How to Start Creating a Senior Care Budget for 2023

Are you just beginning your journey to creating a 2023 senior care budget? Caregivers of senior adults have a lot to consider when planning a budget for their relative who will likely be starting senior care in the near future. From medical expenses to the location of the facility, there are a number of factors that should be taken into account in order to create a budget that works for you and your loved one. Here are some top tips from Senior Helpers South Bend:

Be Flexible

With inflation on the rise, the cost of goods and services seems to change nearly every week. Therefore, you should plan to be flexible with your 2023 senior care budget. While you want to be as specific as possible where you can, it is also a good idea to plan for some leeway in the budget. After all, the cost of certain medical supplies and medications might change in the coming months.

Consider the Timeline

How long will your senior loved one be in care? Also, will your senior require part-time or full-time care? These things can heavily influence the final budget, with part-time care generally costing less than full-time care. Another thing to consider is whether your senior's needs are likely to change over time. There are additional costs associated with intensive or long-term care, all of which should be taken into account when building a budget. Before you complete the timeline, try to find out what federal and state programs might cover - many of them offer special programs designed to benefit seniors.

Factor in Medical Care

Your senior loved one's overall health will play a big role in the senior care budget for 2023. If your loved one is struggling with a serious illness or other medical complication, you should be aware that their medical expenses will require a big chunk of the budget. This could include specialized doctor's visits, medication, medical supplies, and any hospital stays. Even if your senior is in great health currently, you always want to plan for the future, and that includes setting aside adequate funds to handle any unexpected medical expenses.

Location is a Major Consideration

If your senior relative will be staying in a senior care facility, the location of that facility will play heavily into your budget. Generally speaking, facilities that are located in your same general geographic area will be much more affordable, while facilities located out of state will be more expensive. You should also consider travel expenses if you do opt for an out-of-state location, including possible hotel stays, gas, meals on the road, etc.

Senior Care Provides Custom Senior Care Services

If you are considering senior care services for 2023, or if you want to learn about the value that a caregiver can bring to your senior loved one's life, Senior Helpers South Bend can help. We provide top-of-the-line senior care services to senior adults in and around the South Bend, Elkhart, Goshen, and Mishawaka areas. If you have any questions about the personalized caregiving services we offer, contact Senior Helpers today! We would love to help you feel confident about your 2023 senior care budget.