The Cost of Memory Care

National surveys can give us an idea of the true cost of memory care, though each situation will be different. A 2015 study funded by the National Institutes of Health (NIH) found that caregiver’s yearly out-of-pocket spending to care for patients with dementia in the last five years of life was $61,522. This yearly out of pocket cost is almost twice the cost of out of pocket spending for patients who had cancer or heart disease. For the most part, the out of pocket costs in this survey reflect what caregivers paid after insurances such as Medicare had paid for some services. Out of pocket costs are even higher for those with no health coverage.

Another comprehensive national survey, in this case conducted by Genworth in 2019, provides insight into the costs of various kinds of memory care. The figures below are the median national costs presented in annual figures:

- Homemaker services: $51,480

- Home health aides: $52,624

- Adult medical daycare: $19,500

- Assisted living memory care: $48,612

- Nursing home memory care: $90,155-$102,200

Additionally, the cost of having a skilled nurse come to your home to care for a dementia patient costs $87.50 per visit, according to the 2019 national median.

The above figures give only a snapshot of possible costs. Actual costs can vary tremendously depending on factors like location and the severity of dementia symptoms. Nevertheless, even this brief snapshot shows that dementia is an incredibly expensive condition to treat.

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