At Kingsley Senior Living, we understand that a family should begin their search for a professional care setting as soon as they have confirmation of a loved one’s Alzheimer’s diagnosis. Besides the emotional toll associated with making a transition to one of the best memory care facilities, the family has to navigate the financial journey, which can feel overwhelming to many.

However, by thoroughly understanding the various factors affecting costs, assessing their loved one’s needs, learning about available funding sources, and seeking some professional advice, a family can confidently take the next step and realize a bright future for their loved one. Here’s a guide you can follow to stay informed and prepare financially as you move your loved one to a memory care community.

Understanding Memory Care Costs

While the exact services and amenities provided by memory care vary by community, what they all share in common is their specialized support offered to those with memory impairments like Alzheimer’s or other forms of dementia. At present, the median monthly cost for memory care is approximately $7,000, with figures ranging from $4,000 to over $10,000 per month. Here’s a brief overview of some factors that influence memory care costs:

Geographical Location 

Communities located in urban or metropolitan areas charge more than those located in rural areas. However, this higher cost is associated with better and more specialized services.

Level Of Care Required

The level of care required by the resident significantly affects the services they receive, which again is a significant cost driver.

Services And Amenities

The higher the quality of services, the higher the cost charged.

Staffing And Specialized Care

Best memory care communities with a higher staff-to-resident ratio and specialized dementia services often charge more than those that offer less specialized services.

Community Type And Size

The bigger the community, the bigger its reputation, and the more services it offers, which, again, attracts higher costs.

Organizing Financial And Legal Documents

Try to complete all the legal and financial documentation work as early as possible. Prefer to create a central, secure system for all paperwork and digital files. Use separate folders for different categories, and store the originals in a bank safety deposit box while keeping copies in an accessible location.

Gather Essential Documents

Wills, power of attorney documents, advance directives, and insurance policies are some of the most essential papers that you must collect and organize. Also, get a clear list of all your financial accounts, assets, debts, and income sources, such as pensions and social security, as they may be needed in the future.

Update Legal Documents

Consult an attorney to ensure documents, such as a durable power of attorney for finances, are in place. You can also get a living trust prepared to manage your assets.

Assess Finances And Estimate Costs

After preparing your documents, determine your current budget by estimating your income, assets, and savings. During this time, you also need to list all your potential expenses, including care costs, medications, and living costs. Here’s how to proceed.

Evaluate Current Situation

Review all your income sources, assets, and liabilities to get a clear picture of the financial landscape that lies ahead.

Estimate Future Costs

Research the estimated future costs of memory care communities in your area. Don’t forget to factor in additional costs for specialized services, therapies, or extra help as may be needed later on.

Create A Budget

Create a realistic budget that balances the projected care expenses with available resources.

Explore All Funding And Assistance Options

As memory care costs in the U.S. have risen significantly, families typically rely on combining a mix of private and assistance resources. Those eligible benefit greatly from the available public assistance programs, including Aid and Attendance or Veterans Pension, Medicaid, and Supplemental Security Income (SSI). Do this to ensure you make a sound financial decision for your loved one.

Review Insurance

Examine all insurance policies, including health and long-term care, to understand what’s actually available for memory care.

Research Government Assistance

Research all available government assistance programs, like Medicaid or Veterans Affairs benefits, and investigate your loved one’s eligibility for these programs.

Seek Professional Advice

A financial advisor specializing in long-term care planning can help you prepare a comprehensive financial strategy.

General Tips On Planning For The Move

Besides the financial aspects of making the move, you’ve to focus on other related factors as well to ensure the move is completed as envisioned at the beginning. Assess all your available resources, declutter smartly, gather all necessary documents, and plan for the physical transition. Here’s a brief on some more notable aspects of the move:

Start Early

Experts suggest planning the move as early as possible to give you more time to prepare. More time means a better opportunity to prepare for the move and make more informed decisions.

Communicate With Family

All family members must remain a part of the communication loop, and their wishes and suggestions for financial planning must be considered.

Be Open And Adjust Accordingly

Don’t stick to a rigid financial plan. Be open to suggestions and modifications, as needed, based on the given information. In other words, the plan should be solid but flexible.

Kingsley Senior Living—Access Specialized Support Through Tailored Memory Care Solutions

At Kingsley Senior Living, we understand that choosing a top memory care community is just half the equation for ensuring your loved one receives the support they need for their memory issues; the other half is the financial planning required to make a successful move. Though it may seem complex, it’s essential—only then can you make an informed decision about which financial resource to pick to pay for the chosen memory care community.

Those seeking a compassionate memory care partner for their loved one can contact us at Kingsley Senior Living. For us, it’s about comforting memory-impaired individuals and supporting them on their care journey. In a vibrant, encouraging, and socially enriching environment, your loved one will have a graceful aging experience with us. Connect with us, and let us guide you through the remaining steps to move your loved one to our premier memory care community.