Anthem Memory Care
When a loved one’s dementia progresses to the point where specialized, professional support is needed, families often face two big questions: Is memory care the right choice, and how will we pay for it? The decision can be emotional enough without the added stress of figuring out the financial side. Understanding the costs involved and the resources available can help families make informed decisions and plan for their loved one’s future care.
If you are beginning the process of researching memory care communities for a loved one, it is important to look at the full picture and make sure you understand the costs, services provided, and how those costs may change downstream.
Taking time to understand potential costs and evaluate available resources can make the process feel more manageable. With a clearer picture of the financial commitment, your family can better prepare for the road ahead and focus on finding a setting where your loved one can receive the care and support they need.
A SeniorLiving.org 2026 report estimates the national median cost of memory care is approximately $8,000 per month, or $96,000 per year. Depending on the state, however, typical monthly costs may range from roughly $5,500 to more than $14,000.
These figures are estimates, and individual communities may charge less or considerably more depending on location, accommodations, services, and care needs.
A memory care community must ensure the level of care matches each individual’s needs. After assessing your loved one’s cognition, mobility, and the amount of assistance needed, a level of care will be established.
The level of care will determine the support your loved one needs. This includes personal care, medication management, and other specialized services. This level of care will typically increase as needs increase. Higher levels of care will typically result in higher pricing.
Here is a typical breakdown of services included in the monthly fees:
Monthly room and board: Typically includes daily meals, housekeeping, and some utilities and community amenities. Room types and available amenities may vary by location.
Personal care and supervision: Will include assistance with bathing, dressing, grooming, mobility, and other daily activities. The level of support provided and whether it is included in the base rate may depend on each resident’s individual care needs.
Medication management: Assistance with organizing, administering, or monitoring medications may be included in the monthly fee or charged separately. Costs can vary depending on the level of care required.
Move-in and community fees: Some communities charge one-time administrative or move-in fees. These may cover initial evaluations, paperwork, or other services associated with transitioning into the community.
Additional expenses: Personal supplies, salon services, prescriptions, medical appointments, and certain transportation services may cost extra. It is important to clarify up front which services are included in the monthly rate and which require additional payment.
Future rate increases: Monthly fees may rise as a resident’s care needs change or community rates increase over time. Asking about the community’s policies for reviewing care level needs and adjusting rates can help your family plan for future expenses.
When comparing prices for different communities, you will need to consider more than the advertised monthly rate. Ask how each community determines when additional care is needed and if that triggers a higher monthly rate. Request details about how care levels are assessed, how often fees are reviewed, and whether there are additional charges for increased supervision or assistance. It is also important to understand the community’s policies on annual rate increases and whether families will receive advance notice of changes.
Before signing an agreement, review the contract carefully and ask for clarification on any fees or services that aren't clearly explained. A lower starting rate may not reflect the total cost of care over time, particularly as a loved one’s needs change. Comparing the full range of potential expenses can help you make a more informed decision and choose a community that fits both your loved one’s needs and your budget.
Families may have more options for managing memory care costs than they realize. Taking time to explore available financial resources and assistance programs can help ease some of the financial burden and make long-term care more manageable. Understanding what support may be available can also help you plan ahead and make more informed decisions about your loved one’s care.
Families may use one or a combination of the following resources to pay for memory care.
Savings, pensions, Social Security, retirement accounts, and investments can help cover monthly expenses. Some families also use proceeds from selling a home or other assets. Consider how long these resources may last as care costs change.
Depending on the policy, long-term care insurance may cover some memory care expenses. Make sure you review eligibility requirements, benefit limits, waiting periods, and whether the policy covers the communities you are considering.
Medicare generally does not cover ongoing residential memory care or custodial assistance with daily activities. However, it may cover eligible medical services, such as physician visits and certain treatments, under applicable coverage rules. Learn more through Medicare's long-term care coverage guide.
Eligible individuals may qualify for Medicaid-funded long-term care services, depending on their state and circumstances. Some states offer programs that help cover services in residential or community settings, but coverage of memory care and room and board varies. If you think your loved one may be eligible, contact your state Medicaid agency to learn about available programs and eligibility requirements.
If your loved one is a veteran or surviving family member of a veteran, they may qualify for VA Aid and Attendance benefits, which can provide additional monthly payments to those who meet specific requirements. Some veterans may also qualify for other VA long-term care services. Details are available through the VA Aid and Attendance benefits page.
Depending on the policy, life insurance may offer options for accessing funds while the policyholder is living. Some homeowners may also consider a reverse mortgage or other home-equity options. These approaches can have financial consequences, so families should seek qualified advice before proceeding.
Annuities may provide income to help cover ongoing care costs. Trusts and other financial arrangements may also play a role in long-term care planning, but they can affect taxes and eligibility for public benefits. Consult a qualified financial professional or elder law attorney before making significant changes to assets.
Paying for memory care requires careful planning, especially when families are unsure what to expect or how long care may be needed. It can feel complicated and even overwhelming, but understanding the costs and available resources is a useful first step. You can begin by requesting itemized pricing from communities, reviewing existing insurance and benefits, and estimating how much your family can afford over time.
The National Institute on Aging's guide to paying for long-term care offers additional information about financing care. Because eligibility and coverage vary, you may also benefit from speaking with a financial planner, an elder law attorney, or your state Medicaid agency.
Once you have gained a clearer understanding of the financial picture, you can make more informed decisions about finding memory care that best meets your loved one's needs and means.
Our Anthem Memory Care communities are here to help you and your family understand the cost of memory care and explore available financial options. Feel free to contact us. We know that researching care options and making these decisions can feel overwhelming, and our team is ready to offer guidance and support along the way.