A middle-aged woman sitting with her elderly father at a kitchen table, sorting bills and using a calculator. Warm, natural lighting. Real-life family setting.

Planning for senior care isn’t just about finding the right facility. It’s also about making sure you can afford it—month after month. Whether your loved one needs part-time help or full-time assisted living, the costs can be higher than expected. But with a simple plan, you can stay ahead of those expenses and make confident choices.

To get a quick idea of what care may cost in your area, visit our Care Cost Calculators page. It can help you estimate monthly costs based on care type and location.

This guide walks you through the steps to build a monthly senior care budget. It also covers what insurance will and won’t pay for, and how to make the most of your family’s income.

What Senior Care Really Costs Each Month

Costs vary depending on location, care type, and level of support. Here’s what most families can expect to pay:

Type of Care	Monthly Cost Range	What’s Included
In-Home Care (40 hrs/week)	$4,500 – $5,000	Help with meals, cleaning, daily tasks
Assisted Living	$4,000 – $5,500	Room, meals, basic care
Nursing Home (Shared Room)	$7,500 – $8,800	Full-time skilled nursing
Memory Care	$5,500 – $6,500+	Extra support for dementia and Alzheimer’s
Adult Day Care	$1,500 – $2,000	Supervised care during daytime hours

For detailed local costs, you can check the article Assisted Living Cost in Springfield, MO 2025.

What Insurance Covers — And What It Doesn’t

Many families assume Medicare will cover senior living. In most cases, that’s not true.

Medicare

Covers:

Short rehab stays after a hospital visitDoes not cover:
Long-term home care
Assisted living or memory care

Medicaid

Covers long-term care for low-income seniors, but only if the person qualifies financially.

Long-Term Care Insurance

If purchased in advance, it can cover assisted living, in-home help, and nursing homes. But it must be in place before the person needs care.

To understand your options better, the Long-Term Care Insurance Guide – Springfield, MO breaks it down clearly.

5 Steps to Create a Senior Care Budget

Here’s how to build a monthly plan that’s simple, steady, and realistic.

1. Total Up Monthly Income

Start with all available funds:

Social Security
Retirement or pension
Family contributions
Investment income

Be clear about how much is coming in every month. If your loved one is receiving help from multiple sources, make a list to avoid guesswork.

2. List Monthly Living Expenses

Even in assisted living, there may be extra expenses such as:

Medical visits and prescriptions
Personal care items
Transportation
Clothing
Special meals or dietary needs
Hobbies and activities

If your loved one is living at home, remember to include rent, utilities, and food.

3. Estimate Care Costs in Your Area

Costs change by city and type of care. Assisted living in Branson might cost less than in Tulsa. You can get accurate estimates by contacting local care communities or using cost calculators from trusted sources.

You can also browse locations directly on the Locations We Serve page.

4. Identify Gaps and Make Adjustments

Once you know how much money is coming in and how much is going out, look at the gap.

If expenses are higher than income:

Consider reducing hours of in-home care
Look into shared rooms in assisted living
Ask about lower-cost programs like adult day services
See if any family members can contribute monthly

Some seniors may qualify for VA benefits or state programs that cover part of their care.

5. Set a Monthly Limit and Review It Often

Don’t just create a budget once—check it every month. Care needs and costs can change quickly. A fall, illness, or hospital visit might increase expenses. Having a flexible plan helps you react without panic.

It also helps you track rising costs and prepare for next steps, like transitioning from assisted living to memory care.

How Families Can Lower Senior Care Costs

Saving money doesn’t mean cutting corners. It means using resources smartly. Here are a few ways families reduce their monthly spending without giving up good care.

Use adult day care instead of full-time in-home help
Share rooms at assisted living communities
Apply for aid early, like VA or Medicaid programs
Look for tax deductions, like medical expense write-offs
Switch to part-time support, if care needs are light

Making small changes in the early stages can save thousands over the year.

Final Thoughts

Senior care costs can seem overwhelming at first. But when you break it down month by month, the picture becomes clearer. Start with the basics—know the income, understand the costs, and build from there.

You don’t have to plan everything at once. Focus on the current month, and adjust as care needs grow or change. If you need help choosing a care type, reading the Assisted Living vs Nursing Home comparison can give you direction.