Long Term View Questions

SeniorcareCalculator

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Net Worth		Net Income		Facility Cost		Long Term View

Information	Questions	Summary

Long Term View Questions

Other Expenses and Income	$
First Year Expenses		Enter the expenses you will have for the first year only. Usually, there are costs that are typical for changing a residence. For us, it cost us approximately $18,000 for: renovations to the apartment my mother was moving into, professional movers’ fee, new furnishings, painting & cleaning her existing house to be able to rent, etc.
Other Annual Expenses		Enter any amount you will spend, on an annual basis, that was not calculated in any of the prior pages.
Other Available Funds		Enter the amount of external funds available for your use on an annual basis.
Long Term Care Insurance		You will need to review your policy with your broker to establish the amount of funds you are entitled to receive at different levels of care, for what length of time and for what maximum amount.
First Year Family Contributions		If your family is assisting you with the one-time costs associated with entering a facility and changing residences, enter the total amount here.
Family Contributions		If, on an annual basis, you have family members who are contributing funds enter the total amount here.

At this point in our endeavor, you have assembled data that shows your worth, your income and your expenses in relation to three facilities in which you are interested. You may want to take a few minutes to go over the first three sheets and ask yourself if you made any errors. If you are reasonably sure of the answers, CONGRATULATIONS, you have a fairly good idea if you can afford, FOR ONE YEAR, at any of the three facilities! Let’s continue.

In the Table at the bottom of the page, click on the arrow and a drop down menu will appear. The possible selections range from IND (Independent Living), AS1 (Assisted Living Level 1), AS2 (Assisted Living Level 2), AS3 (Assisted Living Level 3), NC (Skilled Nursing Care) or Blank.

Before we proceed, maybe the first question would be what care level should you pick? In the 1st Year, at a CCRC (Continuing Care Retirement Community), you picked IND. That was a straight forward, easy choice. Now for the 2nd Year, what do you expect? The answer to this question should take into account your health and your age. Remember, we spoke of ADLs (Activities of Daily Living) and IADLs (Instrumental Activities of Daily Living) and how the Health Community uses them to evaluate the individual to select a proper care level.

Long Term Care Play with the spreadsheet and come up with different scenarios. But be reasonable in your evaluations. Unless you have access to an actuary for a professional computation, err on the side of caution. A worst case scenario is always a good check on the ability of your personal finances to cover unexpected costs.

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