Memory Care Communities in Hot Springs, Arkansas

Monthly memory care rates in Hot Springs are around $925 higher than the Arkansas state median but on par with the nationwide norm of $5,625. In nearby Little Rock, average monthly costs are similarly high at $5,610. In Fayetteville and Jonesboro, however, seniors pay an estimated $1,062 less per month than in Hot Springs. Pine Bluff is one of the most affordable cities in Arkansas for memory care, with monthly rates averaging $4,161.

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 pay a monthly average of $5,625 for memory care in Hot Springs.

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 Arkansas page.

Assisted living facilities charge around $1,125 less than memory care providers monthly. These facilities provide maintenance-free housing and tailored personal care services to older adults who are relatively independent. Seniors who require 24/7 skilled nursing care pay considerably more in Hot Springs, with the monthly rate for semiprivate accommodation in a nursing home facility averaging $6,083. Adult day health care, meanwhile, is one of the most affordable options, costing just $1,560 monthly on average. In-home care and home health care are both less expensive than residential memory care by about $1,335 per month.

The Arkansas Department of Human Services Division of Provider Services and Quality Assurance's Office of Long Term Care licenses and inspects state-based residential care facilities, including memory care providers in Hot Springs. Families can use its Long Term Care Facility Search page to verify licensing details while researching memory care communities.

 

• The local cost of living is around 80% of the national average, making Hot Springs a relatively affordable retirement location. Housing and transportation, in particular, are significantly less expensive than in many other U.S. cities.
• Compared to national figures, crime rates in Hot Springs are high. Local property crime and violent crime rates are about 2.69 and 1.66 times greater than U.S. averages, respectively. Fortunately, the city's memory care community residents are typically well-protected by around-the-clock on-site staff, controlled-access doors and emergency alert systems.
• Based on a 100-point index, air quality in Hot Springs is 11 points below the national average. However, the city receives a perfect score of 100 for water quality, which can positively impact the health of residents.
• Seniors with urgent, acute and chronic medical conditions can access quality health care services locally, as the city is home to National Park Medical Center and an award-winning regional hospital, CHI St. Vincent Hot Springs. The city's physician-to-resident ratio is also 13.5% better than the national norm of 210 physicians per 100,000 people.
• Although Hot Springs has mild winters with lows of just 30 degrees, its long summers can be uncomfortably hot and humid. The average annual rainfall rate of 57 inches is significantly higher than the U.S. average of 38 inches, but the city receives just 2 inches of snow per year. Memory care communities, fortunately, tend to be climate-controlled environments that ensure seniors are comfortable year-round.
• Social Security retirement benefits in Arkansas are tax-exempt, and senior residents pay no tax on the first $6,000 withdrawn from an IRA. Arkansas also has no inheritance taxes, and prescription drugs are free from state sales tax.