Finding the Funds for Assisted Living

Article submitted by Debbie Koehler, Marketing Director of Malta Square in New Orleans.
For more information, she can be reached at 504-826-7500.

Assisted living residences provide a home for those that may need some help with the normal activities of daily living. As Americans live longer, this type of long-term care is a wonderful option. Many shy away from assisted living since they think it's too expensive and assume they cannot afford it. It is important to realize that many of the services or items you pay for now in your home, such as most or all utilities, food, and laundry care, may be included in your monthly fee. When you visit assisted living communities, be sure to find out what exactly is included.

To see how you can afford assisted living, list all your household expenses, such as mortgage or rent, real estate taxes, homeowner's insurance, household supplies, cleaning service, yard care, pest control, and home maintenance and repairs. Include the utilities-electricity, gas, water, sewer, garbage, telephone, and cable TV. List all food expenses. Transportation expenses include car payments, gas, repairs and maintenance, insurance, and license. List insurance premiums, medical expenses, and medications. Remember personal care items such as clothing, laundry, and the beauty shop. Include all taxes and gifts or donations to religious organizations or charities along with various miscellaneous items such as hobbies, dues, newspapers, and postage. Total these monthly expenses.

Next, total your monthly income received from pensions and investments. Subtract the total monthly expenses from the total monthly income, and the remainder is what is available for assisted living. Add up any money from assets converted into income such as a car, house, or vacation home for the revised amount that is available. For many seniors, the family home is an important asset that can be sold and the money invested to provide monthly interest.

With prudent and thoughtful planning, assisted living is affordable! Who can put a price on the intangibles of companionship and enjoying an improved quality of life?