If someone in your family needs memory care, or if memory problems run in the family, you may need to start planning for long-term care.
One of the things you should think about when drafting a budget for memory care is the duration and level of long-term care necessary. According to LongTermCare.gov, “The duration and level of care vary from person to person. One-third of today’s 65-year-olds may never need long-term care support, but 20% will need it for longer than five years.”
Understanding Memory Care Costs
The cost of memory care varies per person, depending on various factors such as location, community, amenities, payment structures, and the level of care required by the resident. As of early 2024, the average cost ranges from $4,000 to $8,000 per month.
It’s important to research the specialized services needed and determine the additional costs they will incur. You can also compare the costs of several communities to find one that best suits your budget. Try to understand what’s included in monthly memory care fees. Many memory care communities charge for private room use, snacks and meals, social activities, and 24/7 emergency assistance.
Create Your Budget
When creating your budget, begin by assessing your financial situation and estimating memory care expenses. Consider your income, assets, savings, and insurance coverage. Your budget should be realistic and balance your loved one’s care expenses with your family’s financial resources. Allocate funds to specific categories each month, such as community care, medical expenses, and other additional charges.
Research the Community
Create a list of memory care communities in your area and nearby. Look up their contact details and call to inquire about visiting and learning more about their services and amenities. Pay attention to how they treat their current residents. You don’t want to invest time and money in a community solely focused on making a sale. Ask about the community’s fees, payment options, and whether they offer financial assistance programs.
Know The Community’s Payment Structures
It’s important to understand the payment structure of a memory care community. Additional fees may apply for special services such as therapies, personalized care plans, and medication management, which are not covered by the standard monthly fees. Make sure to inquire about these potential costs so you can account for them in your budget.
Plan for Your Security
Preplanning your budget for memory care is crucial for ensuring financial security throughout this journey. Anticipating your potential expenses will help you develop a proactive strategy to reduce risks and address future financial challenges. If possible, consider investing in a diversified portfolio to generate additional income to cover memory care costs.
You can also consult financial experts to assist you in planning for the future. According to the Alzheimer’s Association, “Financial advisors, such as financial planners and estate planning attorneys, are valuable sources of information and assistance.”
In conclusion, Grand Brook Memory Care has been supporting families on their memory care journey for over two decades. To speak with one of our compassionate team members or learn more about our specially designed memory care communities in North Texas, Indiana, Michigan, or Arkansas, please feel free to contact us today.
