Financial Planning for Memory Care: Costs and Financial Options | Avalon Memory Care
  |  
Memory Care

Financial Planning for Memory Care: Costs and Financial Options

Navigating the financial landscape of memory care can feel overwhelming, but with thoughtful planning, you can find a path that provides the best care for your loved one while ensuring financial peace of mind. This guide explores the costs associated with memory care, various payment options available, and potential financial assistance programs to help you make informed decisions with your family.

Understand the Costs

Memory care typically involves higher costs than assisted living due to the specialized staff and the programs designed to address the unique needs of individuals with memory impairment. It’s important to make a list of all your needs and wants in a community so that you can weigh the costs. The price can vary based on factors like:

  • Location: Costs can be higher in desirable locations and urban areas with a high cost of living.
  • Size of living space: You’ll have the option to choose from a variety of floor plans to find the perfect fit for your loved one’s needs and preferences. Each offering will have a different price point depending on the size and privacy level of the room. 
  • Amenities and services: Communities offering a wider range of services and premium amenities typically reflect this in their pricing.

Budget and Plan Ahead

Proactive planning is key when it comes to managing the costs of memory care. Taking the time to explore your options and seek expert guidance can alleviate much of the financial stress associated with this decision.

  • Start early: The sooner you start planning, the better prepared you’ll be.
  • Work with a financial advisor: A financial advisor can help you develop a comprehensive plan and explore strategies to protect your assets.
  • Explore community resources: Many communities offer free or low-cost resources to help families navigate the financial aspects of memory care. If you’re interested, we’d love to help walk you through the costs and benefits of memory care. Schedule a time to talk with one of our experts. 

Explore Payment & Financial Assistance Options

While the cost of memory care can be substantial, several payment options and financial assistance programs can help make it more affordable. Consider these potential resources as you create a plan that works best for your family’s situation.

  • Private Pay: Many families pay for memory care out-of-pocket using savings, investments, or proceeds from the sale of assets.
  • Long-Term Care Insurance: If you have a long-term care insurance policy, it may cover some or all of the costs of memory care. Review your policy carefully to understand its terms and benefits.
  • Veterans Benefits: Veterans and their spouses may qualify for benefits through the VA Aid and Attendance program to help cover memory care costs.
  • Medicaid: In some cases, Medicaid may cover memory care costs for individuals who meet specific eligibility requirements. Consult with an elder law attorney or financial advisor to understand if this applies to you.
  • State and local programs: Some states and local communities offer financial assistance programs for individuals needing memory care. Research programs available in your area.
  • Non-profit organizations: Certain non-profit organizations provide financial assistance or grants to help cover memory care expenses.

The Value of Memory Care

While the cost of memory care is an important consideration, it’s equally essential to recognize the value it brings. Memory care communities provide specialized care, support, and a safe environment for individuals with memory impairment. 

We’re Here to Help

At Avalon Memory Care, we understand the financial challenges associated with memory care. Our team is available to discuss the cost of care and provide guidance on potential resources to help you make informed decisions. Schedule a time to learn more.

Related Articles

See More Articles

  • Understanding Parkinson’s Disease and Dementia

    Parkinson’s disease is an incurable neurological disorder, with progressively worsening complications. Perhaps the most well-known symptom of Parkinson’s is a hand tremor, but it can also cause speech changes, muscle rigidity, and impaired posture. Eventually, as the disease progresses, more than half of all individuals with Parkinson’s will require dementia care. This particular type of

  • The Long Goodbye: Understanding Anticipatory Grief and Dementia

    When you have a family member who is suffering from dementia, it’s not unusual to find yourself experiencing sharp and sudden emotions. The gradual loss of a loved one is, in many ways, comparable to experiencing the death of someone close to you. With progressive dementia, this sense of loss is accompanied by another emotion

  • Hope For the Future: Emerging Alzheimer’s Research

    According to the latest statistics, as many as 5.5 million Americans are living with Alzheimer’s disease, and its prevalence is only expected to rise in the next few decades. At the same time, however, research into treatments for the condition is accelerating. With every passing year, we move a little further down the road toward

Our team is committed to delivering personalized care for your loved one

Michelle Strong

RN

All Star Hospice

Christian Care House Calls

Testimonials

“Since my mother has lived at Avalon, I have had peace of mind for the first time since Alzheimer’s began to exact its terrible price from my mother’s life. Thank you for your part in making our lives better.”
Daughter | Ft. Worth, TX
“I just wanted to let you know how much I appreciate the care and love afforded to my mom over the last two weeks. Your success in finding such quality people has my gratitude and respect.”
Daughter | Dallas, TX
“We are very pleased with all of the efforts that your caring staff has made to smooth this traumatic transition.”
Son | Plano, TX
“I know my husband had the very best care in his final days. I regret that I did not know about Avalon sooner.”
Wife | Dallas, TX
“Mom spent the final 8 months of her life in Avalon Memory Care in Allen. The staff was great. There was rarely a day that my brother or I did not come by and they were always friendly to us and did their best to make mom comfortable and happy. We really appreciated them for everything they did.”
Daughter | Allen, TX
“Making the decision to place my mother in residential memory care was the hardest thing I think I have ever done. But living at Avalon has been the best thing for her at this stage of her life.”
Daughter | Allen, TX
“My grandmother has lived at Avalon Memory Care for 6 months now. I cannot speak highly enough about the warmth, dedication, and caring compassion of the staff. They always make us feel welcome and go out of their way to work with us to accommodate grandma’s needs.”
Grandson | Arlington, TX
“My grandmother spent her final days at Avalon and we couldn’t have asked for a better place to care for her. The caregivers are attentive and kind, and many of them have been with Avalon for years. If you are looking for a place to love on you and your family in a season that is inevitably difficult, Avalon is a wonderful choice.”
Granddaughter | Arlington, TX
“We are delighted with the facility of Avalon Memory Care. We just placed Grandma in an apartment with them and couldn’t be happier. It is clean and well-lit, and everyone greets us, down to the folks who clean up.”
Granddaughter | Arlington, TX

Carol Rup

Family Member

Jim Howard

Family Member

Greg and Cindy Heitzman

Family Members

Schedule a Tour

Visit one of our 30+ campuses and experience our unique approach to memory care.

Book Now

Careers at Avalon

Explore our wide range of
career opportunities!

Learn More