Memory Care Facilities in Panama City, FL

Panama City is home to about 33,000 residents, nearly a fifth of whom are seniors. The Alzheimer’s Association projects a significant increase in the number of Floridians diagnosed with Alzheimer’s in the coming years. This disease has already had a considerable impact on public health in the Panama City region. The Centers for Disease Control and Prevention shows that between 2016 and 2020, the number of Alzheimer’s-related deaths in the region went up by 60%. About 8% of deaths in the region in 2016 were linked to Alzheimer’s, compared to nearly 12% in 2020.

Residential dementia care communities meet the unique needs of seniors with Alzheimer’s and related diseases, promoting a high quality of life and encouraging independence and self-direction. These facilities provide individualized care plans, daily meals and dementia-informed therapies and recreational activities such as pet therapy, art classes and life skills stations.

This guide compares local memory care costs with rates in nearby cities, and it highlights some of the most common ways families pay for care. It also outlines some of the specific licensing requirements memory care facilities follow.

In Panama City, memory care facilities are licensed by the Florida Agency for Health Care Administration, Bureau of Health Facility Regulation. This agency ensures a high standard of care for residents with dementia through increased licensure requirements related to staff training, building security and activities programming. It enforces these requirements through a rigorous licensing process and regular inspections.

• Panama City’s low cost of living may make it an attractive option for seniors and families with limited budgets for long-term care. On a 100-point index, with 100 representing the national average, the city rates 88.4. Real estate costs are especially affordable in this city, which may promote competitive memory care pricing.
• Florida doesn’t have a state income tax, an estate or an inheritance tax. This offers a potential annual savings of thousands of dollars compared to income tax rates in other states, which may make memory care in Panama City a financially viable option for many seniors and families.
• Compared to the nation as a whole, Panama City has very high crime rates. The city rates 43.6 for violent crime and 84.6 for property crime on a 100-point index that gives higher scores to communities with higher crime statistics. While this may be a concern for some families, memory care facilities ensure a safe environment for seniors through advanced security features such as alarm systems and high-security locks.
• Daytime temperatures in Panama City range from 63 degrees in the winter to 90 degrees in the summer, appealing to many who enjoy outdoor living. Snowfall is highly unusual but the city gets 60 inches of rain, with measurable rain falling 107 days out of the year. Memory care facilities organize indoor and outdoor activities throughout the year to support residents’ safety and comfort.
• Health care costs in Panama City are in line with nationwide norms, which may make the city a financially feasible option for those managing chronic conditions such as dementia. While there are only 188 doctors per capita in this city compared to the national average of 210, residents have access to two local hospitals, including Ascension Sacred Heart Bay and HCA Florida Gulf Coast Hospital. This can ensure prompt access to necessary medical care. 

Note: Residential memory care is usually offered in assisted living facilities, and in general, memory care rates tend to be 20-30% higher than assisted living rates. No national database currently tracks memory care costs in the United States, so we’ve estimated the monthly memory care costs listed below by adding 25% to the rates listed in Genworth’s 2021 Cost of Care Survey.

In Panama City, memory care facilities charge approximately $6,351 per month for services.

Panama City is a relatively expensive place to obtain memory care, with monthly rates averaging $6,351. This is well above respective state and national norms of $5,000 and $5,625, as well as rates in nearby cities. In Crestview, rates are comparable at $6,155, but seniors may save about $500 per month by choosing a residential community in Tallahassee. Seniors in Pensacola pay $5,404 for care, and in Gainesville, rates are about half of Panama City’s norm at $2,938.

Memory care facilities in Panama City charge relatively high monthly rates of $6,351, making this one of the most expensive long-term care options in the city. While nursing home care is costlier at $8,629 for semiprivate accommodations, assisted living facilities charge comparatively economical monthly rates of $5,081. Seniors who arrange in-home care or home health care pay $4,767 for full-time care.

While many families use their own funds or personal assets to pay for memory care, there are plenty of additional options to cover these costs. Some additional ways to finance memory care costs include:

• Veterans Benefits
• Life Insurance Policy
• Long-Term Care Insurance
• Reverse Mortgage

For more information about different ways to finance memory care, visit our Memory Care in Florida page.