national average provides a benchmark, but local numbers will be most relevant for creating a realistic budget for your loved one’s care.
What to expect in Florida
Here in Florida, families can generally expect memory care costs to range from $5,000 to $7,000 per month. The final price depends on the specific community and the amount of personal care your loved one needs. At Gulf Coast Memory Care, we focus on providing a comprehensive and enriching experience, which is reflected in our pricing. When youtour our community, we provide a transparent breakdown of all costs, ensuring you have a clear picture of the investment in your family member’s health, happiness, and peace of mind.
How Does Memory Care Pricing Compare to Other Options?
When you start exploring care options, the different names and prices can feel overwhelming. It helps to remember that the cost of care is directly tied to the level of expertise, staffing, and environmental support a resident receives. While memory care may seem more expensive than some alternatives at first glance, understanding what’s behind the price shows its true value. It’s not just about comparing numbers, but about comparing the quality of life each option can provide for your loved one.
Each type of senior living is designed to meet a different set of needs. A community focused 100% on memory support offers a completely different experience than a general assisted living community or a medically focused nursing home. Let’s look at how the costs and services stack up.
Memory care vs. assisted living
On average, memory care usually costs about 15% to 25% more than a standard assisted living community. This price difference reflects the deeper level of specialized support involved. While assisted living helps with daily activities like meals and housekeeping,specialized memory careis intentionally designed for the unique needs of individuals with Alzheimer’s and dementia. This includes staff with advanced training in dementia communication, secure environments that allow for safe movement, and programs created specifically to engage residents and stimulate memory. You’re paying for expertise and a purpose-built setting, not just assistance.
Memory care vs. nursing homes
Memory care costs typically fall between those of assisted living and nursing homes. A nursing home provides round-the-clock skilled medical care for individuals with complex health conditions, which is why its costs are often higher. For comparison, a semi-private room in a nursing home averages around $8,669 per month. Memory care, on the other hand, is focused on providing a safe, structured, and supportive residential setting. While health and medication are carefully managed, the primary goal is to enhance quality of life through cognitive support, social connection, and daily routines that provide comfort and reduce anxiety.
The value of specialized care
While the monthly fee is a significant consideration, the value of specialized care extends far beyond the price. Experts agree that a dedicated memory care environment can greatly improve the quality of life for people with dementia and offer their families invaluable peace of mind. The cost covers a safe, structured setting and a level of support that family caregivers often find impossible to provide alone. In acommunity built for memory support, every detail—from the calming colors on the walls to the secure walking paths—is chosen to help residents feel grounded, confident, and joyful.
What Influences the Cost of Memory Care?
When you begin exploring memory care, you’ll notice that monthly costs can vary quite a bit from one community to another. This isn't arbitrary—the price reflects a combination of specialized care, location, and the unique lifestyle each community offers. Understanding the key factors that shape the final cost helps you compare your options clearly and find the best fit for your family’s needs and budget.
Think of the monthly fee not just as rent, but as an investment in a comprehensive support system. It covers the cost of a safe, comfortable home, but it also includes the expertise of a specially trained team, 24/7 assistance, and daily programs designed to create moments of connection and joy. The price is a reflection of the people, places, and programming that make a community feel like home. As you compare, consider how each of these elements contributes to the overall value and, most importantly, to your loved one’s well-being.
The impact of location
Just like with real estate, location plays a significant role in the cost of memory care. The general cost of living in a particular city or state directly influences pricing, affecting everything from staff wages to operational expenses. Communities in desirable areas like Southwest Florida may have different costs than those in other parts of the country. This is often a reflection of the local economy and the high standard of service families expect in the area. When you see a price, you’re also seeing the value of a community rooted in a specific, supportive neighborhood.
The level of personal care needed
Memory care is fundamentally different from standard assisted living, and that difference is reflected in the cost. It requires a higher level of staffing, ongoing and specialized training for every team member, and a deep understanding of the nuances of memory changes. The monthly fee is directly tied to the amount of personalized support your loved one needs. As their needs evolve, the care plan adjusts to provide consistent, compassionate assistance. This ensures they always have the right level of support, from gentle reminders to help with daily personal tasks, all delivered with dignity and respect.
Your choice of suite or room
A person’s private space is their sanctuary, and most communities offer several options to match different preferences and budgets. The type of suite you choose is a primary factor in the monthly cost. For instance, a private suite will naturally have a different price point than a companion suite, where two residents share a space. Many families find that companion living offers wonderful social benefits, while others prefer the privacy of their own apartment. Exploring the variousfloor plansavailable can help you find the perfect balance of comfort, privacy, and affordability for your loved one.
