If you’re considering a senior living community that provides memory care for yourself, parents, or loved ones, it’s important to know how much assisted living costs. The cost can vary greatly depending on factors like the location, accommodations, level of care required, and any additional amenities.
Luckily, more senior assisted living developments are being built every month because the number of seniors in America is about to explode – ABC News¹ reports the senior population will grow by 80 percent in the next 25 years. This means more people than ever before will need memory care or assisted living options.
Resolution Productions / Getty ImagesFortunately, the current increase in senior housing developments means there’s a surplus of available memory care assisted living options available right now. Until the baby boomer generation ages altogether, memory care facilities are looking to fill empty rooms. So, if you look in the right places, you should find incredible deals. Here’s why.
What Does Living in a Memory Care Facility Cost?
Every memory care facility provides a different level of care for its senior residents. Therefore, the costs vary significantly from one facility to another. Memory care assisted living, on average, costs more than basic assisted living or other types of senior homes because of the amount of specialized care required.
In the United States, the average cost of residing in a memory care facility is about $5,000 per month according to Caring.com². However, unlike traditional senior living residences, memory care assisted living facilities are much more comprehensive. A typical memory care assisted living facility includes, according to A Place for Mom³, a secure living facility, 24/7 onsite care, special programs, and social and therapeutic counseling.
Additionally, while memory care assisted living can be expensive right now, prices are dropping. In fact, it’s becoming much more affordable than the cost of letting the average senior age in place at home. As Five Star Senior Living⁴ reports, memory care assisted living can now be found for just $3,000 per month – and, on average, that’s $2,000 less than the average cost of living at home.
Memory Care Assisted Living is in High Demand
As the baby boomer generation ages, Alzheimer’s and other forms of dementia are being reported at an alarming rate. More than 5 million people were living with Alzheimer’s in 2017, Assisted Living Today⁵ writes, and that number is estimated to triple by 2050.
The size of the baby boomer generation will significantly impact the availability and cost of memory care. Developers know that more facilities will be needed, so new assisted living facilities devoted to memory care are being built to meet that future demand. It’s estimated, CareGiver.org⁶ reports, that 27 million people will need memory care assisted living residences.
However, right now those 27 million seniors aren’t yet retired or don’t need memory care assisted living just yet. This means that there’s a surplus of senior living facilities with unfilled rooms. In order to fill those rooms, memory care assisted living facilities need to attract seniors. And there’s no better way than to lower prices as an incentive.
How to Find Affordable Memory Care Assisted Living Options
If you’re looking for affordable memory care assisted living, you have quite a few options – and now is the time to save significantly.
In an effort to get seniors to move into these new memory care housing options, developers are offering discounts, deals, and incentives to seniors who are ready to make the move. While demand remains low, prices for senior housing will be affordable.
Demand is already increasing, meaning affordable options won’t be around for long. As the baby boomer generation ages and develops increasing health problems, more and more seniors will seek out memory care assisted living. As Garden of Palms⁷ reports, in 2017 1.5 million Americans needed memory care living facilities; in the next decade, that number will jump to 11 million.
There is an incredible opportunity for you and your loved ones to save big on the costs of senior living.
For the best deals and lowest prices, seniors need to act now before demand increases. You’ll get savings well ahead of the rest of the senior population if you’re prepared. Make the move into senior housing designated for memory care now, and you’ll be able to save in the years to come.
You must do your research. Research your city and local area to find out what kind of senior living opportunities are available. Get started now – don’t wait until the number of seniors increases and deals disappear.
Like anything, it’s always a good idea to be aware of the latest research. We recommend comparing at least 3 or 4 options before making a final decision. Doing a search online is typically the quickest, most thorough way to discover all the pros and cons you need to keep in mind.