Affording Care

Caregiving can be a major role on its own – taking on the duties of ADL (activities of daily living) assistance, medication reminders, and 24-hour monitoring. But caregiving for someone with Alzheimer’s or dementia brings on a whole new set of issues.

And because of such intensive responsibilities, many family members find that a memory care center is the best solution for their loved one.

Designed specifically for those living with Alzheimer’s and dementia, memory care centers cater their communities to best suit the needs of those with memory loss. They offer programs and activities created for residents with dementia; staff are specially trained to handle issues specific to those with memory loss; and the communities are often laid out in a way that’s easily navigable, with extra security for those who may tend to wander.


Because memory care centers are so hands-on and heavily monitored, they generally cost more than a standard assisted living community. Costs are dependent on a number of different variables, including community size and location, in addition to how comprehensive the needs of your loved one may be.

Prices vary per state; in general, however, the cost of memory care ranges between $3,500 and $8,000, with the national average at $5,000.


Don’t let the price tag deter you from looking further into memory care. Though it can be costly, there are ways to reasonably budget for the expenses.

  • Life Insurance: your loved one can sell their life insurance policy to a third party. That third party will pay the current value of the policy and, in turn, pay out the monthly premiums. They will then receive the death benefits upon your loved one’s passing.
  • Long-Term Care Insurance: this insurance can also be used to cover the costs of memory care if your loved one has invested in it.
  • Home Equity: if your loved one owns a home, you may be able to sell it, rent it out, or take out a reverse mortgage.
  • VA Benefits: Aid & Attendance benefits, which are available to the veterans and their survivors who qualify, can be received in addition to pension. Benefits can be used if an individual is bedridden, has limited eyesight, needs assistance with ADLs, or lives in a nursing home due to mental or physical incapacity. This may reduce the cost of long-term care by up to $2,266 each month.
  • Private Pay: of course, if you and your family are able to afford the expenses out of pocket, private pay is the simplest and most straightforward way to offer payment.

Assisted Living Cost & How to Pay for it

One of the first questions people usually have about assisted living cost and how they will pay for it. With the range of monthly costs being $2,000 to $4,000, this question and concern is understandable. The following are some of the ways that people pay for their assisted living housing and communities.

Using Savings to Pay the Cost of Assisted Living

assisted living cost many dollars under house imageAssisted living cost includes both rent and services. If the person has sufficient savings built up, they are able to use it to pay for this. Of course, this will require quite a bit of money saved to cover this type of housing for long term care.


Some people have long-term care insurance, which is specifically designed to cover assisted living cost. The only problem is that this type of insurance isn’t common, so not many people have it.

And of course, by the time someone needs this type of insurance, it’s often too late to get it. The best time to purchase a long-term care insurance policy is during middle age years.

Home Equity

If someone has been paying on their home for a number of years, he or she probably has a good amount of equity available. Taking out this equity can help pay for the expenses. However, this can be a challenging solution. Since selling one’s home can be quite emotional, most people do not like this option. And creating an equity loan against ones home can feel like your going backwards financially after years of paying off a home mortgage.

Renting Your Home

When selling your house is too stressful, consider renting it out to someone. If you’re able to rent it for more than the mortgage or if your house is paid off, you may be able to bring in enough money to pay for the rent in the community.

Asking Family Members

assisted living cost sucking many dollars out of wallet imageThose who have a large family may have their loved ones cover the assisted living cost. When the cost is broken up between many people, it’s much more manageable. This is especially true if combined with some of the other options, such as retirement, savings, etc.

Seeking Lower Assisted Living Costs

Since these communities can range in prices depending on where they are located, it might be a good idea to shop around to look for a less expensive option. Once that option is found, the person can use their savings, support from their loved ones, or some other way to pay for it.


Assisted living cost may be covered by Medicaid in some states. Since Medicaid is only available to people who have little to no assets, it’s important to find out if you qualify before seeking this type of housing option.

Turn to Eldercare Connections for your Cost Options for Assisted Living

Eldercare Connections offers older individuals options for elder care services and housing. Contact us today for more information on different assisted living communities in your area. We are a free referral service, and our specialists truly care about your wants and needs when they help you find your new home.