Community amenities and programs
The cost of memory care also includes the environment and the daily experiences that fill your loved one’s days with purpose. A community with thoughtfully designed spaces—like secure walking paths, sensory gardens, and calming common areas—invests heavily in creating a supportive setting. The same is true for robust life enrichment programs, which include everything from music therapy to art and gentle movement classes. These features aren't just "extras"; they are essential tools that promote engagement, reduce anxiety, and bring joy. The vibrant life withinour communityis a core part of the value we provide.
What's Included in the Monthly Fee?
When you look at the cost of memory care, it’s important to understand that the monthly fee is more than just rent. It’s a comprehensive investment in your loved one’s well-being, safety, and daily joy. Unlike other types of senior living, a specializedmemory carecommunity bundles services to create a predictable and supportive experience. This all-inclusive approach is designed to give you peace of mind, knowing that your family member’s needs are met around the clock by a team that truly understands memory changes.
From specialized medical oversight to daily housekeeping and life-enriching programs, the monthly fee covers the core elements of a secure and engaging life. Breaking down what’s included helps you see the incredible value and relief that comes with finding the right community. It allows you to step back from being a primary caregiver and return to simply being a son, daughter, or spouse.
24/7 specialized care and support
One of the most significant parts of the monthly fee is the constant presence of a highly trained care team. This isn’t just about having someone nearby; it’s about having professionals available 24/7 who are experts in Alzheimer’s and dementia care. They are trained to offer compassionate support, manage changing behaviors, and provide a reassuring presence day and night. This fee also covers the advanced safety features ofour community, including secured entrances and courtyards that allow residents to explore safely without the risk of wandering. This constant, specialized supervision is the foundation of a safe and calm environment.
Daily memory-focused programs
A fulfilling life is about more than just safety—it’s about connection and joy. The monthly fee includes a full calendar of daily programs designed specifically to engage residents with memory loss. These aren't simple activities; they are therapeutic experiences that stimulate the mind and senses. Think of music therapy that sparks old memories, gentle movement classes that reduce restlessness, and art or gardening projects that create moments of purpose. These daily opportunities for connection are essential for your loved one’s emotional well-being and are a core part of the holistic care you’re investing in.
Medication management and health oversight
For many families, managing a loved one’s medications can be a stressful and complex task. The monthly fee includes professional medication management, where trained staff ensure every dose is administered correctly and on time. This service removes a huge burden from your shoulders and prevents dangerous medication errors. Beyond that, the team provides consistent health oversight, monitoring for any changes in your loved one’s condition and coordinating with their physicians. This proactive approach to health and wellness ensures that small issues are addressed before they become larger problems, providing another layer of security and care.
Dining, housekeeping, and personal assistance
The monthly fee also covers all the essential services for a comfortable and dignified lifestyle. This includes three nutritious, chef-prepared meals each day, plus snacks, all served in a welcoming dining setting. It also covers routine housekeeping and laundry services, so your loved one’s living space remains clean and comfortable without any effort on their part. Perhaps most importantly, the fee includes respectful assistance with daily living activities like bathing, dressing, and grooming. This support helps residents maintain their independence and dignity while ensuring their personal care needs are always met. You can see how these services come together in our beautifulSignature Suites.
Understanding potential add-on fees
While the goal is to be as all-inclusive as possible, it’s important to ask about any potential extra costs. In most communities, the base monthly fee corresponds to a specific level of care. If your loved one requires more intensive, one-on-one support or has highly complex medical needs, a higher level of care may be necessary at an additional cost. Other expenses that might not be included are things like incontinence supplies, beauty and barber services, or specialized medical appointments. The best way to get a clear picture is to ask for a complete list of included services when youschedule a tourand discuss your loved one’s specific needs.
Common Myths About Paying for Memory Care
When you start exploring memory care, the financial side of things can feel like a puzzle. It’s easy to get tangled up in misinformation. Let’s clear up a few common myths so you can move forward with confidence and clarity. Understanding what’s true and what isn’t is the first step toward creating a realistic financial plan for your loved one’s care.
Myth: "Medicare will cover everything."
This is one of the most frequent and unfortunate misconceptions. While Medicare is a vital health resource, it generally does not pay for long-term residential care, which is what memory care communities provide. Medicare may cover short-term stays in a skilled nursing setting after a qualifying hospital visit (up to 100 days), doctor visits, or hospice care. However, it is not designed to cover the daily, ongoing support, housing, and personal care that are central to life in amemory care community. It’s important to look at other resources, like long-term care insurance or veterans benefits, for funding this type of specialized support.
