Memory Care Communities in Richmond, VA

Richmond is an affordable option compared to other cities in Virginia such as Charlottesville ($7,125) and Roanoke ($7,406). However, there are less expensive options, including Lynchburg at an average of $5,781 per month and Virginia Beach at $5,683.

Memory care in Richmond costs an average of $6,126 per month. While higher than the national average, it’s a less expensive option than some communities in Virginia. Memory care includes an enhanced level of care and programming compared to traditional assisted living, so costs are often 20-30% higher. Specific memory care data is not available, so these costs were calculated by using assisted living costs as reported by Genworth’s Cost of Care Survey 2021, plus 25%.

Many seniors and families in Richmond incorporate a mix of strategies to pay for memory care services. This approach ensures care is sustainable long-term without causing financial strain.

• Medicaid: Virginia Medicaid doesn’t cover memory care services either directly or through a waiver program, but seniors dually eligible for Medicaid and Medicare qualify for the Program of All-Inclusive Care for the Elderly. PACE, available through InnovAge in Richmond, pays for services such as rehabilitative therapies and meals.
• Medicare: Because memory care facilities mainly administer nonmedical services, residents can’t pay for services with Medicare. However, Medicare provides coverage for qualified medically necessary services such as medication administration and occupational therapy, bringing down monthly bills for some residents.  
• VA Benefits: Veterans who meet functional and service-related criteria get financial assistance for memory care through the VA’s Geriatrics and Extended Care program as well as the Housebound and Aid and Attendance benefits. The proprietary Caring.com database finds over 10 memory care communities in the Richmond region that accept VA benefits.
• Private payments: Memory care residents pay for room and board, personal care, meal services and evidence-based recreational therapies with private payments from their monthly income, retirement savings, home equity and long-term care insurance policies.

Seniors have several other care options available to them. Adult day care is the least expensive at $1,712, though it includes the least amount of assistance. Homemaker and home health aide services are also affordable options for seniors looking to age in place at $5,148 and $5,243, respectively. The most expensive option is nursing home care, which can cost up to $9,749 depending on the type of accomodations.

In Richmond and throughout the State of Virginia, assisted living facilities (ALFs) are licensed and regulated by the Virginia Department of Social Services. This includes facilities that offer residential living care, assisted living care and specialized dementia care in special care units. ALFs that provide care for seniors with cognitive impairments are subject to additional licensing requirements.

Benefits

• Overall, the cost of living in Richmond runs about 5% lower than the U.S. norm and almost 9% below typical living costs in Virginia. This may help memory care residents maintain financial stability throughout their retirement.
• The income tax laws in Virginia let Richmond’s seniors claim a deduction of up to $12,000 on their retirement income, and they exempt Social Security income from taxation at the state level. Additionally, memory care residents may benefit from sales tax exemptions for prescription and over-the-counter medications. 
• Richmond has warm summers with daytime averages near 89 degrees Fahrenheit and mild winters with highs ranging from 47 to 55 degrees Fahrenheit. Many memory care facilities have unit-controlled thermostats to keep residents comfortable throughout the year.

Drawbacks

• Richmond’s violent crime rate outpaces the state norm at 3.66 incidents per 1,000 people annually, and it sees about double the number of property crimes per 1,000 people than the state as a whole. Fortunately, memory care communities protect vulnerable residents with measures such as security gates and alarm systems.
• Based on health outcomes and factors, Richmond trails behind U.S. and state norms. Air pollution levels run high in this city, and the city has a relatively high rate of 2,771 preventable hospital stays per 100,000 people versus 2,681 nationally. However, the city offers high-quality health care facilities, including VCU Medical Center, which offers specialized geriatric care services.