Memory Care Communities in Memphis, TN

Two of the most famous places in Tennessee, Memphis and Nashville, have median memory care costs of $5,250 and $5,125 per month, respectively. Clarksville ($4,019) and Knoxville ($4,779) are the most cost-effective places in the state. Kingsport is less budget-friendly, costing $5,556 monthly, which is closer to the national average of $5,625.

When trying to decide how to pay for memory care, one of the first questions that comes up is "How much does it cost?" With the impact of inflation, it's more important than ever to have up-to-date information when making a financial plan for senior living. To help shed light on real senior living prices, Caring.com has compiled proprietary cost data from its network of more than 75,000 senior living providers to provide insight into the average cost of memory care in Memphis and 25 other cities in Tennessee.

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 Tennessee page.

In Memphis, the cost of senior living is determined by the type and level of care. Independent living, which requires little interaction with care staff, costs an average of $858 less than memory care. Assisted living offers more services than independent living, and seniors have some interaction with care staff, but not as much as those in memory care, explaining why memory care costs $493 more per month than assisted living.

The Board For Licencing Health Care Facilities oversees the memory care accommodations in Memphis and throughout Tennessee. It’s responsible for ensuring the quality of care in multiple settings, including hospitals, nursing homes and ambulatory surgical treatment centers. Furthermore, it also carries out background checks on employees providing patient care.   

• Memphis is home to state-of-the-art medical facilities including many hospitals, several of which have been recognized by U.S. News & World Report for their high quality of care. St Francis hospitals, multiple Baptist hospitals and the entire Methodist system gained recognition in the 2021-22 ratings.
• With relatively mild winters and four distinct seasons, Memphis’s climate is ideal for retired seniors. It has 218 days of sunshine and highs of 90 degrees in July. The city only gets an average of three inches of snow each year, way below the national average of 28 inches.
• Overall, Memphis is considered a tax-friendly city for seniors. It does not levy any income taxes, so Social Security retirement benefits and income from retirement accounts are not taxed at the state level. Although sales taxes are high, the city’s property taxes are pretty low. 
• In Memphis, the overall cost of living is 17% lower than the national average, making it a more affordable place for seniors to live. One significant difference is housing costs, which are 34% lower, and transportation and groceries are 11% and 9% lower, respectively.
• In Memphis, property and violent crime are far higher than the state and national averages. However, because memory care facilities provide around-the-clock staffing, 24-hour video surveillance and other security features, seniors can feel safe during their retirement.
• Memphis joined the AARP Network of Age-Friendly Communities in April 2018. The city is committed to promoting healthy and active aging and optimizing opportunities for health, civic participation, and security, according to the World Health Organization.