The main difference is the level of care provided. Nursing homes offer 24/7 skilled nursing and medical care for residents who need significant help with daily activities and have complex medical needs. Assisted living provides housing, meals, and help with some daily tasks, but less intensive medical care. Choosing the right option depends on your parent's current and projected needs, as well as your budget.

Nursing homes are designed for seniors who require around-the-clock skilled nursing and medical care. Residents typically have complex, chronic conditions that require frequent monitoring and intervention by nurses, therapists, and doctors.

Nursing homes provide a high staff-to-resident ratio, with licensed nurses on duty 24/7. They offer a wide range of medical services, from wound care and medication management to physical, occupational, and speech therapy. Nursing homes are regulated at the federal and state level, and you can review their Palmelle Clarity Score — a 0-100 rating based on inspection data — to evaluate the quality of care.

The average monthly cost of a private room in a nursing home is $8,821, according to the Genworth Cost of Care Survey. That's a hefty price tag, but Medicare and Medicaid can help cover some of the costs for eligible residents.

Assisted living communities are a step down from nursing homes in terms of medical care. They provide housing, meals, and help with daily activities like bathing, dressing, and medication management. But they don't have the 24/7 skilled nursing care of a nursing home.

Assisted living residents are generally more independent than nursing home residents. They may need some assistance, but they don't require the level of round-the-clock care that nursing homes provide. Assisted living communities have a lower staff-to-resident ratio than nursing homes, and the staff is typically certified nursing assistants rather than licensed nurses.

The average monthly cost of assisted living is $4,500, according to Genworth. That's less than half the cost of a private room in a nursing home. However, Medicare doesn't cover assisted living, so residents typically pay out-of-pocket or use long-term care insurance, veterans' benefits, or Medicaid if they qualify.

Memory care is a specialized type of assisted living for residents with Alzheimer's disease, dementia, or other cognitive impairments. These communities have additional security features, staff training, and programming designed to meet the unique needs of residents with memory issues.

Memory care units typically have a higher staff-to-resident ratio than standard assisted living, with more certified nursing assistants and activity coordinators. Residents receive help with daily tasks, as well as structured activities and therapies to maintain cognitive function and quality of life.

The average monthly cost of memory care is $5,741, according to Genworth. That's about $1,200 more per month than standard assisted living. But the specialized support can be worth it for families dealing with the challenges of Alzheimer's or dementia.