Myth: "The base price is the final price."
It’s crucial to understand what a community’s base monthly fee includes. Typically, this fee covers the suite, meals, community activities, and 24/7 staff availability. However, personalized care services—like assistance with bathing, dressing, or managing medications—are often priced separately based on an individual’s specific needs. Think of it as an à la carte approach. When youschedule a tour, always ask for a complete breakdown of costs. A transparent community will be happy to walk you through exactly what’s included in the base rate and what services might be considered add-ons, so there are no surprises down the road.
Myth: "All communities cost about the same."
Memory care costs can vary significantly based on location, the level of care provided, and the quality of the environment and programming. Nationally, the median cost for memory care is higher than standard assisted living because it requires more specialized staff training, higher staff-to-resident ratios, and a secure, purposefully designed environment. A community in Naples, FL, will likely have a different cost structure than one in a different state. The price reflects the value of the specializedpeople, places, and programmingthat create a safe, engaging, and joyful life for residents.
How Can You Get Help Paying for Memory Care?
Figuring out the finances for memory care can feel like the biggest hurdle, but you don't have to do it alone. Many families are surprised to learn about the different resources available to help manage the costs. While every family’s situation is unique, there are several common pathways that can make exceptional care more accessible. It’s all about knowing where to look and what questions to ask.
Think of this as a starting point—a guide to thekey financial options you can explore. From insurance policies and government benefits to personal assets, combining resources is often the most effective approach. We always recommend speaking with a financial advisor to create a plan tailored to your family, but understanding these options is a powerful first step.
Using long-term care insurance
If your loved one planned ahead and has a long-term care (LTC) insurance policy, now is the time to review it closely. These policies are specifically designed to help cover the costs of care when someone needs support with daily living. Most policies include services likememory care, but the details are what matter most.
Take a look at the policy’s daily benefit amount, which is the maximum it will pay per day. Also, check the benefit period, which defines how long the policy will provide payments. Every plan is different, so understanding these specifics will help you budget accurately. If you have questions, don't hesitate to call the insurance provider directly to clarify the coverage for memory care.
Exploring veterans benefits
For those who have served our country, the Department of Veterans Affairs (VA) offers valuable benefits that can help with care costs. The most relevant program for memory care is often theVA Aid and Attendance benefit. This is a monthly, tax-free payment made in addition to a VA pension.
This benefit is available to qualifying veterans and their surviving spouses who need assistance with daily activities. The application process requires specific documentation related to service, medical needs, and finances, but the support it provides can be significant. It’s a well-earned benefit that can make a real difference in affording consistent, high-quality care for your loved one.
Understanding Medicaid waivers
Medicaid can be another source of financial assistance for memory care, though its rules are specific and vary by state. In Florida, certain Medicaid waiver programs may help cover the costs of care for individuals who meet the required income, asset, and medical criteria. To qualify, a person typically must have limited financial resources and a demonstrated need for a high level of care.
Navigating theFlorida Medicaidsystem can feel complex, so it’s often helpful to connect with a local elder law attorney or a benefits counselor who specializes in this area. They can help you understand if your loved one is eligible and guide you through the application process, ensuring you have all the necessary information prepared.
Leveraging personal assets and tax deductions
Many families use personal assets to fund memory care. This often involves selling a home, tapping into retirement savings, or using funds from investments. These are major decisions, and it’s wise to get professional advice from a financial planner or an elder law attorney before proceeding. They can help you create a sustainable strategy that protects your family’s financial health for the long term.
Additionally, you may be able to claim some memory care expenses as a medical deduction on your taxes. The IRS allows for thededuction of costsfor long-term care if they are primarily for medical needs. This can provide some financial relief, so be sure to consult with a tax professional to see what deductions your family may qualify for.
How to Create a Realistic Memory Care Budget
Thinking about the cost of memory care can feel overwhelming, but creating a budget is one of the most empowering steps you can take. It’s about replacing uncertainty with clarity. A realistic budget isn’t just a list of expenses; it’s a roadmap that helps you understand your financial picture, explore all your options, and make a confident decision for your loved one’s future.
The process involves four key steps: taking an honest look at your current finances, understanding how to combine different funding sources, planning for future costs, and knowing when to bring in a professional for guidance. By breaking it down, you can create a sustainable plan that prioritizes high-quality care and gives your family peace of mind. This isn’t about finding the cheapest option—it’s about finding the right one and knowing exactly how you’ll support it.
