You always have your loved one’s best interest in mind. Whether it is helping them choose the right assisted living community or ensuring that they remain active and social, you are at the center of providing for their care.
Of course, providing for their safety and security is only half the battle. In order to ensure your loved one continues receiving long-term care, it may also fall upon you to help them organize their expenses and manage their money. When preparing to take over your loved one’s finances, consider the following areas:
Planning the Budget
When making plans for your loved one’s financial future, it is important to include them in the discussion. Doing otherwise will only serve to frustrate and alienate them. During the talk, you will need to discuss key areas. Do your best to find out about assets, insurance policies, retirement plans and short-term and long-term debt.
To help your loved one open up and feel comfortable discussing the details of their finances, keep the talk focused on providing for their long-term care. Some expenses to consider include:
- Long-term care insurance
- Assisted living and skilled nursing costs
- Medical and medication expenses
- Mortgages, rent, or house payments
By having an accurate idea of the associated expenses, you, along with the assistance of your loved one, can come up with a detailed plan aimed at providing financial stability.
Investing in Quality Care
Assisted living communities are a worthwhile investment because they can extend your love one's life span and increase their happiness. To find out more about the costs of our assisted living communities, please give us a call or read more in Financial Considerations.