Senior Living

Tips for Paying for the Cost of Memory Care

Tips for Paying for the Cost of Memory Care

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When considering memory care communities for a loved one, it’s important to determine the costs and how you will pay for them. Fortunately, a few funding options are available to help pay for memory care.

Frontida Assisted Living is here to provide our top three financial resources and essential financial planning tips.Funding options to help pay for memory care

According to Genworth’s Cost of Care, the average monthly cost of memory care is around $5,000. Various factors, including levels of care, accommodations, amenities, and geographic location, will affect the cost of memory care for your loved one.

There are three primary financial options to help offset the cost of memory care:

  1. Veterans Aid & Attendance benefit – Eligible wartime veterans or a surviving spouse with limited income can receive a non-service connected pension to help fund care. Visit the U.S. Department of Veterans Affairs (VA) website for more detailed information, including how to apply.
  2. Long-term care insurance – Long-term care insurance may help pay for memory care by covering costs not paid for by health insurance, Medicare, or Medicaid. Contact your insurance provider for specific policy coverage and benefits.
  3. Life insurance conversion – An additional option for offsetting the cost of memory care is to transfer a life insurance policy into a pre-funded financial account. You can set up monthly disbursements from this account to pay for care needs.

Is it the right time for memory care? Take this short quiz. >>

Memory care financial planning tips

As you gather information about different memory care communities you visit, remember to ask questions about costs. Take notes to refer to them when preparing a financial plan for your loved one.

Here are some of our most recommended tips when putting a financial plan in place:

Gather and Organize Financial Documents

Find the following documents and create files for each category:

  • Bank and brokerage account information
  • Deeds and mortgage documents
  • Insurance policies
  • Bills
  • Retirement and pension benefits
  • Social Security information
  • Stock and bond certificates

Learn about life at Frontida >>  

Consult with a Financial Advisor or Estate Planning Attorney

Consider hiring an expert who specializes in elder care who can guide you in the following areas:

  • Insurance options
  • Potential income sources: pensions, retirement benefits, and personal property
  • Potential tax deductions
  • Eligible funding programs
  • Investment portfolio analysis – based on future care needs

Peace of mind, specialized care, and invaluable support

Ensuring your loved one is in the right place is a big decision. As you prepare finances and select a community, remember the invaluable peace of mind and support you and your loved one will experience in a memory care setting.

The specialized care, security, and enriching environment your loved one will have are worth the challenges of navigating memory care and finance options. Don’t hesitate to ask the memory care team for assistance and guidance in your search and decision-making process.

Explore specialized memory care at a Frontida community >>

Feel at Home at Frontida Assisted Living   

Frontida Assisted Living values transparency and trust in each of our Wisconsin communities, and our team is ready to answer your questions, offer support, and provide resources to help you make a confident and informed decision for your loved one’s future care. 

Our compassionate team strives to create a sense of community and purpose for each resident through personalized programming, life-enriching activities, and special events.   

Each Frontida community maintains a garden to incorporate seasonal fresh fruit and vegetables into our menus. We encourage healthy choices and well-balanced meals.   

Learn how we care for our residents:  

  • Private suites, bedrooms, and companion rooms  
  • Fully accessible, private bathrooms  
  • Spacious living rooms and engaging indoor recreation areas  
  • Cozy fireplaces and open-plan seating in living spaces  
  • Beautifully maintained outdoor areas  
  • Access to a trusted network of physicians, nurses, podiatrists, and therapists  
  • Delicious, home-cooked meals and snacks  
  • 24-hour personal care and supervision  
  • Comfortable spa and salon (in specific locations)  
  • Dedicated memory care communities  
  • Specialized mental health care communities  
  • Housekeeping and laundry services  
  • Individualized care plans  
  • Dedicated Life Enrichment Coordinators to plan and schedule meaningful activities for all residents  
  • Dedicated Registered Nurse to oversee the health and wellness of each resident  

We value honesty, trust, and open communication to build relationships with our residents and their loved ones. Together, we form a partnership to ensure your loved one lives a fulfilling life, feeling a sense of belonging and purpose.  

When you’re ready, contact any of our 11 Frontida assisted living and memory care communities to gather more, or to set up a personalized tour. We’re here for you whenever you need us.

Rachel Potente
• 3 min read