If you’re considering a move to a long-term care community for a loved one with dementia, a memory care community that offers 24/7 care from professional staff members with specialized training, along with an apartment and many other amenities, could be just what your family needs. However, the cost may be giving you pause. Like assisted living costs, memory care costs, services, and amenities vary greatly among communities, and costs are higher in some states than others. Fortunately, there are many programs that provide financial assistance, respite care, and other forms of aid to help family caregivers.
Payment Options & Financial Assistance
For most families, the expenses of caring for a loved one with dementia are covered not by a single source but instead by contributions from a variety of sources:
- Medicare: Medicare does not pay for personal care that is provided in a memory care community but will pay for medical care.
- Medicaid: Medicaid is a state- and federally-funded health insurance program for low-income families and the elderly.
- State-funded programs: There are many state-funded or state-managed assistance programs that are designed for low-income individuals who require assistance with activities of daily living.
- Veterans benefits: The U.S. Department of Veterans Affairs offers benefits for senior veterans. War veterans and their spouses may be eligible to receive nearly $2,000 per month to help defray the cost of memory care through the Aid and Attendance Program.
- Nonprofits: The Alzheimer’s Foundation of America and the Alzheimer’s Association offer various levels of support and respite care programs for people with Alzheimer’s and their families and caregivers.
Area Agencies on Aging, financial planners, and Medicaid Planners such as MassHealth can offer professional assistance when helping families think long term and structuring their resources to last the duration of their lifetimes.
An Overview of Dementia Care Costs
Planning for dementia care is different from planning for general long-term care for a variety of reasons. The stage of the disease dramatically affects the amount and type of care required, and life expectancy is a major factor in the overall costs. It helps to have an overview of dementia care costs so you and your family can plan accordingly. The following infographic offers insights into the cost of dementia care by stage. 
Ultimately, dementia care costs can run from $25 per day in the early stages to as much as $24,000 per month, depending on where you live and what your loved one requires. Because dementia is a progressive condition, it often means higher expenses. However, it also means your family has time to develop a financial strategy. For more information about how to find the right memory care community at the right price, download our eBook “What to Look for in a Memory Care Community”.