I recently met with a client to discuss long-term care for her mother, and the first thing she said to me when I proposed an assisted living was “We can’t afford it”. Many families are struggling to care for their aging loved ones because they are under the impression that assisted living is out of reach. However, this option may be more affordable than you may think!
Let’s put things into perspective:
Step 1 – What are current housing costs?
Gather all of your loved one’s housing costs for the month; be sure to include utilities, routine maintenance (i.e. snow removal, lawn care), preventative maintenance costs like furnace inspections and home insurance, and calculate monthly property tax payments. If there is still a mortgage on the home, include those payments as well as any caregiving expenses.
Step 2 – How much is being spent on groceries?
This expense is often over-looked, but most assisted living facilities offer a meal plan. Sometimes you can opt-out of this meal plan, but it’s important to keep in mind when determining how much your loved one can afford.
Step 3 – Consider all income sources
Your loved one may be bringing in more income than you realize! Be sure to consider pensions, 401(k), investment plans, Social Security benefits, Veterans Administration benefits, and long-term care insurance. Does your loved one own their home? How much could you anticipate to receive if this is sold?
Once you’ve determined figures for steps 1-2, add these numbers together for a total of what your loved one is currently spending to remain at home. After reviewing income sources, and considering factors such as health and age, and other sources of income that may have been overlooked (e.g. VA benefits), you can use this information to determine what your loved one can afford each month.
If you would like to review your loved one’s current long-term care plan, or obtain assistance through governmental benefits programs, contact one of our experienced elder law attorneys today at (312)878-0155 or click here to request a consultation! Join us at 6:00 p.m. on July 30, 2019 to discuss long-term planning at the River Forest Public Library!
The River Forest Public library is located at 7035 Lathrop Ave., River Forest, IL 60305.