Alzheimer’s disease and other dementia-based illnesses have a profound impact on the lives of those they touch. Both those who have the disease and their caregivers, families, and friends feel its effects. This impact extends beyond the physical and emotional facets and includes the financial cost of memory care.
In 2020, all of dementia and Alzheimer’s care needed in the United States will cost about $305 billion. This cost will only increase over the years. They could rise as high as $1.1 trillion in 2050.
While this might seem like a staggering increase — and it is — it’s important to note that the majority of that increase is likely due to the expected increase in cases throughout the country in the future. Over 5 million Americans are currently living with Alzheimer’s, which could grow to over 14 million in 2050.
Memory care is an essential type of care for those with Alzheimer’s and dementia. In a specialized memory care retirement community, seniors receive the specialized help they need to keep them safe, engaged, and enjoy life.
Preparing for the Cost of Memory Care
Because of the highly-specialized care, these seniors need, care is not inexpensive. While Medicare and Medicaid can help offset the cost of memory care in many situations, it likely won’t cover the entire cost.
1. Plan Early
The sooner you can begin preparing for the cost of memory care, the better. That may sound difficult, especially because many people don’t think about this before being diagnosed, at which point you may have lost some of your decision-making power. It may be uncomfortable, but spend some time thinking about what life might look like if you were diagnosed with Alzheimer’s or dementia.
2. Involve a Loved One
Once you have a plan, or even as you’re still figuring it out, talk it through with a loved one so they can help you make the best possible decisions. Knowing your wishes will put them in an excellent spot to make decisions on your behalf if they need to at some point. They’ll know what you want and will be able to act in alignment with your desires.
3. Meet with a Financial Planner
Take a loved one with you and visit a financial planner. They can help you look through your financial position to understand what types of care you can afford currently, and they can advise you on making these decisions. If you go early enough, they may be able to guide you in ways to save your money to provide for any potential care you may need.
Understanding Memory Care Services
The key to excellent memory care is engaging with residents with dignity and compassion. These are our core values at Marjorie P. Lee, and we’ve used them to inform our Living Well Memory Support program. We’ve recently renovated our memory care households to offer open kitchen and community spaces for residents to be able to visit and engage with one another. Our person-centered therapies are designed to engage our residents and engage their minds fully. From software to music to art, our residents have no shortage of opportunities to engage their minds.
At Marjorie P. Lee, our Amstein House is one of our long-term care communities that is reserved exclusively for people with dementia and Alzheimer’s. This community not only offers our 24-hour nursing care but also has the Living Well Memory Support program available throughout the community. We engage with our residents from a holistic and one-on-one approach to best provide them with care. But, we also know the importance of community and offer a daily group walk and other exercise-related activities to keep our residents moving.
The need for memory care is going to increase over the coming years, and its costs are likely going to rise along with it. Those who work in memory care are committed to serving residents with Alzheimer’s and dementia with compassion, love, and dignity for years to come.
To learn more about memory care at our Cincinnati retirement community, complete our information request form here. We also invite you to download our Dementia Guidebook for additional information about coping with a dementia or Alzheimer’s diagnosis.