Finding the Funds for Nursing Home Care
Step 1 — Estimate Continuing Expenses |
|||
| Household Expenses | Current Monthly Expenses |
||
| 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 Nursing Home |
|||
| Total Current Monthly INCOME | |||
| MINUS Continuing Monthly Expenses | # | ||
| Total Amount Available for Nursing Home Care | |||
Step 3 — Add Income from Assets converted into Income |
|||
| REVISED Amount Available for Nursing Home Care | |||
| # | These expenses are most likely to continue after moving into a nursing home, but may be somewhat lower than current amounts. This is also true for federal income taxes. Nursing homes provide some medical services for their residents. As a result, a portion of the fees paid for nursing home care may qualify as a tax-deductible medical expense. | ||
| Elder Care Home | Table of Contents | Your Privacy | Legal | About Us | Contact Us © Copyright 2000-2008 Senior Solutions of America, Inc. All rights reserved |
|
|
|
