Memory Care Communities in Kokomo, Indiana

Kokomo has average monthly costs that are 31.2% lower than the Indiana average and 38.4% lower than the national average. Indianapolis and Bloomington have monthly average costs of $5,598 and $5,354, respectively. Although Michigan City and Fort Wayne are a little more affordable, they're still more expensive than Kokomo. Seniors in Michigan City pay an average of $4,521 per month, while seniors in Fort Wayne pay $4,356 per month.

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.

Seniors in Kokomo pay an average of $4,063 per month for memory care, but the true cost of care varies based on each facility's location and the number of amenities provided.

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 Indiana page.

Averaging $4,063 per month, memory care is one of the most affordable options for seniors in Kokomo. It's not the only option, however. Seniors who prefer to remain at home may benefit from in-home care or home health services, which cost an average of $4,576 per month. In-home care includes light housekeeping, meal preparation and assistance with activities of daily living, while home health care refers to medical care provided by licensed professionals.

For seniors with complex medical needs, nursing homes provide around-the-clock care, making them the most expensive type of senior care in Kokomo. A semi private room in a nursing home costs 94.6% more than memory care.

Before choosing a memory care facility, it's important to understand how they're regulated. To keep seniors safe, the Indiana Department of Health Division of Long-Term Care administers the state's Residential Care Facility Licensing and Certification Program. Staff members also investigate complaints and ensure that every facility follows the state's long-term care regulations.

• Sperling's Best Places reports that Kokomo's cost of living is 23.2% lower than the U.S. average, making it easier for residents to afford basic necessities. Although the cost of health care in Kokomo is slightly higher than the Indiana average, it's still 5.2% below the U.S. average.
• Kokomo has four distinct seasons, so there's a little something for everyone. The city gets 30.5 inches of snow per year and has an average of 187 sunny days annually. Although the average low temperature in January is just 16.5 degrees Fahrenheit, Kokomo warms up nicely during the summer, with the average July high reaching 83.7 degrees Fahrenheit.
• The economic outlook for Kokomo is a bit mixed, as the city's unemployment rate is slightly higher than the U.S. average. Kokomo also has higher-than-average income and sales tax rates. That said, Sperling's Best Places projects the number of available job opportunities to increase by 41.2% between 2023 and 2033.
• Despite its lower-than-average health care costs, Kokomo doesn't have as many physicians per capita as some cities. For every 100,000 people in Kokomo, there are just 150 physicians to provide care. In contrast, the United States averages 210 physicians per 100,000 people.
• Kokomo has a WalkScore of 87/100, indicating that it's easy to run most errands without having to drive or take public transportation. Local seniors also have access to Spirit of Kokomo, a service that provides free transportation to adults aged 65 and older.
• Older residents of Kokomo may qualify for Indiana's Unified Tax Credit for the Elderly. This credit helps low-income seniors by providing an income tax credit ranging from $40 to $140 per year. To qualify for the credit, a taxpayer must be at least 65 years old.