The Value of Assisted Living and Memory Care

Happy old elderly senior grandparents family couple clients signs financial insurance, pension, startup, dealing handshake agent lawyer, agreement with customers on investment contract, bank manager

When you or your loved one needs support through assisted living or memory care, you want to know you’re in trusted hands. Getting the right support from caring, qualified professionals can make all the difference in your quality of life. That’s where the real value of senior living communities comes in. 

Individuals often want to stay at home for as long as possible, which is understandable. But what happens when the costs of in-home care exceed your means?  

When the costs of long-term in-home care become too high, or feelings of isolation begin to set in, or it’s challenging to find qualified care you’re comfortable with, senior living communities like ours can take the burden off the family and enhance the individual’s independence and overall well-being in ways staying at home simply can’t match.

To help you get a clearer picture of the costs of staying at home versus moving to assisted living or memory care, use our handy cost comparison sheet. It will help outline your at-home expenses and compare them to the many services, amenities, and care levels at a community to help determine what your actual savings could be now and in the future.

Estimated Cost Breakdown of Assisted Living and Memory Care

Costs of assisted living and memory care vary based on location, services and amenities, levels of care, home size, and more. There are some costs you can estimate and expect based on each care service. 

It’s important to understand the real value that comes from senior living. Life at a senior living community is about so much more than a place to live. Our residents thrive through daily socialization and engagement opportunities, while life-enrichment programs keep things interesting – and fun. Help and support are readily available if needed, and tasks like transportation, grocery shopping, meals, housekeeping and home maintenance are taken care of. With all the essentials covered, residents here are able to spend their time doing the things they love and focus on living their preferred lifestyle in their own way. 

What Does Assisted Living Include?

For one monthly base rent, residents in our assisted living communities can expect extensive support and coverage of:

What Does Memory Care Include?

Much like assisted living, after paying a base rent in memory care, you can expect a number of services to be included. These include:

  • Homey and welcoming accommodations
  • Kind, compassionate, person-centered care offered 24/7
  • Maintenance and housekeeping
  • Support with activities of daily living
  • Specialized care services designed specifically to enhance cognitive abilities
  • Socialization opportunities with other residents
  • Healthy, nutritious meals, including specialized plans tailored to each person’s abilities and needs
  • Safety and security features
  • Therapeutic activities, programming and wellness classes
  • Complimentary transportation

Who Pays for Assisted Living and Memory Care?

The answer to who pays for care and how to cover the costs can depend on a number of factors, including your financial situation and access to benefits. 

We fully understand that every individual’s circumstances are as unique as their life story, which is why we work with each resident to explore your options, identify what works for you, and create a customized plan to help you receive the care you need – and the lifestyle you deserve. While a variety of general resources and various programs exist to help offset the costs or provide financial assistance, nothing beats personalized planning assistance from experts you know you can trust.

Below are a few of the most common ways older adults and families cover assisted living costs and pay for memory care:

Sale of Primary Residence 

This option for paying for assisted living and memory care is the most straightforward. This is where seniors sell their primary residence to cover the cost of care. Some seniors might also consider the sale of other personal assets such as a second property, car or valuable possession, as well as any equity that they may have established.

Personal Funds and Savings

Many families use personal savings, their retirement or investments to cover costs of assisted living and memory care.

Veterans Benefits

Veterans Aid and Attendance Pensions may help Veterans and their spouses cover the costs of assisted living and memory care. Talk to the Department of Veterans Affairs (VA) to determine eligibility and learn more about benefits.

Long-Term Care Insurance

Long-term care insurance policies may cover some or all assisted living and memory care costs. While Medicare does not help cover assisted living or memory care expenses, there are several programs that can aid in covering costs. Make sure to talk to your insurance provider to learn more about coverage and limitations.

No matter your financial situation, our team of senior living experts at Cascade Living Group can work with you to explore your options, identify what works for you, and create a customized plan to help you receive the care you need – and the lifestyle you deserve. 

What’s Next?

Paying for care in one lump sum can be difficult, so a combination of private pay, health insurance, assets, benefits and public assistance can be, and is often, used. Before making any decisions, consult with a financial advisor with experience in senior care, your insurance company, and team members within your chosen community.

Cascade Living Group Is Here To Help.

Staff members at your assisted living or memory care community of choice are there to help guide you – we are, too. If you’re wondering how much assisted living costs, what financial assistance for assisted living or memory care is available, or simply want to know more about our care services, contact us today.