Thinking about assisted living? It’s a big step, and the costs can feel overwhelming. But with the right plan, you can make choices that fit your budget and bring peace of mind. Whether you’re considering assisted living in Boise, Nampa, or anywhere in the Treasure Valley, this guide will help you understand the financial side of things. Let’s break it down step-by-step.
What Does Assisted Living Cost?
In the Boise and Nampa areas, the monthly cost of assisted living can range from $3,500 to $5,500+. This usually covers housing, meals, and a range of care services. But keep in mind, the price will likely go up if extra help is needed—like medication management or memory care. Knowing these costs can help you plan better and avoid surprises.
Step 1: Look at Your Finances
Start by looking at where you stand financially. What money do you have coming in? Write down all your income sources—like Social Security, pensions, and retirement accounts. Next, check your savings and any valuable assets you own. Knowing what you have makes it easier to see what you can afford.
Step 2: Know Your Options for Financial Help
If your income and savings don’t fully cover the cost of assisted living, don’t worry. Here are some ways to get extra help:
- Medicaid: Depending on your income and Idaho’s rules, Medicaid might cover part of assisted living. Idaho’s Medicaid Waiver Program could help with care costs but usually doesn’t pay for room and board.
- Veterans Benefits: Veterans and their spouses might qualify for Aid and Attendance benefits through the VA, which can help cover assisted living.
- Long-Term Care Insurance: If you have a long-term care policy, check if it includes assisted living.
- Life Insurance: Some life insurance plans allow you to use the policy for long-term care costs.
- Bridge Loans: These are short-term loans you can use until other assets, like a home, are sold. They can help if you need money for assisted living right away.
Exploring these options can make assisted living in Boise, Nampa, or the Treasure Valley more affordable.
Step 3: Plan for Future Costs
Costs can change as you or your loved one ages. If more care is needed, expenses may increase. Inflation can also drive up prices over time. That’s why it’s smart to set aside some savings for future needs. Planning now can help you be prepared for the years ahead.
Step 4: Consider Selling or Renting Property
For many, their home is a big asset. Selling or renting it out can help cover the costs of assisted living. Selling can provide a lump sum that might cover years of care. Renting your home could provide a steady monthly income to help with ongoing expenses. Talk to a financial advisor or real estate expert before deciding to sell or rent so you understand the best choice for your situation.
Step 5: Create a Financial Plan
With a clear picture of your finances and costs, you’re ready to create a plan. This plan should list your income, savings, and what you’ll need for assisted living. A financial advisor can help build a budget that covers your needs today and in the future. Be sure to include an emergency fund for unexpected expenses, like medical bills.
Step 6: Talk to a Financial Advisor
A financial advisor can make the process easier. They can guide you on the best way to use your money, explain tax implications, and help you avoid common mistakes. An advisor’s support can help you make the best choices for you or your loved one.
Get Your Free Financial Planning Guide
At BeeWell Assisted Living, we know how important it is to be financially prepared. That’s why we offer a free Financial Planning Guide to help you make smart choices about assisted living costs. Whether you’re just starting to plan or looking to fine-tune your approach, our guide has tips and tools to help you along the way. Download your free guide here and start planning for a secure future.
