Author: Kathleen Logan Taylor
Reviewed By: Kristi Bickmann

You can use your Social Security payments to help pay for memory care, although it will not cover all the costs. If you paid into the Social Security system during your working years, you can count on receiving a monthly income in your retirement years. The exact amount you receive will depend on the state you live in and the amount you contributed to the system.

How to pay for memory care with Social Security

Since Social Security payments are typically transferred directly into your bank account, you have the flexibility to use these funds for various expenses, including the cost of memory care. However, the costs of assisted living and memory care are higher than the average Social Security payment.

In addition to Social Security, you may explore various other funding sources such as personal savings, property sales, a reverse mortgage or life insurance. Government aid, beyond standard Social Security benefits, might also be a viable option for supplementary support. 

Additional Social Security programs

The Optional State Supplement program provides supplemental funds for low-income seniors who require care in a long-term care facility. It was designed to supplement the standard monthly Social Security payment. The exact amount paid depends on the individual’s care needs and the state they live in. However, the amount paid out is generally small, so seniors will still require additional funds to pay for long-term care. 

Supplemental Security Income is also available to seniors aged 65 and up who meet certain financial criteria. This program pays part of the cost of hospital visits, prescription medications and medical equipment.