Understanding the Cost of Memory Care: A Financial Guide for Families

According to CDC statistics, 10.7% of North Carolina adults over 45 experience subjective cognitive decline.

Since age is a major risk factor for dementia and Alzheimer’s, this figure is at its highest for those over 65.

Memory care services can help community-dwelling seniors retain a high quality of life. Read on to learn about the cost of memory care and why it’s worth the money.

The Average Cost of Memory Care

Memory care is a type of specialized assisted living for those experiencing cognitive decline. Residents often contend with Alzheimer’s and dementia. Others may deal with mild-to-medium cognitive decline that nonetheless impacts their quality of life.

In North Carolina, Genworth’s 2024 assessment estimated that assisted living averages about $5,798 monthly.

Memory care is slightly more expensive than this. According to the same source, these specialized living options cost about $950 more per month than standard assisted living.

This makes the average cost of memory care in North Carolina about $6,748.

Factors Influencing Memory Care Costs

However, not everyone is going to pay the same amount for memory care in North Carolina. Costs depend on several factors, the primary one being the community you choose.

Some communities are very inexpensive. However, they don’t usually come with the same amenities as more expensive ones. It’s important to find a community where your loved one can relax and live as high a quality of life as possible, meaning you’ll want to pay a bit more money than the lowest possible rate.

A high-end, reputable community may cost a little more than average. This makes sense since residents get both nicer surroundings and a higher level of care.

Still, within good Charlotte memory care communities, families can also look into other cost-influencing factors like:

• Room size
• Floor plan
• Additional fees for add-on amenities (such as salon and barber services)
• Level of care

If you’re unsure of what factors might change the price of your rental payments, talk with a TerraBella Little Avenue caregiver for more specific information about what the community offers.

Understanding what you’re paying for lets you choose your amenities and features wisely. Talk with your aging loved one and listen to what they value most in a memory care community. This will ensure that the resident gets to enjoy the well-appointed apartment and personalized care that they deserve.

Is Memory Care Worth the Money?

Memory care offers a wide range of programs that promote senior wellness. Some include:

• Health and wellness education
• Delicious chef-prepared meals that use natural ingredients
• Activities like game nights, movie nights, and crafting workshops
• Events like guest lectures and themed parties
• Housekeeping and maintenance services for a carefree lifestyle

Investing in a quality memory care community means letting seniors enjoy their golden years. Regardless of their cognitive decline, your loved one will enjoy a vibrant community filled with kindness and positivity.

The robust amenities and diverse activities are included in senior living pricing. Your fee doesn’t just cover room and board. It covers all the expenses needed for an invigorating and exciting lifestyle.

In memory care, seniors also unlock the tools and resources needed to retain as much cognitive capacity as possible. Experts offer:

• Help with day-to-day personal care, including hygiene and cleanliness
• Games and puzzles that boost cognition and help with critical thought
• Sensory-stimulating activities to boost all areas of brain function
• Purpose-driven social opportunities for stimulating real-time conversations

Keeping your loved one as autonomous and happy in the long term makes memory care well worth the costs.

Managing Dementia Care Costs

Financial planning for seniors can make memory care more affordable. Whether you’re an older adult or their loved one, look into personal sources of funding to learn more about your assisted living budget.

Some sources of personal funds may include:

• Personal savings accounts
• Funds from pensions, if available
• Money from retirement accounts
• Social security income
• Money from selling property prior to transitioning to memory care, including homes, cars, furniture, and personal items

Create a budget and know how much you have to spend. This will help you make confident and informed decisions when choosing a memory care community.

Hiring a financial advisor can help you make better choices about what to invest in memory care. Experts may find ways to cut costs that you haven’t thought of yet.

They know how to make the most of your money, so making an appointment is a worthwhile endeavor no matter what your personal funds look like.

Decreasing the Financial Burden

First, look into:

• New resident discounts
• Military veteran programs
• Referral programs

Despite these programs, memory care expenses may still feel unmanageably high for some families.

If this is the case for you, help is still available. There is a wide range of programs intended to boost elder care affordability.

Purchasing a dedicated long-term insurance policy means getting access to funds. These policies offer coverage for those moving into memory care communities. They’ll pay a portion of the monthly or yearly rent in exchange for a premium.

These premiums tend to be lower if you purchase insurance early. If you’re still considering whether it’s time to transition to memory care, buying a policy now may save you money in the long term.

Some people can also use their existing life insurance policies to make memory care more affordable. Some providers offer coverage to those who begin taking out their life insurance to pay for assisted living.

Of course, the specific possibilities will depend on your individual policy. Do your research and learn more about what your insurance offers.

Find Memory Care in Charlotte, NC

Now that you know the cost of memory care and why it’s worth the money, it’s time to learn more about the best senior living options in North Carolina.

At TerraBella Little Avenue, we pride ourselves on offering unparalleled care to Charlotte residents. Our team is unmatched in terms of dementia training. Plus, well-appointed apartments and beautiful community amenities can impact mental health and improve long-term cognitive function.

Schedule a tour of our community to learn more about what makes us stand out!