Accepting the need for assistance with daily living
Planning for assisted living expenses
While Medicare and supplemental health insurance may cover most of your medical services, assisted living and nursing homes may not be covered by insurance. The levels of care available and the costs can vary substantially. Research your options well before you need them and adjust your budget to account for these potential future costs. For help in learning about available services in your area, contact your state elder care ombudsman program.
Planning ahead can ease the transition into this phase of life.
As your need for physical care increases, your options may include:
- Home care — If you need a little help around the house, caregivers can be hired as necessary.
- Assisted living facilities — These are residential facilities that offer personal care services, such as meals, housekeeping, and entertainment, along with varying levels of assistance with daily activities, including bathing, dressing and medical needs.
- Nursing homes — These hospital-like facilities are for people who need the kind of round-the-clock care and supervision not available in assisted living communities.
Assisted living costs vary depending on geographic location, the size of the apartment within the community and the level of care provided, among other factors. As you and your financial professional plan for these costs, you may consider:
- Should I liquidate assets, such as selling my home?
- What are my income alternatives?
- Do I qualify for any government or veteran’s benefits?
- Does my estate plan account for end-of-life expenses?
Plan with us
It’s important to discuss these issues with your family and loved ones. Eldercare planning may be easier if major decisions are made before the needs arise. It may take some of the emotion out of the process and can make the transition easier on everyone. We can help you to make smart financial decisions as you plan for this normal life transition.