Finding the Funds for Assisted Living
Step 1 — Estimate Continuing Expenses |
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| Household Expenses | Current Monthly Expenses |
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| Mortgage / Rent | |||
| Second Mortgage / Home Equity Loan | ___________ | ||
| Homeowners / Condo Association Dues | ___________ | ||
| ___________ | |||
| Homeowners / Renters Insurance | ___________ | ||
| Household Supplies | ___________ | ||
| Cleaning / Maid Service | ___________ | ||
| Yard Care / Pest Control | ___________ | ||
| Home Maintenance / Repairs | ___________ | ||
| Utilities | |||
| Electricity | ___________ | ||
| Gas / Heating | ___________ | ||
| Water | ___________ | ||
| Sewer | ___________ | ||
| Garbage / Trash | ___________ | ||
| Water Softener / Bottled Water | ___________ | ||
| Telephone - Home and Cellular | ___________ | # | |
| Cable / Satellite TV | ___________ | ||
| Groceries / Meals | |||
| Food - Home | ___________ | ||
| Food - Work | ___________ | ||
| Meals Out | ___________ | ||
| Transportation | |||
| Car Loan / Lease Payments | ___________ | ||
| Gasoline | ___________ | ||
| Car Repairs / Maintenance / Oil Changes | ___________ | ||
| Car Wash | ___________ | ||
| Auto Insurance | ___________ | ||
| License / Stickers | ___________ | ||
| Parking / Tolls | ___________ | ||
| Public Transportation / Cabs | ___________ | # | |
| Insurance Premiums - Other | |||
| Life / Accidental Death Insurance | ___________ | # | |
| Disability Insurance | ___________ | ||
| Health / Medical / Dental / HMO, including Medicare | ___________ | # | |
| Medicare Supplement Insurance | ___________ | # | |
| Long-Term Care / Home Health Care | ___________ | ||
| Other | ___________ | ||
| Medical Expenses NOT covered by insurance | |||
| Doctors / Dentists / Eye Care | ___________ | # | |
| Hospitals / Lab Tests | ___________ | # | |
| Prescriptions and Other Medications | ___________ | # | |
| Other (including Medical Equipment) | ___________ | # | |
| Personal Care | |||
| Clothing / Shoes | ___________ | # | |
| Laundry / Dry Cleaning | ___________ | # | |
| Beauty Shop / Hair Cuts / Hair Care | ___________ | # | |
| Toiletries / Cosmetics | ___________ | # | |
| Other | ___________ | # | |
| Taxes - Other | |||
| Income - Federal / State / Local | ___________ | # | |
| Social Security / Medicare | ___________ | # | |
| Gifts / Donations | |||
| Church / Synagog / Charities | ___________ | # | |
| Gifts, including Christmas / Hanukkah / Birthdays | ___________ | # | |
| Other | ___________ | # | |
| Miscellaneous | |||
| Entertainment, except Meals Out | ___________ | # | |
| Vacations | ___________ | ||
| Cigarettes / Cigars / Other Tobacco | ___________ | ||
| Education | ___________ | ||
| Hobbies / Crafts | ___________ | # | |
| Legal / Tax Services | ___________ | # | |
| Membership Dues / Fees | ___________ | # | |
| Newspapers / Magazines / Books | ___________ | # | |
| Pet Food / Care | ___________ | # | |
| Savings / Investments | ___________ | ||
| ___________ | # | ||
| Total Current Monthly Expenses | |||
| Total Continuing Monthly Expenses | # | ||
Step 2 — Calculate Total Available for Assisted Living |
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| Total Current Monthly INCOME | |||
| MINUS Continuing Monthly Expenses | # | ||
| Total Amount Available for Assisted Living | |||
Step 3 — Add Income from Assets converted into Income |
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| REVISED Amount Available for Assisted Living | |||
| # | These expenses are most likely to continue after moving into an assisted living facility, but may be somewhat lower than current amounts. This is also true for federal income taxes. Most assisted living facilities provide some medical services for their residents. As a result, a portion of the fees paid for assisted living may qualify as a tax-deductible medical expense even if a resident is not living there primarily for medical reasons. | ||
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