What Is the Average Cost of Memory Care in Fuquay-Varina, NC?

Since UNC reports that 17 % of North Carolina residents are over age 65, senior living is a well-oiled machine in the Tar Heel state. However, paying for memory care still poses a challenge for many families whose loved ones need round-the-clock assistance.

Luckily, there are options available for families who need some extra financial help!

Read on to learn the average cost of memory care in Fuquay-Varina, NC, and how you can cover memory care expenses with minimal hardship.

The Average Cost of Memory Care in North Carolina

Recent statistics show that North Carolina senior care is more expensive than other states' costs. Genworth reports that assisted living costs $5,749 monthly.

However, these fees depend on location. Some locations have a monthly average payment of $2,750 while others cost about $8,603.

The average cost of memory care is a bit higher. The same source reports that North Carolina memory care expenses average $950 per month more than standard assisted living fees.

Going off the average of $5,749 for assisted living, memory care averages about $6,699.

Why Is Memory Care More Expensive?

Like assisted living residents, those in memory care get help with daily tasks like:

Personal hygiene
Using the bathroom
Bathing and showering
Navigating the apartment and community
Getting into and out of bed and other furniture
Managing medication
Remembering and attending important events
Meal planning and mindful eating

Memory care is an add-on to traditional assisted living. Memory care residents unlock both daily care and additional services.

Memory care is specifically designed for seniors with:

Alzheimer's
Dementia
Parkinson's disease

In some cases, residents with mild cognitive decline may also be admitted if their memory is worsening rapidly.

Specialized needs require specialized treatment. Memory care communities are committed to providing that treatment with caregivers trained and certified to work with those who have cognitive decline.

Families pay extra because seniors get a higher level of care.

Those paying for memory care also can expect their loved ones to access:

Purpose-driven social interactions made to boost cognition and thinking speed
Sensory-stimulating experiences that activate all parts of the brain
Puzzles and games made to keep seniors sharp as they age
Reminiscence therapy that builds long-term memory through recollecting treasured memories
Art and music therapy as outlets for self-expression
Meal plans made to stimulate cognition and maintain brain health through a healthy diet

Factors Impacting Memory Care Expenses

Memory care is more expensive than assisted living, but its costs are variable. Two neighbors within the same community may pay different monthly fees depending on multiple factors.

The first factor is the specific community that you choose for your loved one. Some communities will be less expensive but offer a lower quality of care. Those that cost more tend to offer better services.

That's why families shouldn't just choose the cheapest option out there. Prioritize a community with great amenities and services. Look for the best value, not the lowest figure.

Find a community that has:

Health and wellness programs
Concierge services for easy community navigation
Chef-prepared healthy meals with restaurant-style tableside service
Housekeeping and maintenance services for convenient and comfortable apartments
Activities and events to keep seniors social and active
Comfortable amenities where residents can relax with friends

Once you choose to enhance your loved one's golden years at TerraBella Fuqyay-Varina, costs still vary based on:

What level of care your loved one needs (how much assistance caregivers will need to offer)
The floor plan you choose (studio, one-bedroom, or two-bedroom spaces)
Any extra costs you individually discuss with caregivers
Add-ons like salon services that aren't covered in the monthly base fee

Military veterans may also gain access to exclusive programs that offer more assistance.

Is Financial Assistance Available?

Those struggling to pay for the cost of dementia care will be pleased to know that financial help is available. Sometimes, it may be as close as your life insurance plan!

Certain life insurance types have something called a "rider" included in the policy. A life insurance rider lets families take some of the death benefit out of the policy while the holder is still alive. Paying for long-term care expenses is the riders' objective.

Check to see if your loved one's life insurance comes with this rider. If it doesn't, you may be able to tack it on now for a higher monthly premium.

Don't have a life insurance rider? That's okay! Special long-term care (LTC) insurance is also available.

Those with LTC insurance pay a monthly premium and expect some memory care costs to be covered. Traditional LTC insurance is a standalone policy just like any other type of insurance.

There's also something called hybrid LTC insurance, which offers the same benefits as traditional alternatives. However, it also returns a portion of the premium to families after the senior passes away.

Financial planning for seniors is easier when you discuss insurance with:

Professional financial planners
TerraBella Fuqyay-Varina financial teams
Community caregivers who understand the costs associated with varying levels of care

Loans for Long-Term Care

Many banks and private lenders also offer long-term care loans to help families pay senior care costs. They work like any other loan. You do the following:

Find and meet up with a lender
Discuss your specific needs
Look into the best loan options for your credit score and loan history
Get a lump-sum payout of the loan
Pay the loan back in small increments over time

This can decrease the burden of senior care while offering the chance for you to pay back the money in consistent intervals. Financial planning is easier when you know precisely how much you'll pay back each month.

Decreasing the stress of payments gives you the time and energy to find the best care available.

Beyond Financial Planning for Seniors

Now that you know the average cost of memory care in North Carolina, it's time to look into comfortable, well-appointed communities for your loved one to enjoy.

TerraBella Fuqyay-Varina has a wide range of amenities and services made to make daily life an adventure for seniors. Our Memory Care team in Fuquay-Varina, NC, is committed to compassion and specialized assistance to help boost cognition.