Moving elderly parents or other relatives from home to a care facility can be challenging in all sort of ways - emotionally, logistically, and financially. Sometimes the cost issues don’t come up early enough in the discussions. It’s important that in addition to figuring out the best answer for care, you are prepared for the financial impact.
There are two kinds of expenses to consider. First, the transitional costs of moving from home to a care facility (whether Alzheimer assisted living, or a memory care facility). Second, the ongoing expenses of care. Note that these may be different for a residential facility versus adult day care or in-home visitation programs.
The transitional expenses can be nominal, depending on circumstances. Typically these include just the actual costs of a physical move and any fees for selling a home. You may find that none of these are a burden. In some cases, if the house to be sold needs repairs, cleaning, or staging, the transaction expenses can be significant. Make sure you discuss with a realtor and also have an attorney review any contracts. If necessary, have an accountant, or tax professional provide you with advice about the impact to you or your parent/relative’s tax liability.
The cost of a care facility can range anywhere from $2,500 to $8,500 a month, depending on where it is located, the level of care required, and the amenities provided. There is usually a facility that will fit your needs and budget, but it may not be nearby. As you develop your plan, be aware of the financial resources available to you. These include your parent/relative’s savings, any insurance or public assistance benefits they may qualify for, and your own personal funds.
Most facilities have a planning resource professional who can help you navigate this transition. Be deliberate about reviewing the options, even if you find yourself under time pressure. You want to make sure you make the best decision possible.
There are two kinds of expenses to consider. First, the transitional costs of moving from home to a care facility (whether Alzheimer assisted living, or a memory care facility). Second, the ongoing expenses of care. Note that these may be different for a residential facility versus adult day care or in-home visitation programs.
The transitional expenses can be nominal, depending on circumstances. Typically these include just the actual costs of a physical move and any fees for selling a home. You may find that none of these are a burden. In some cases, if the house to be sold needs repairs, cleaning, or staging, the transaction expenses can be significant. Make sure you discuss with a realtor and also have an attorney review any contracts. If necessary, have an accountant, or tax professional provide you with advice about the impact to you or your parent/relative’s tax liability.
The cost of a care facility can range anywhere from $2,500 to $8,500 a month, depending on where it is located, the level of care required, and the amenities provided. There is usually a facility that will fit your needs and budget, but it may not be nearby. As you develop your plan, be aware of the financial resources available to you. These include your parent/relative’s savings, any insurance or public assistance benefits they may qualify for, and your own personal funds.
Most facilities have a planning resource professional who can help you navigate this transition. Be deliberate about reviewing the options, even if you find yourself under time pressure. You want to make sure you make the best decision possible.
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