Start with your current finances
The first step is to get a clear and honest picture of your loved one’s financial resources. This isn’t always an easy conversation, but it’s a necessary one. Many families find they need to use a combination of savings and assets, like the sale of a home, to pay for care.
Start by making a simple list of all available assets. Include savings and checking accounts, investments like stocks or bonds, retirement accounts, and any income from pensions or Social Security. This initial inventory gives you a baseline to work from, helping you understand what’s immediately available and what might require longer-term planning. It’s a foundational step that makes the rest of the process much clearer.
Combine different funding sources
Very few families rely on a single source to pay for memory care. Instead, the most common approach is tocombine different optionsto create a sustainable financial plan. Think of it like putting together a puzzle—each piece contributes to the complete picture.
Common funding sources include personal savings, retirement funds, Social Security benefits, and long-term care insurance policies. For many, the proceeds from selling a family home become a primary source of funding. Others may look into veterans benefits or a Medicaid waiver if their loved one qualifies. By layering these resources, you can build a comprehensive budget that covers ongoing costs without depleting one single account too quickly.
Plan for future rate increases
When you’re comparing communities, the initial monthly fee is just one part of the equation. It’s important to plan for the future by asking about potential cost increases. Most communities adjust their rates annually to account for inflation and rising operational costs. Understanding this from the start helps you create a more accurate long-term budget and avoid surprises down the road.
During your tour, be sure to ask what services are included in the base fee and which ones might cost extra. Also, ask directly about the typicalannual rate increase. A transparent community will be happy to share this information with you. This foresight allows you to build a buffer into your budget, ensuring financial stability for years to come.
Know when to consult a financial advisor
You don’t have to figure all of this out on your own. Navigating the financial side of memory care is complex, and it’s wise to work with specialists who understand the landscape. A financial advisor who specializes in senior living or an elder law attorney can provide personalized guidance based on your family’s specific situation.
These professionals can help you understand the tax implications of your decisions, structure assets in the most effective way, and identify financial tools you may not have known about. Bringing in an expert can provide immense relief and confidence. If you need recommendations, our team at Gulf Coast Memory Care can connect you with some of ourtrusted partnersin the community.
Key Financial Questions to Ask on Your Tour
When youschedule a tour, you’re taking in a lot of information—the feel of the spaces, the kindness of the team, and the engagement of the residents. It’s also the perfect time to get clear on the financial details. Asking direct questions about cost isn’t just practical; it’s a crucial step toward finding a partner you can trust for your loved one’s care.
A transparent community will welcome your questions and provide straightforward answers. This conversation is about ensuring there are no surprises down the road, allowing your family to plan with confidence and peace of mind. Think of it as building the foundation for a strong partnership. To help you prepare, we’ve gathered the most importantfinancial questions to bring with you. Having these answers will empower you to compare your options and make the best choice for your family’s future.
"What exactly does the monthly fee cover?"
Understanding what’s included in the base monthly rate is the first step to creating a realistic budget. Every community structures its fees differently, so it’s important not to make assumptions. Typically, the monthly fee covers the essentials: the private or companion suite, three daily meals, housekeeping and laundry services, utilities, and access to all community life programs. Ask for a detailed list of everything included. This helps you see the full value and compare different communities accurately, ensuring you know exactly what your investment provides for your loved one’s dailycare and engagement.
"What services or amenities cost extra?"
Beyond the base fee, many communities offer additional services for a separate cost. This is often referred to as "levels of care," where costs are tiered based on the amount of personal assistance a resident needs. Be sure to ask about potential add-on fees for services like help with bathing, dressing, or mobility. Other common extra costs can include incontinence supplies, transportation for personal appointments, or specialized one-on-one care. Getting a complete fee schedule will give you a full picture of potential expenses as your loved one’s needs change over time, preventing unexpected bills.
"How often do rates typically increase?"
Financial planning for memory care is a long-term commitment, so it’s wise to look beyond the first year. Most senior living communities have annual rate increases to account for inflation and rising operational costs. Don’t hesitate to ask about this directly. You can inquire about the community’s history of rate increases over the past few years and what the typical percentage increase has been. This information is vital for long-range financial planning and helps ensure that the community remains an affordable option for your family for years to come.
"Are there separate fees for medication management?"
