Finding quality memory care for someone you love while protecting family assets can feel overwhelming. Many families in Des Moines worry they may need to sell the family home to cover care costs, but they have several ways to pay for memory care without selling the house. Understanding today’s memory care financing options can help you make informed decisions that support your loved one’s well-being while preserving long-term financial stability.
Advance financial planning often creates more flexibility and reduces stress during an emotional transition.
Memory care communities in Des Moines typically range from $4,500 to $7,000 per month depending on location, apartment style, and support services. These communities provide specialized support for older adults living with Alzheimer’s disease or other forms of dementia. Features include secure environments, personalized programming, and around-the-clock assistance.
Monthly costs often include:
GLOW℠ Memory Care residents at Addington Place of Des Moines benefit from personalized support, comfortable spaces, restaurant-style dining, and engaging daily programs. Families also appreciate the welcoming environment and convenient Des Moines location close to local medical services, shopping, and dining.
Understanding exactly what is included can help families better compare communities and determine how to afford memory care more confidently.
For many families, the home remains their largest financial asset. Fortunately, there are ways to access that value while keeping ownership of the property.
A reverse mortgage for memory care may allow homeowners age 62 and older to convert home equity into usable funds while continuing to own the home. Depending on the loan structure, families may receive a line of credit, monthly payments, or lump-sum funds to help cover care expenses.
Another option involves home equity loans or home equity lines of credit. These traditional lending solutions let families borrow against the value of the home while making scheduled payments. Some families use these funds to help with move-in expenses, monthly costs, or temporary financial gaps.
Before choosing a solution, it helps to speak with a financial professional familiar with senior living planning and long-term budgeting.
Veterans and surviving spouses may qualify for financial assistance through the Department of Veterans Affairs Aid and Attendance benefit. These veterans benefits for memory care can significantly lower monthly out-of-pocket expenses for eligible families.
Potential monthly benefit amounts may include:
Eligibility depends on military service history, income qualifications, and the need for support with daily activities. Because the application process can take time, families are encouraged to apply as early as possible.
Communities like Addington Place of Des Moines often help families connect with local resources. These professionals understand Iowa-specific veteran benefit programs and senior living planning options.
Long-term care insurance policies purchased years ago may cover specialized care expenses. Review your policy carefully to understand coverage limits, waiting periods, and which services qualify. Some policies require care in specific settings or from certified providers, so verify that your chosen community meets policy requirements.
Iowa's Medicaid program covers memory care through the HCBS older adult Waiver, though eligibility involves strict income and asset limits. Proper Medicaid planning with an elder law attorney can help you protect assets while qualifying for benefits.
Strategies like spousal protections under Iowa law allow a spouse remaining at home to keep the house and certain income levels. Planning well in advance creates more options for keeping house while paying for memory care.
Some families choose to rent out the family home instead of selling it. Rental income can help offset monthly care costs while allowing the property to remain in the family. Property management companies can assist with maintenance, leasing, and tenant communication, reducing day-to-day responsibilities for caregivers.
Other families create shared financial plans where adult children or relatives contribute toward monthly expenses. Open conversations about responsibilities, expectations, and budgeting can help create sustainable support systems that work for everyone involved.
These approaches may help families afford memory care while preserving important long-term assets.
Senior living decisions often involve legal, financial, and emotional considerations. Elder law attorneys, financial advisors, and senior living specialists can help families evaluate benefits, organize assets, and create a plan.
Families exploring memory care financing options in Des Moines frequently discover solutions they had not previously considered once they begin speaking with experienced professionals.
Addington Place of Des Moines offers Assisted Living and GLOW℠ Memory Care services in a warm, relationship-focused setting. Here, residents receive personalized support and meaningful daily engagement. Families can also connect with local professionals and resources that help simplify the planning process.
GLOW℠ Memory Care that adapts to your loved one's needs at Addington Place of Des Moines. Contact us to schedule a personalized tour and learn how we can support your family.