Cost of Memory Care in California: What to Expect
Currently, the California Department of Aging cites over nine million people as age 60 and older. This number is only growing. In 2030, the senior population of the state will be higher than the number of people under 18.
This is a first in California's state history, and the growing number of seniors increases the demand for assisted living and memory care. If your parent or grandparent requires long-term care, knowing what to expect can help you plan.
Read on to learn all about the cost of memory care in California!
The Average Cost of Memory Care: What to Expect
California is one of the most expensive states in the US when it comes to senior living. According to Genworth's most recent figures, the average California cost of assisted living is $5,250 monthly.
Memory care offers specialized services that bring the costs up further. Professionals are trained to work with those who have cognitive decline. Residents in memory care communities also usually need a higher level of care than their counterparts in traditional assisted living.
The additional memory care expenses will usually add up to $993-$1,463 extra. This puts the cost of memory care in the $6,243-$6,713 range.
Are These Costs Worth It?
The answer to this question is a resounding "yes." The apartment that seniors get in The Watermark at San Ramon is beautiful and well-appointed. Resort-style features include:
- Comfortable furniture
- Accessible floor plans
- Wheelchair-equipped spaces
- Walk-in closets and showers
- Ample storage space
- Treated windows
- Temperature control
There is also a wide range of common areas where memory care residents can relax together. Some include:
- Landscaped outdoor spaces
- Outdoor walking paths
- Fitness centers
- A well-stocked library
- A beautiful dining area
Most importantly, though, Alzheimer's care pricing covers much-needed care that seniors with cognitive decline can't live without. Your loved one can enjoy their golden years more peacefully and safely when they get help with:
- Dressing
- Bathing
- Brushing teeth
- Combing hair
- Using the bathroom
- Moving around
- Remembering tasks like eating
- Managing medication
Finally, memory care communities offer some benefits that traditional assisted living options don't have. They include:
- Unique sensory experiences to stimulate multiple areas of the brain
- Purpose-driven social opportunities to boost engagement and cognition
- Puzzles and games tailor-made to boost cognitive function
- Reminiscence therapy and storytelling to boost memory
- Quiet moments of reflection for life enhancement
- Brain-enhancing nutrition and dining experiences
Your parent or grandparent can remain in the best possible shape in the long term!
Is Funding Available for Memory Care?
At this point, you know what to expect from memory care expenses. However, even if you understand why these fees are important, the cost of memory care is still high. Some families may find it impossible to manage.
That's why many banking and private lenders offer long-term care loans!
This form of elder care financial aid works just like any other loan from the bank would. However, they were specifically created with the intention of funding families who need long-term care.
The exact amount of funding you can get will depend on your:
- Credit score
- Loan history
- Specific monetary needs
Since these are loans, you'll need to pay them back eventually. Your payback rate and interest will also depend on your credit.
Still, you can usually expect funding if you ask for it.
To learn whether other funding is available for memory care, talk with a financial advisor. They can:
- Help you find sources of personal funding that serve as a starting point for assisted living payments
- Create a comprehensive budget with you to make memory care payments more manageable
- Give you more specific information about California aid programs for seniors and families
- See whether your existing life insurance plan offers payouts for long-term memory care
- Direct you toward loans and financial aid programs you haven't thought of yet
Life Insurance Plans: Decreasing Financial Burdens
Some insurance plans can also help families cover dementia care costs.
If the person transitioning to assisted living already has a life insurance plan, this may be a fairly easy process.
Some life insurance policies come with a long-term care rider. Life insurance policies traditionally offer families death benefits when the policyholder dies, but the rider waves the death requirement. Families can get a portion of the rider while the senior is still alive and use that to pay for memory care.
If the resident's current plan doesn't have a rider, families can purchase one. Usually, all you need to do is add the rider to the existing insurance policy online or over the phone.
Because of this, it's simple to get memory care coverage that health insurance plans don't cover!
Long-Term Care Insurance
Long-term care (LTC) insurance is another way that families can get a discount on memory care costs.
Much like loans, the premiums on your insurance policy depend on the specific terms outlined in the fine print.
A traditional LTC insurance plan pays a portion of the memory care community's monthly fees. You pay a premium each month and get this assistance in exchange for those payments.
Hybrid LTC insurance is another option. These plans offer all the same advantages as traditional LTC insurance. However, they also may give a return of the premium payments to the family after the memory care resident passes away.
Those who want to save money on premiums now may prefer a traditional LTC insurance plan. However, if you want to make an emotionally painful time financially easier in the future, a hybrid LTC plan may be right for you.
Invest in Senior Living in California
Now that you know what to expect from the cost of memory care in California, it's time to find a quality assisted living community for your loved one. The Watermark at San Ramon offers multiple lifestyle options including dementia care.
Our team is committed to offering expert-led memory care services. Caregivers are continuously trained in best practices for working with residents struggling with cognitive decline.
We're committed to offering individualized care plans in a resort-style environment, so contact us to schedule a tour and learn more about our community in San Ramon, CA.