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.
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.
Like assisted living residents, those in memory care get help with daily tasks like:
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:
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:
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:
Once you choose to enhance your loved one's golden years at TerraBella Fuqyay-Varina, costs still vary based on:
Military veterans may also gain access to exclusive programs that offer more assistance.
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:
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:
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.
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.
Contact us to schedule a tour and learn what's covered by senior care costs!