Do you have a family member who has been diagnosed with dementia? If you are considering Memory Care in Taylors, SC, cost may be a concern. Generally speaking, Memory Care is more expensive than Assisted Living as caregivers with specialized skills are needed to care for our loved ones.
While financing Memory Care can be worrying, families should not panic. Instead, you should begin your planning and research. Arm yourself with the right information so you can make the right decision for your loved one. Here are four myths about the cost of Memory Care that you should know about.
Myth 1: Memory Care Costs the Same in Every State
According to the latest statistics from A Place For Mom, the median cost of Memory Care in the country is $5,430 a month. But that doesn’t mean Memory Care costs are the same in all areas. As with most healthcare services, the cost of Memory Care in the United States depends on a few factors, including the location of the retirement community and the level of care needed. Memory Care will likely cost higher in metropolitan areas or desirable neighborhoods and lower in rural areas. At the same time, the cost may also vary according to the senior living amenities and services offered.
Myth 2: Memory Care Facilities Do Not Accept Medicaid
This commonly held belief is not true because some Memory Care communities do accept health insurance, like Medicaid and Medicare, as payment for long-term care. So, when searching for a Memory Care community, always ask about the types of payment options available and if insurance can be accepted. Do note that health insurance may only cover medical costs and your loved one will still have to pay additional costs for daily living activities, custodial care and other services offered by the retirement community. In addition to health insurance, your loved one might also be able to take advantage of the Aid and Attendance program if he or she is a veteran or the spouse of a veteran.
Myth 3: No Financial Assistance Is Available for People with Dementia
Contrary to this belief, individuals who need long-term care services may be eligible for financial assistance through the Medicaid Long-Term Care (MA-LTC) program. This includes those who are diagnosed with Alzheimer’s disease or other forms of dementia.
Myth 4: Family-Provided Care is More Affordable than Memory Care
At first glance, it may seem that providing care for a loved one with dementia is more affordable than Memory Care because you would not need to pay for professional caregivers, food or housing. However, after further examination, family-provided care is not always a viable option. Caring for a loved one with dementia is a big responsibility and requires a lot of time, effort and commitment. Those who decide not to hire a professional caregiver often need to take time off from work to care for their loved ones. Not only can this negatively affect their monthly income and take a toll on their overall financial situation, but also their mental health.
Memory Care communities can provide families with a convenient and stress-free solution, allowing them to continue working while supporting their loved ones who are under the care of professional caregivers. By choosing Memory Care, families can enjoy peace of mind knowing that their loved ones are receiving the specialized care they need in a safe and secure environment.