As with any big financial decision, it’s smart to evaluate your budget, first. Look at your aging loved one’s finances and determine what assisted living costs you can comfortably afford. Take a look at the value of their home (if they own one), income from Social Security and/or pensions, and whether they have a long-term care policy.
Next, look at their current expenses. Luckily, there are many resources available to help you calculate how much it’s currently costing your loved one to live at home. You’ll want to consider rent/mortgage, meals, property taxes, home repairs, and recreation and social activities, just to name a few. Then, you’ll be able to compare this total cost to the cost of a senior living community. For a convenient worksheet on comparing your costs, download our “Cost of Living Comparison” worksheet.
Some families decide to chip in on the cost of assisted living, if your loved one’s finances don’t totally cover the cost. Before you start looking for the right home, talk to the other members of your family and see who is willing to contribute and what amount they are comfortable giving.