DO I HAVE THE FINANCES FOR ASSISTED LIVING ACWORTH?
Having the means to give your parents the help they need might seem impossible, but the possibility might be more achievable than you initially thought. The out-of-pocket costs might be shocking, discouraging, and rejecting, depending on the situation. However, differing factors might make your hope a reality. Our assisted living Acworth specialists are here to give you some insight into your finances and the different situations to determine whether assisted living is feasible.
Preparing Your Finances for Assisted Living Acworth
Coming to the point of helping your parents take the next step can be a difficult decision to make. 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 you should consider when financially planning this process.
Current Expenses
When reviewing 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.
Financial Services
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. A loan can help cover that period when anticipated benefits have yet to come. When budgeting for assisted living, predict how much of a loan you might need, what kind of interest will accrue, and how long the loan will need to be active.
Existing Finances
Some costs must come out of pocket to make an assisted living community a reality for those in your family. When calculating the cost of an assisted living community, consider that you might have a savings account 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 before moving in, you will be able to minimize financial hiccups that might require you to seek financial services.
Tax Deductions
Depending on several circumstances, payments to an assisted living community might be eligible for tax deductions. This can apply whether the resident or other family members cover the cost. Please consult with a tax advisor to determine whether your parents are eligible for tax deductions.
VISIT DOGWOOD FOREST: AN INSPIRED ASSISTED LIVING ACWORTH COMMUNITY
With 93 units at our Acworth location, Dogwood Forest is a community with amenities and services 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 in your journey.