How Much Does Memory Care in Oregon Cost: Let’s Dissect It 

The American Journal of Managed Care states that the total amount of treating Alzheimer’s or other memory loss patients was estimated to be around $321 billion in 2022. There is a chance that the number will go anywhere around $1 trillion by the year 2050. Most of the cost is covered by Medicare and Best Medicare Supplement Plans 2025, but that is only around 2/3rd of the total. The remaining 1/3rd has to be paid for by you, which can be expensive.

According to the Journal of the American Geriatrics Society, the estimated lifetime cost that a patient has to pay is around $184,500. 86% of this number is paid solely by the families of the patient. However, these numbers were from 2017; today, with the ongoing inflation, that cost has increased exponentially.

If you are a family member of a patient and planning to admit a loved one of yours into memory care in the state of Oregon, we have drafted detailed information. Let’s check it all. 

What’s Included in Monthly Memory Care Costs? 

Most memory care units, including the assisted living communities, have a base fee that covers almost all the basic needs, including: 

• Three meals per day 
• Snacks 
• Private Room 
• 24/7 Emergency Assistance 

Sometimes, the base fee does not cover all the above-stated amenities; other times, there can be more facilities offered.  

Additional Memory Care Costs 

Anything other than the basic amenities comes under the additional memory care costs. Here are a few of the additional amenities that memory care in Oregon offers: 

• Personal Care (Medication, Administration Help, Activities of Daily Living) 
• Bathing 
• Dressing 

There is also an initial community fee that will be charged prior to moving in. The fee will vary from community to community, and the refundability may also vary. Additionally, be prepared for annual rate increases and get in touch with the administration of each community to get an idea of any potential increase in the future.

Are the Costs Associated with Memory Care in Oregon Deductible? 

When it comes to Oregon memory care, it is vital to understand the financial implications, especially in terms of tax deductions. Usually, the costs associated with memory care are eligible for deduction, considering they meet certain specific requirements set by the IRS. In this light, these expenses will be qualified for tax deduction if they are mainly for medical care in the form of ‘diagnosis, cure, mitigation, treatment, or even prevention of disease. 

Memory care typically qualifies under this standard, especially when a person requires considerable assistance due to cognitive disabilities like Alzheimer’s or dementia. However, one should consult with a tax professional to ensure that specific expenses meet IRS criteria. 

Factors That Influence Memory Care Costs in Oregon 

Memory care costs in Oregon can vary widely depending on several factors. Understanding these elements can help families make informed decisions when selecting the right facility for their loved ones. 

• Location 

The location of a memory care Oregon unit is a major factor in its cost. Urban areas like Portland tend to be more expensive due to high demand and property values, while rural areas are often more affordable but may lack accessibility and amenities. Proximity to health services, family, and social activities also influences the cost. 

• Level of Care 

Memory care costs differ based on the level of care needed, from basic assistance to specialized medical supervision. Facilities providing advanced care for late-stage dementia or Alzheimer’s usually charge more due to increased staffing and resources. Urban facilities are typically pricier than rural ones. 

• Facilities 

The range and quality of facilities also affect costs. Luxurious accommodations, advanced medical equipment, and recreational activities drive up expenses, while basic facilities focusing on essential care are more affordable. 

• Size of the Facility 

Larger facilities may have lower costs per resident due to economies of scale but may offer less personalized care. Smaller facilities, though often more expensive, provide a more intimate and personalized environment. 

How Can You Pay for Memory Care? 

Paying for memory care in Oregon can be an important financial burden, but there are several options available to help manage these costs. 

• Life Insurance Benefits 

Some life insurance policies incorporate provisions that allow policyholders to access benefits while still alive to cover long-term care expenses, including memory care. This option, known as an accelerated death benefit, can provide much-needed financial relief.  

• Home Equity 

Leveraging home equity is another way for homeowners to cover the cost of memory care. People can use their home equity to pay for care expenses by using reverse mortgages or home equity loans, among other options. Those who have a large amount of equity built up in their houses or who would wish to stay in them for as long as feasible may find this choice quite helpful.  

• Private Pay 

For many families, private pay is the most straightforward, albeit costly, option for covering memory care expenses. This involves using personal savings, retirement funds, or family contributions to pay for care. While this option offers the most flexibility in choosing a facility and care level, it can quickly deplete financial resources, making it critical to plan carefully and consider all available options. 

Summary 

Moving into memory care facilities Oregon can be costly. Factors like location, care level, facility, and size affect the cost. Payment options include life insurance, home equity, long-term care insurance, private pay, and Medicaid waivers. Each option has pros and cons. Always consult with professionals for better guidance.