Assisted Living Acworth Shares Calculating Facilities Cost, Can Your Parents Afford It?
on January 30th, 2019 in Acworth Ga, Dunwoody, GA, Grayson Ga., senior care | No Comments
Do I Have the Finances for Assisted Living Acworth?
Having the means to give your parents the help they need might seem insurmountable, but the possibility might be more achievable than you initially thought. Varying on the situation, the out-of-pocket costs might be shocking, discouraging and rejecting. However, differing factors might make your hope a reality. Our assisted living Acworth specialists are here to give you some insight on going over your finances and the different situations to determine whether assisted living is feasible.
Preparing Your Finances for Assisted Living Acworth
Coming to the point to help your parents take the next step can be a difficult decision to come to. Thankfully, you’re not alone. Though this time might be overwhelming, covering all your bases when it comes to finances is incredibly important. Below are a few categories that you should be mindful of when financially planning this process.
When going over the current budget and determining whether assisted living Acworth is practical, consider that many of your current expenses will be included in the new living arrangement. For your convenience, we have created an Assisted Living Expense Worksheet. In short, many of your current expenses such as food and utilities will be included with the cost of living at an assisted living facility; therefore, many of them will no longer be ongoing expenses and can be considered savings going forward.
When individuals and families experience a financial gap before or during their residency at an assisted living community, many loan providers are available to help during this time of need. Instances of when this option is practical include the period when a family is waiting for a home to finalize a sale. A loan can help cover that period when anticipated benefits have yet to come. When budgeting for assisted living, predict how large of a loan you might need, what kind of interest will accrue and how long the loan will need to be active for.
To make an assisted living community a reality for those in your family, some costs will have to come out of pocket. When calculating the cost of an assisted living community, consider that you might have a savings account that is accruing interest. This might have been a form of income in the past, so be sure to calculate how taking from that account will impact a current source of income. By addressing this prior to moving in, you will be able to minimize financial hiccups that might require you to seek financial services – although this, of course, cannot fully guarantee the aforementioned situation will be completely avoided.
Depending on a number of circumstances, payments to an assisted living community might be eligible for tax deductions. This can apply whether the cost is covered by the resident or other family members. To determine whether or not your parents are eligible for tax deductions, please consult with a tax advisor.
For a more in-depth review of cost options, click here to visit our Financial Options page.
Visit Dogwood Forest: An Inspired Assisted Living Acworth Community
With 93 units at our Acworth location, Dogwood Forest is a community that has amenities and services provided that are clinically proven to produce positive outcomes in the health and lives of seniors. Our assisted living Acworth community is a luxurious and positive place to live. Contact us today to learn more about our facilities, services and financial options. Call us now at 678-831-4999 to take the next step of your journey.