When a loved one is living with dementia, it’s natural to want them to be near you. You may have heard about memory care in Laplace, LA, and wonder if it would be the best option for your loved one. If you’re considering a move to a memory care community, here are some financial considerations that can help you make an informed decision:
Ask About The Community’s Financial Policies
The most important thing to consider when looking for a community is how much it costs. The average cost of memory care ranges from $6,000 to $7,500 per month, and some communities have additional fees. It’s essential to do the math and ask questions about payment options before you move in so that you know exactly what your financial obligations will be.
Ask a prospective community if they offer any payment plans or discounts—and if so, how many months of payments must be made upfront? What happens if payments are missed? Are there penalties? Are there ways to spread out payments over time without incurring interest charges?
Ask about their financial policies as well: Do residents pay for laundry services or utilities like electricity and Internet access separately? How often are rates adjusted for inflation (or not)? Is there an annual fee associated with living there that may increase each year your loved one stays at the community?
Assess Your Finances
Do you have enough for retirement? Are there college savings accounts for your children or grandchildren? Do you have money set aside for a house down payment and/or other big purchases? Or do you need to plan on having someone else care for you when the time comes since there are no funds available in your retirement account or college savings account to pay for these costs?
Consider whether any of these financial resources will be available when needed. This can help determine whether moving into memory care in Laplace; LA is more affordable than continuing to live alone in the home where you’re currently residing.
Contact Your Insurance Company
Contact your insurance company and find out if they cover the costs of memory care. Your insurance may pay a portion or all of the cost of care, depending on your policy. You can also check with Medicare to learn how it covers this program.
You’ll need pre-approval from your insurance company before sending in any bills for services or treatments you or another family member receives at an assisted living community.
Research The Costs Of Care In Your Area
The cost of memory care can vary depending on the level of care needed. A basic level of care that includes supervision, medication management, and assistance with daily activities will run between $50,000 and $60,000 per year. More extensive levels of care may include nursing services 24 hours a day and assistance with personal hygiene and dressing. These can cost anywhere from $60,000 to $80,000 annually.
The cost of a memory care community can also vary by state; New York has higher costs than other states due to its high cost-of-living expenses. In contrast, Texas has lower costs due to lower taxes and fees associated with living there compared to other places in America.
While it can be daunting to discuss your finances when choosing a community in Laplace, LA, the cost of care is one of the most important factors to consider. But remember, many factors decide whether a memory care community is right for you and your loved one. Our goal is to guide you in making that decision and help make it as easy as possible.