Memory Care Communities in Mc Kinney, Texas

Memory care in McKinney costs roughly $4,375 as compared to Texas’ average cost of $4,998 a month. Cost of care varies widely throughout the state with comparable costs in Abilene and much higher rates in nearby Dallas at $5,244. Rates are significantly higher in Austin at $6,681 and costs are much lower in Texarkana, with average monthly costs around $3,463.

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.

Memory care costs average $4,375 monthly, $1,250 less compared to the national average of $5,625.

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 Texas page.

Families researching long-term care for their loved ones quickly discover the importance of sound financial planning. In addition to memory care, several alternatives exist that can ease the burden of caregivers. Seniors can find cost savings at an assisted living facility, with rates averaging $3,500 for monthly care. On the other end of the spectrum, comprehensive care at a skilled nursing facility is significantly higher with rates around $7,064 a month. In-home care provides daily living assistance in the senior’s home for $4,767. Home health care offers some skilled nursing services at home for the same monthly rate. 

Memory care facilities are licensed and regulated by the Texas Department of Aging and Disabilities. Inspections are conducted every 2 years by the Department of Health and Human Services. The Attorney General’s Medicaid Fraud Control Unit is also authorized to investigate complaints about neglect or exploitation in Medicaid-funded facilities.

• The cost of living in McKinney is higher than the national average. On a 100-point cost of living index, McKinney scored 110, with the median home cost driving up averages. Prices for essential costs like groceries, health and utilities are also slightly higher than the U.S. average. Memory care communities typically have fixed monthly rates, which can help seniors maintain a budget despite higher living costs in the area.
• There are eight hospitals near McKinney, making it a great location for seniors and their families. Medical City McKinney offers comprehensive medical services, including cardiac, wound and stroke care. It also specializes in senior mental health care. Medical City McKinney runs the Center for Joint Replacement. Baylor Scott & White The Heart Hospital provides specialized cardiovascular in-patient and outpatient services.  
• Weather in McKinney can be very hot in the summer, with temperatures averaging around 95 degrees in August. Winter lows get down into the 30s. McKinney also experiences tornado season from March through May. The city operates an extreme weather website with resources to help keep residents safe and informed. With 229 sunny days every year, residents can enjoy 24 more days of sunshine compared to the national average. 
• Health quality in McKinney is better than the national average in many categories, starting with 228 physicians per capita compared to the national average of 210 per 100,000 people. The cost of health care is also slightly lower than the national average, with a 96.9 score on a 100-point scale, where 100 signifies the average. The EPA’s air quality index, which measures hazardous air pollutants, gives McKinney a 61/100 score. This is considered healthier compared to the national average of 58. McKinney rates near-perfect on the EPA Superfund Index due to its environmental cleanup efforts. 
• Texas has some helpful tax laws for seniors. In 2023, the state passed a tax relief measure that provides property tax breaks for disabled individuals and those over 65 years of age. In McKinney, the residential homestead exemption was also increased from $65,000 to $80,000 by the City Council for residents over 65.