According to an article in the scientific journal SSM - Population Health, two in every three Americans will eventually experience cognitive decline. Dementia also impacts between 24-37% of Americans, so help for cognitive disabilities is essential for many older adults.
Understanding the average cost of memory care in North Carolina is the first step toward financial planning for seniors.
Read on to learn about senior care pricing and how to make memory care expenses more manageable.
As of 2022, Genworth reports that North Carolina's average cost of assisted living is about $5,769. This average fee includes daily care services like:
Those in memory care get all this same assistance. However, they also unlock additional assistance from caregivers who are specially trained and certified to work with seniors experiencing cognitive decline.
This specialized knowledge brings the average cost of memory care up $950 from assisted living costs. On average, this means memory care in NC costs about $6,719.
It's important to note that different parts of North Carolina have different averages for memory care expenses. Dementia care costs throughout the state range anywhere between $2,750 and $8,603 monthly.
Monroe has costs beneath the state average. The average cost of Monroe memory care is only around $4,575.
Many families wonder why memory care is generally expensive. There are several reasons for higher costs, including:
Luckily, families can make decisions that impact assisted living pricing within quality communities. Staying in control is possible when you understand what factors impact monthly costs.
Senior care pricing is based on the quality of care you pay for. Some communities will cost very little money in monthly fees. However, cheap pricing usually means that the community only offers bare-bones services.
When you choose these low-priced communities, your loved one will gain access to mediocre assistance. They also won't be able to thrive at community events or in beautiful, well-appointed amenities. They get what you pay for.
Choosing a quality community like TerraBella Indian Trail could mean incurring slightly higher fees. However, this makes sense since residents unlock:
Those in high-quality communities also pay more for better living spaces. Well-appointed apartments may have fluctuating prices based on:
You pay more for an assisted living community that has top-notch amenities and apartments. This is well worth the cost since your loved one gets to age in comfort and style. Plus, since the best communities offer pet-friendly apartments, paying a little extra may let your beloved senior bring their furry friend along.
Selecting a senior living community doesn't just mean signing up for the least expensive care. It means comparing how much you pay with the services and amenities that come with the monthly rate. Prioritize value rather than a low figure.
It's important to note that residents at TerraBella Indian Trail will pay different monthly rates. This is because no two seniors will have the same experience within the assisted living community.
Level of care is one critical pricing factor. Great senior living means creating personalized care plans tailored to each resident's needs. Families will need to pay more if the plans are longer and more involved.
Note that those in memory care will intrinsically pay more than those in assisted living. This is because they access additional features in addition to standard daily care. These higher prices come with:
Pricing can also fluctuate over time as care plans adapt. Our compassionate team makes sure to notify families about any changes and help make shifting needs more affordable.
Luckily, since all apartments are made for comfort and accessibility, choosing a less expensive one to make paying for memory care easier won't hurt your loved one.
Some families also pay less because of long-term care financial assistance.
The best communities honor veterans with great military veteran programs. We offer half off the first month's rent to those who have served in the armed forces.
Other families also have financial options to cover the cost of care.
Insurance is a great choice for those who want monthly funds in exchange for a premium. These policies pay for a portion of care and reduce the long-term burden of payments for families.
Traditional long-term care (LTC) insurance works like a standard insurance policy. However, hybrid LTC insurance gives a portion of the premium back to the family after their loved one passes away. Hybrid plans cost more each month but can help families financially during an emotionally difficult time.
Some life insurance policies also have a rider that lets families take out a portion of the death benefit while the policyholder still lives. This money is made to pay for long-term memory care.
Now that you know the average cost of memory care for North Carolina seniors, it's time to invest in quality assistance.
TerraBella Indian Trail is committed to personalized care plans and compassionate, exceptional care. We focus on safety and holistic wellness while still making life-enhancement activities convenient and accessible.
Contact us to learn more about what sets our team apart and schedule a tour of our community in Monroe, NC!