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Finding the Funds for Assisted Living

Step 1 Estimate Continuing Expenses

Household Expenses Current Monthly
Expenses
Mortgage / Rent $ ___________
Second Mortgage / Home Equity Loan ___________
Homeowners / Condo Association Dues ___________
Real Estate Taxes (if not included in mortgage payment) ___________
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 ___________
Other (Postage, fees for Checking Accounts, ATMs, etc.) ___________ #
   
Total Current Monthly Expenses $ ___________
 
Total Continuing Monthly Expenses $ ___________ #
 

Step 2 Calculate Total Available for Assisted Living

Total Current Monthly INCOME $ ___________
PLUS Monthly Benefits from Long-Term Care Insurance + ___________
MINUS Continuing Monthly Expenses - ___________ #
Total Amount Available for Assisted Living $ ___________

Step 3 Add Income from Assets converted into Income

Converted Asset #1: ______________________________ $ ___________
Converted Asset #2: ______________________________ + ___________
Converted Asset #3: ______________________________ + ___________
Converted Asset #4: ______________________________ + ___________
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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