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 ___________
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 Nursing Home

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

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 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.
 
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