As you help your mom make plans for her care as she ages you will need to consider a number of factors. The first factor you should consider is the type of care she needs. There are several options for senior care and they are categorized based on the level of care they provide. Once you have an understanding of what your mom needs you should start to look at what she can afford. You can determine if your mom can afford a senior living community by looking at her financial resources and comparing the costs of staying home to that of assisted living.
Look at your mom’s financial resources
Take an in depth look at your mom’s financial resources to help you determine if she can afford senior living. You may know to look at the money she has set aside for retirement but there are other less obvious sources of money to consider. If your mom will be selling her home when she moves into senior living then the equity of the house can be used in your calculations. Another potential financial resource is family. If you and your siblings have the resources you can each contribute a certain amount each month to your mom’s care. Also be sure and consider any other income such as a pension or dividends. A combination of savings, home equity, family support, and miscellaneous income can help your mom get the type of care she needs as she ages.
Compare the costs of staying home to that of senior living
Keeping your mom in her home is not necessarily the most cost effective option-even though it may seem that way on the surface. In reality, there is a long list of costs that your mom will have to keep up with if she stays home. Property maintenance, in-home care, transportation, taxes, and home repairs can all add up if your mom remains at home. In a senior living community many of these costs will go away or be included in the cost of staying at the community. Your mom will not experience large and unexpected expenses such as a roof replacement if she moves into a senior living community. You can compare the costs of keeping your mom at home versus moving into a senior living community by using this cost comparison guide. Looking at your mom’s current expenses can help you determine if she can afford to move into a senior living community.
You will have to take a deep dive into your mom’s finances to determine if she can afford a senior living community. Looking at factors such as family contributions and home equity could make a big difference in your mom’s ability to afford the care she needs. You can find more information about this topic and many others related to senior care on Eskaton’s resource page.