How Much Does Assisted Living and Memory Care Cost?

Thinking about assisted living for yourself or a loved one? It’s a big decision, and naturally, cost is a major factor. One must consider the different types of communities, levels of care, available plans and services, and location.

We’ve broken down the costs and types of care services to help you better understand the prices of assisted living, so you can make informed choices for you and your family.

Factors Influencing the Cost of Assisted Living

Assisted living can vary widely in price, typically ranging from $3,500 to $10,000 per month. This range is influenced by several factors, including location, the size of the apartment, and the amenities and services provided by the community. Understanding these elements can help you make an informed decision that balances both your budget and your needs.

Location

Senior living communities are like any real estate property, so cost is heavily influenced by location. Communities in urban areas or regions with a higher cost of living will generally be more expensive.

Apartment Home Size

The size and type of the apartment you choose will also affect the cost. Options typically range from companion suites (shared rooms) to private two-bedroom suites. Larger apartments and private accommodations are more expensive than shared or smaller units.

Community Amenities

Common amenities include fitness centers, dining rooms, lounge areas, activity rooms, movie theaters, and outdoor activity spaces. The more luxurious and extensive the amenities, the higher the cost is likely to be.

Care and Services in Assisted Living

When evaluating senior living communities, it is important to consider the care programs and services provided, as these will significantly impact both cost and overall comfort and peace of mind. 

Specialized Care Programs: Assisted living communities typically offer different levels of care, including:

• Retirement Living: Ideal for those who are largely independent but want the convenience of available support and a social community.
• Assisted Living: For those who need regular assistance with daily activities but do not require intensive medical care.
• Memory Care: Specialized care for individuals with Alzheimer’s or other forms of dementia, providing 24-hour supervision and tailored support. Memory care costs are higher due to residents receiving 24-hour long-term care.

Additional Care Services: Within these care programs, additional services may be available to meet specific needs, such as:

• Medication management: Ensuring residents take their medications correctly and on time.
• Continence care: Assistance with managing continence issues.
• 24-hour personal care support: Assistance with daily activities like bathing, dressing, and mobility.

Basic Services: Basic Services in senior living communities often include:

• All-day dining

• Housekeeping and laundry

• Scheduled transportation

• On-site maintenance 

At Ivy Living, we provide retirement living communities, assisted living communities and Traditions Memory Care neighborhoods that meet the needs of many different residents. Our commitment to exceptional care extends to every aspect of daily life for our residents. We understand that each individual has unique needs and preferences, which is why our retirement, assisted living, and memory care services are tailored to provide personalized support and attention.

Planning for Assisted Living and How to Pay

There are several ways to pay for assisted living costs, from personal savings to pension payments to retirement accounts – or a combination of all three.

There may also be options for public health insurance policies like Medicaid that can help. Here’s how to pay at a quick glance:

•         Private pay: a combination of private savings, social security benefits or pension payments.
•         Health insurance: take advantage of private health insurance or long-term care insurance, but coverage may be limited. Medicare doesn’t cover the cost of assisted living communities or any other long-term residential care such as memory care, but it may pay a portion.
•         Assets: tapping into home equity, retirement accounts and life insurance can be a way to pay for assisted living costs.
•         Veteran benefits: your loved one may be eligible for benefits or a stipend to cover some assisted living costs if they served in the military. Wartime veterans and spouses may qualify for a pension program through the Department of Veterans Affairs (VA) to offset care costs.

Making the Right Choice

Choosing an assisted living community involves balancing cost with the needs and preferences of the individual. It’s important to visit several communities, ask detailed questions about what is included in the cost, and consider both the current and future care needs. By thoroughly evaluating the options, you can find a community that offers the right mix of services, amenities, and care at a price that fits your budget.