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  • Writer's pictureSuzanne Tatz


As our loved ones age, their care needs often evolve, requiring us to explore care community options that can provide the necessary support and services. However, selecting the right care community involves careful consideration, particularly when it comes to your loved one's financial situation. Balancing their monthly income and savings with the costs of care can be challenging. In this blog, we will guide you through the process of choosing the right care community that aligns with your loved one's current and future needs, while also taking into account their financial resources.

  1. Assessing Your Loved One's Current and Future Care Needs: Before diving into the financial aspect, it is crucial to evaluate your loved one's care requirements. Consider factors such as assistance with daily activities, medical needs, cognitive abilities, and social interactions. Understanding their present and anticipated needs will help you determine the level of care required and narrow down the options.

  2. Researching and Comparing Care Communities: Now that you have an understanding of your loved one's care needs, begin researching different care communities in your area. Take note of the services they offer, the staff-to-resident ratio, available amenities, and the overall atmosphere. Create a shortlist of communities that seem to align with your loved one's requirements and preferences.

  3. Understanding the Costs: Care community costs can vary significantly based on the level of care, amenities, and location. It is crucial to have a clear understanding of the fees involved to ensure they fit within your loved one's financial capabilities. The following are key cost considerations:

  4. Monthly Fees: Determine the base monthly fee for residency, which usually covers accommodation, meals, housekeeping, and some basic amenities.

  5. Level of Care: Assess the additional costs associated with higher levels of care, such as memory care, skilled nursing, or specialized therapies. Understand how care plans are structured and whether the costs can increase over time.

  6. Entrance Fees and Deposits: Some care communities require entrance fees or deposits. Evaluate the financial feasibility of such upfront payments and consider refundability options.

  7. Financial Assistance: Research potential financial assistance options, such as long-term care insurance, veterans' benefits, or Medicaid, to alleviate the financial burden. Determine the eligibility requirements and how they can impact the affordability of care communities.

  8. Evaluating Affordability: With a clear understanding of the costs involved, compare them against your loved one's monthly income and savings. Assess the affordability of different care communities, ensuring that their financial resources can sustain the chosen community over an extended period. Consider their monthly income from pensions, Social Security, investments, and any other sources, alongside their savings and assets.

  9. Seeking Professional Financial Advice: Making financial decisions concerning care communities can be complex. Consider consulting with a Statz Agency Long Term Care specialist who can provide expert advice tailored to your loved one's situation. They can help analyze the financial impact, explore possible funding sources, and offer strategies to optimize the use of available resources.

  10. Visiting and Assessing Care Communities: Once you have narrowed down your options based on financial feasibility, it's time to visit the care communities in person. Schedule tours, meet with staff, and engage with current residents if possible. Evaluate the community's atmosphere, cleanliness, safety, and the overall satisfaction of residents. A personal visit can provide valuable insights beyond what is written on brochures or websites.

Choosing the right care community for your loved one's current and future needs requires a thoughtful and comprehensive approach, considering their financial situation alongside their care requirements. By carefully assessing their needs, researching and comparing different communities, understanding the costs, evaluating affordability, and seeking professional advice, you can make an informed decision that ensures the well-being and financial stability of your loved one in their new care community. Remember, this process takes time, so start early to make the most informed choice possible.

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