Medication management is a cornerstone of high-quality memory care, but how it’s billed can vary. Some communities include this service as part of their all-inclusive monthly fee, while others charge for it separately. The fee could be a flat rate or tiered based on the number of medications or the complexity of the regimen. Since this is a non-negotiable part of your loved one’s health and safety, getting a clear answer is essential. Ask if it’s included and, if not, request a detailed explanation of how the costs are structured.
Take the Next Step in Your Financial Planning
Thinking about the financial side of memory care can feel like the hardest part of the journey. It’s a conversation filled with big questions and important decisions. But taking clear, simple steps to plan can bring a surprising amount of peace and confidence. It shifts the focus from worrying about the future to feeling prepared for it. This isn't just about numbers on a spreadsheet; it's about creating a clear path forward so you can focus on what truly matters—your loved one’s well-being and your family’s peace of mind. When you have a plan, you can breathe easier, knowing you’re making the best possible choice for someone you love.
By understanding your financial timeline, recognizing the benefits of planning ahead, and knowing what questions to ask, you can make decisions with clarity. This process empowers you to choose a community that not only fits your budget but also provides the exceptional care your family deserves. We believe that with the right information and support, you can find a solution that feels right for everyone. Our team and our network oftrusted partnersare here to help you gather the information you need, every step of the way. We want you to feel held and supported, never alone, as you take these important next steps.
Create your financial timeline
The best time to start planning for care costs is now, even if you’re just beginning to explore options. The first step is to get a clear picture of your financial resources. This includes savings, investments, income, and any long-term care insurance policies. From there, you can begin to map out a timeline. It can be helpful to speak with a senior care specialist or an elder law attorney who understands the specifics of planning for long-term care. They can help you understand your options and create a sustainable plan that protects your family’s assets while ensuring your loved one receives the best possible support.
The importance of planning early
Planning ahead gives you the gift of time—time to research, visit communities, and make a thoughtful choice without the pressure of a crisis. While specialized memory care is an investment, it significantly improves the quality of life for individuals living with dementia and brings incredible peace of mind to their families. When you plan early, you have more control over the process. You can ensure your loved one moves to a place that feels like home, with programs and people that bring them joy. This proactive approach helps make the transition tomemory carea positive and supportive experience for everyone involved.
Cost-related red flags to watch for
As you explore different communities, it’s important to understand exactly what you’re paying for. A price that seems too good to be true often is. When you visit, always ask what’s included in the monthly fee and what services cost extra. Be sure to inquire about how often rates increase and by how much. A transparent community will be happy to walk you through their pricing structure. Remember, the higher cost of memory care often reflects essential services like 24/7 supervision, secure environments to prevent wandering, and specialized staff training. When youschedule a tour, we can answer all of these questions and show you the value behind our care.
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Frequently Asked Questions
Why does memory care cost more than assisted living?The price difference comes down to specialization. Memory care is a highly focused environment with a greater number of staff who receive ongoing, advanced training in dementia communication and support. The community itself is also purpose-built with secure spaces and calming design features. This comprehensive approach, which includes specialized daily programming, requires a deeper investment to ensure your loved one is safe, engaged, and understood.
Does Medicare cover the cost of memory care?This is a common point of confusion, but Medicare does not pay for long-term residential care, which includes memory care. It is designed to cover medical expenses like doctor visits or short-term skilled nursing stays after a qualifying hospital visit. The daily costs for housing, personal support, and specialized programming in a memory care community are typically paid for through private funds, long-term care insurance, or other benefits.
What is typically included in the monthly fee, and what might cost extra?The monthly fee is designed to be as comprehensive as possible, covering the suite, all meals and snacks, housekeeping, and a full calendar of life enrichment programs. However, the cost of personal care is often separate and is based on an individual’s specific needs. For example, a resident who needs more hands-on assistance with daily tasks like dressing or bathing may have a higher care fee. Other potential extra costs could include incontinence supplies or salon services.
How do we figure out how to pay for care if our savings aren't enough?You are not alone in asking this question. Most families use a combination of resources to create a sustainable financial plan. This often involves blending income from pensions and Social Security with funds from a long-term care insurance policy, veterans benefits, or the sale of a home. We always recommend speaking with a financial advisor who can help you look at your unique situation and create a clear path forward.
Will the cost change over time?It’s wise to plan for costs to adjust over time. Most communities have a modest annual rate increase to keep up with operational expenses. Separately, your loved one’s personal care fee may change if their needs evolve. This ensures they are always receiving the appropriate level of support. A transparent community will be open about their history of rate increases and how they assess care needs, so you can plan with confidence.
