Recent reports show that 16.4% of Louisiana residents are over age 65. Since two in every three seniors experience some level of cognitive decline, memory care services are more important than ever.
Finding the right community is essential for quality assistance if your loved one needs specialized memory care. However, the cost of memory care can make this task daunting.
Read on to learn the ins and outs of community pricing and how to make memory care expenses more affordable!
The Average Cost of Memory Care in Louisiana
Before you can understand memory care pricing, it’s important to look into Louisiana’s average community costs. This will give you a rough estimate to get you started with the budgeting process.
2024 Gensworth figures show that assisted living in Louisiana costs about $4,750 per month. The cost can vary by as much as $3,125 monthly depending on where in the state you live. Costs are closer to $3,500 in some areas and $6,500 in others.
Location matters, but so does the level of care your loved one needs. Memory care residents intrinsically require more assistance than those in traditional assisted living communities. After all, they’re contending with cognitive decline that they need more assistance for.
Genworth found that Louisiana memory care costs are between $750 and $1,175 higher than assisted living prices. Going by the state average for assisted living ($4,750), those who need long-term memory care will pay between $5,500 and $5,925.
Understanding Pricing Fluctuations
There are several factors that influence the cost of memory care. Beyond location and level of care, families can expect pricing changes depending on the community they choose.
Communities with a lower quality of care and fewer amenities may be inexpensive. However, they won’t give your loved one a chance to age as gracefully and happily as possible.
High-quality communities like SummerHouse Ashton Manor may have slightly higher costs. However, they come with a wide range of services and amenities like:
- Resort-style apartments
- Accessible open floor plans
- TV lounges and game rooms
- Nutrition and wellness plans
- An activity calendar with daily meet-ups, workshops, and social activities
- Themed dances and live performances
- Fun classes with guest instructors
- Landscaped outdoor relaxation areas and walking paths
Most amenities come with residents’ monthly rent. You’re not only paying for room and board. You’re paying for a top-notch quality of life.
Additionally, the level of care your loved one needs may alter pricing. In memory care, seniors need more assistance than in traditional assisted living. In addition to help with personal care tasks, residents require:
- Cognitive exercises to boost memory and critical thinking, including puzzles and games
- Purpose-driven socialization to keep seniors sharp and responsive
- Help from caregivers who are specifically trained and certified to work with those who have cognitive issues like dementia
Those who need extra help may need to pay more than people who can live more independently. Even two residents within the same community will likely have different rates.
Finally, prices may change based on your loved one’s apartment floor plan. They can choose between studio suites and one-bedroom apartments of various sizes. Rooms with more square footage may have a higher rent.
Insurance and Memory Care Expenses
Dementia care pricing and Alzheimer’s care costs can get expensive. Luckily, there are insurance options for those who require long-term memory care.
The primary insurance varieties are aptly called “long-term care (LTC) insurance.”
A traditional LTC plan pays a portion of the policyholder’s senior living fees each month. The holder pays a premium depending on their credit history and individual plan details. The resident and their family can unlock a lower monthly rate in exchange for this premium.
A traditional LTC plan is the least expensive and most straightforward option.
There are also hybrid LTC plans that include all of the same benefits as traditional LTC does. However, they also have additional benefits like a return of premium payments to the family. After the assisted living resident passes away, the family may get a cut of the premium back.
Hybrid LTC insurance can make an emotionally difficult time in the future financially easier.
Regardless of which option you choose, it’s a good idea to start insurance payments early. If your loved one doesn’t need care for two more years, you can still lock in a lower premium now if you sign up today. This can save money in the long run.
If your loved one already has a life insurance plan, there may also be a long-term care rider addition to the policy. This rider waives the death requirement for paying out insurance benefits.
Families can access some of their life insurance policy while the holder is still alive. The rider was made to pay for long-term care.
If you’re interested in a rider but don’t have one yet, you can usually add them to pre-existing policies.
Loans for Memory Care
Financial planning for seniors is much easier with loans. Many banks and private lenders offer loans specifically for seniors who need long-term care.
These long-term care loans work just like any other loan would. You’ll access funding depending on your specific financial needs and credit score.
However, these loans will likely help you in addition to personal funding sources. A financial advisor can help you find these funds in:
- Long-term savings accounts
- Checking accounts
- Social security payments
- Pensions
- Liquidated assets (houses, vehicles, etc)
They can also help you create a comprehensive budget to ensure that you take out the right loan.
Invest in Quality Long-Term Memory Care
Now that you know how to make the cost of memory care manageable for your family, it’s time to begin looking into quality care.
SummerHouse Ashton Manor is committed to offering specialized memory care services to residents from all walks of life. We’re not just excited to help your family member enjoy your golden years. We want to get to know them individually and keep them as happy and sharp as possible.
Our professionals are specially-trained and certified to work with those experiencing cognitive decline, so contact us today and learn more about what we have to offer.
