Cost of Memory Care: What Families Need to Know

The Illinois Department of Aging notes that there are over 2.9 million seniors over 60 across the state. Since this is 22% of the population, senior care communities are more important than ever!
If your loved one requires 24-hour long-term care because of cognitive decline, memory care can help them stay as sharp as possible. However, families still may wonder what to expect from the cost of memory care.
Read on to learn the ins and outs of dementia care costs and elder care financial planning!
What to Expect from the Cost of Memory Care
Genworth's 2024 statistics report that assisted living in Illinois costs an average of $5,225 monthly.
However, it's important to note that these costs are highly variable.
Location is the main factor that causes costs to vary by as much as $3,072 per month. Families in some areas only will spend $4,611 on care while others in different cities will pay up to $7,683.
However, those seeing memory care rather than traditional assisted living can expect higher costs. Memory care costs between $875 and $1,190 more per month than standard assisted living.
This brings senior living fees in memory care to between $6,100 and $6,415 in Illinois!
This is the baseline cost of what to expect. However, you can also expect some factors to alter the amount that your family pays for memory care.
Costs will change based on your chosen:
- Apartment floor plan
- Living space size
- Level of care
- Community amenities
- Community staffing costs
- Resident-to-caregiver ratio
Why Is Memory Care More Expensive Than Standard Assisted Living?
Memory care residents get all the same benefits as those in assisted living communities. They access the same daily care and unlock similar community amenities.
However, memory care residents get some additional services that those in traditional assisted living don't. Families can expect memory care to provide their loved ones with:
- Unique sensory experiences that stimulate multiple areas of the brain
- Mental exercises like puzzles and games designed to boost critical thinking
- Purpose-driven social interactions made to boost cognition through conversation
- Reflection and reminiscence therapy to improve long-term memory
Memory care residents also enjoy help from caregivers who:
- Are specifically trained in working with people who have Alzheimer's and dementia
- Understand the different needs of those who experience varying types of cognitive decline
- Continuously go through training about best practices in assisting those with declining cognitive health
- Have extensive experience working with people experiencing memory problems
- Are excited to get to know memory care patients as individuals
Ultimately, memory care residents get a higher level of care than those in other living options. It costs more as a result.
Why Do These Senior Living Fees Make Sense?
Understanding why the cost of memory care is higher than traditional assisted living is the first step toward knowing why these extra fees are worthwhile. However, you may also be wondering what features and amenities make the cost of care worthwhile.
Of course, seniors in memory care will get help with day-to-day care tasks. Some include:
- Showering and bathing
- Getting dressed and changing clothes
- Using the bathroom
- Walking around the apartment
- Navigating community amenities
- Managing medication and insulin
However, rent and daily care are only a portion of what you're paying for. Families who invest in a top-notch memory care community also secure a great lifestyle for their loved ones. This lifestyle includes:
- Community activities and gatherings
- Events like themed parties and musical performances
- Creative workshops for arts and crafts
- Fitness and wellness programs
- Outdoor amenities like courtyards and walking paths
- Pet-friendly accommodations
Assuming that you choose a well-rounded community like Addington Place of Sparta, your senior living fees go a long way!
Can Insurance Help Pay for Memory Care Pricing?
There are multiple types of insurance that can help families pay for memory care. Long-term care (LTC) insurance is the main option.
Those with traditional LTC insurance:
- Pay a monthly premium to the insurance provider based on their credit score and policy terms
- Get a portion of their loved one's monthly rent covered by the insurance
- Save money on the cost of care in the long run
Other families choose hybrid LTC insurance. These plans:
- Offer the same benefits as traditional long-term care insurance plans do
- Are combined with either an annuity contract or permanent life insurance
- Give families a return on the premium after the policyholder passes away
Some life insurance plans also come with long-term care riders. These riders allow families to cash out on death benefits while the policyholder is still alive. The funds they gather can be put toward memory care.
It's easy to tack a rider onto a pre-existing life insurance plan, so talk to an agent and learn what to expect after paying for one.
Are There Loans Available for Alzheimer's Care Expenses?
Many banks and private credit institutions offer loans to help families pay for assisted living. This includes specialized senior living services like memory care.
Bridge loans are one possibility for those looking for funding. If your loved one is moving from a house into the senior living community, selling their property can take a while. Your parent or grandparent may need care during this time, and the money from their house cannot yet pay for assisted living.
Bridge loans are made to bridge that gap. You get a portion of the home's value as a loan from the bank. Then, once the house sells, you use that money to pay the loan back.
Other long-term care loans function just as other loans would. You get a lump sum from the lender to use for memory care and pay it back over time.
Make the Most of Senior Living Fees in IL
Now that you have some information about the cost of memory care, it's time to begin looking into senior living communities where your loved one can thrive.
Addington Place of Sparta is excited to meet with Illinois families whose loved ones are struggling with cognitive decline. We're excited to get to know new residents on an individual level and create all-inclusive custom treatment plans for them.
Our team of specialized memory care professionals is constantly undergoing training and gaining experience, so contact us to learn more about what sets our community apart!