If you are the caregiver for a loved one who is dealing with memory loss, you know that it can be expensive to get the care they need. Plus, there are usually very few financing options available. In this blog, we will discuss some of the financing options that are available for memory care. We will also provide information on how to apply for these financing options and what requirements you will need to meet.


What Is Memory Care?

Memory care is a type of long-term care that is designed to meet the needs of people who are dealing with Alzheimer’s and other forms of dementia. Memory care facilities provide 24-hour supervision and support, as well as specialized activities and programs that are designed to help people with memory loss.

Why Is Memory Care Expensive?

Memory care is expensive for a number of reasons. First, the staff at memory care facilities are specially trained to deal with people who have memory loss. They need to be able to provide the proper level of care and support that these individuals need.

Second, memory care facilities are typically equipped with special features and amenities that help to make the lives of their residents easier and more comfortable. These features can include things like security systems, wander guards, and specialized dining areas.

Lastly, memory care facilities are usually located in areas that are close to hospitals and other medical facilities. This proximity allows residents to get the care and treatment they need in a timely manner.

How Can I Pay for Memory Care?

Since memory care is expensive, it’s important to know what your financing options are. Here are a few of the most common ways that people pay for memory care:

Long-term Care Insurance

This type of insurance policy covers the costs of long-term care services, including memory care. Long-term care insurance can help pay for some or all of the costs associated with memory care, depending on the policy.

Long-term care insurance policies are typically purchased by people over the age of 55. To be eligible for this type of insurance, you must undergo a medical exam to prove that you’re not already suffering from a chronic illness or cognitive impairment.

There are only a few drawbacks to long-term care insurance. First, it can be pricey. Premiums for long-term care insurance policies have been rising in recent years, and they are only expected to continue to increase. Second, long-term care insurance policies usually have strict eligibility requirements, so not everyone will qualify for coverage.

Therefore, long-term care insurance is not the right financing option for everyone. However, if you are over the age of 55 and healthy enough to qualify for coverage, long-term care insurance can be a good way to pay for memory care.

Private Insurance

Another way to finance memory care is through private insurance. Private insurance typically covers some of the cost of memory care, but not all of it. You will likely have to pay a deductible, as well as coinsurance and copays. Additionally, private insurance plans often have lifetime limits, so it’s important to check with your insurer to see what coverage you have.

Private Pay

Some people choose to pay for memory care out of their own pockets. This is often referred to as “private pay.” Private pay options can include using savings, selling assets, or taking out a loan.

If you’re considering private pay, it’s important to understand that memory care can cost upwards of $100,000 per year. For most people, paying for memory care privately is not a sustainable option in the long run.

Reverse Mortgage

A reverse mortgage is another option to consider if you’re financing memory care. With a reverse mortgage, you can access the equity in your home and use it to pay for memory care.

A reverse mortgage is a loan that’s available to people who are 62 years of age or older. The loan allows you to tap into your home equity and use it as collateral for a loan.

The funds from a reverse mortgage can be used for anything, including financing memory care. One of the benefits of a reverse mortgage is that you don’t have to make monthly payments on the loan. Instead, the loan is repaid when you sell your home or pass away.

Reverse mortgages have some drawbacks, however. For one thing, they can be expensive. There are also strict eligibility requirements, and not everyone will qualify.

Government Programs

A few government programs can help cover the costs of memory care, including Medicaid, Medicare, and Veterans Affairs benefits.


Medicare does not cover the costs of long-term care services, but it can help pay for some medical expenses related to memory care. For example, Medicare will cover the cost of doctor’s visits, hospitalizations, and certain types of therapies. To qualify for Medicare, you must be 65 years of age or older and have a qualifying medical condition.


Another way to finance memory care is through Medicaid. Medicaid is a government program that provides health insurance for low-income Americans. In order to qualify for Medicaid, you must have a very low income and few assets.

If you qualify for Medicaid, it will cover most of the cost of your memory care. The downside of Medicaid is that it has strict eligibility requirements, so not everyone will qualify. Additionally, Medicaid does not cover the full cost of memory care, so you may still have to pay some out-of-pocket costs.

Veterans Affairs Benefits

Veterans Affairs (VA) benefits can help cover the cost of memory care for veterans and their spouses. To be eligible for VA benefits, you must have served in the military and meet certain other criteria. Usually, you’ll need to have a service-related disability to qualify.

One of the drawbacks of VA benefits is that they only cover care in a VA facility. So, if you want to receive memory care at a non-VA facility, you’ll have to pay for it yourself.

Despite having plenty of options for financing memory care, it’s still a challenge for many people to afford the costs. This is because memory care is often much more expensive than other types of long-term care. If you’re struggling to pay for memory care, there are a few organizations that can help.

The Alzheimer’s Association offers financial assistance to people with Alzheimer’s disease and their caregivers. They have a program called the Rita Hayworth Gala Scholarship Program which helps cover the costs for people with Alzheimer’s disease who can’t afford memory care.

The National Institute on Aging also offers financial assistance for people with Alzheimer’s disease. They have a program called the Alzheimer’s Disease Assistance and Relief Effort, which provides money to states to help people with Alzheimer’s disease pay for long-term care.

If you’re struggling to pay for memory care, there are a few options available to you. You can check with the Alzheimer’s Association or the National Institute on Aging to see if you qualify for any financial assistance programs.

You can also look into financing options such as long-term care insurance or reverse mortgages. Whatever option you choose, make sure you do your research so that you can find the best possible solution for you and your loved one.

If you’re having trouble financing memory care, don’t despair. There are plenty of options available to help you afford the care you need. Talk to your doctor or a financial advisor to explore all of your options and find the best solution for your situation. With a little bit of planning, you can ensure that your loved one gets the care they need.

With All The Costs, Is Memory Care Really Worth It?

Yes, financing memory care can be a challenge, but it’s important to remember that the care your loved one receives is priceless. The peace of mind you’ll have knowing that they’re being well-cared for and receiving the best possible treatment is worth any financial challenges you may face.

When it comes to financing memory care, there’s no one-size-fits-all solution. You’ll need to explore all of your options and find the best way to finance the care your loved one needs. With a little bit of planning, you can ensure that they get the care they deserve.

What Are The Memory Care Services That Makeup All The Costs For This Kind Of Care?

The first thing you’ll need to do is find out exactly what memory care services are available and what they cost. This will give you a good starting point for financing the care your loved one needs. Memory care services can include:

  • Residential care in a memory care facility
  • In-home care from a professional caregiver
  • Adult daycare at a memory care facility
  • Respite care (this helps give caregivers a break)

Each of these options has different costs associated with it. For example, residential care in a memory care facility will be more expensive than in-home care from a professional caregiver. You’ll need to decide which option is best for your loved one and your budget.

You can always ask around and compare costs. This will give you a good starting point for financing the care your loved one needs.

Final Thoughts

So, how do you pay for memory care? There are a few financing options available to you. You can use government benefits, private insurance, or pay out-of-pocket. You’ll need to decide which option is best for your loved one and your budget. Compare costs and ask around to get the best price and value on memory care financing. If you still have questions, please reach out to one of our memory care specialists at Eden Senior Care.