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Monthly Care Budget Worksheet
Use this worksheet to estimate monthly care costs and compare them against available resources. These are planning estimates. Always get written quotes from providers before committing.
Estimating care costs
- Estimated home care hours per week × hourly rate = weekly cost
Example: 20 hours × $28/hr = $560/week or ~$2,240/month
- Assisted living base rate
Typical range: $3,500–$6,500/month depending on location and community
- Memory care monthly rate (if applicable)
Often $500–$1,500/month more than assisted living
- Adult day program daily rate × days per week
Example: $100/day × 5 days = $500/week or ~$2,000/month
- Medication costs — copays, supplements, prescriptions
- Transportation — medical appointments, errands, activities
- Medical supplies — incontinence, mobility aids, wound care
- Move-in fees, deposits, or first and last month for residential care
Identifying available resources
- Social Security or pension income per month
- Savings or investment withdrawals available per month
- Long-term care insurance — monthly benefit amount and elimination period
- VA benefits — is your parent a veteran? What benefits are available?
- Medicaid — does your parent qualify? Ask a benefits counselor.
- Family contributions — who can contribute and how much?
Planning questions
- How many months of care can current resources cover?
- When would you need to access additional resources?
- Are there Medicaid spend-down implications to plan for?
- Has an elder law attorney reviewed the financial plan?
- Have you asked providers what happens if costs increase?
This checklist is an educational planning tool. It is not a substitute for medical, legal, or financial advice. Consult qualified professionals for decisions about care, safety, medications, or finances.
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