What budget do I need to stay in an Assisted Living Facility in BC?

What budget do I need to stay in an Assisted Living Facility in BC?

April 10th, 2017

One of the greatest stresses for many retired people is dealing with a budget with no work income to offset their expenses. With no income, a person may start to feel very worried about how they're going to pay for everything they want to do. Setting a budget becomes critical so that you can ensure that you have enough money to pay for your golden years.

A great way to save you money is to apply for publicly subsidized living facilities. In British Columbia, the cost of this is determined by the government’s Continuing Care Fees Regulation. By multiplying your after tax income by 70%, you can figure out how much you’ll be paying, with a minimum of $931.50 per month for one person or $1501.80 for a couple.

Remember—that’s the minimum. The government has also set a maximum amount you’ll pay, but that’s dependent on the housing prices of the area and what kind of care you’ll receive. So one easy way to protect your budget and save some money is to find a seniors home outside of Vancouver—why not Kamloops?

Another way that assisted living can help with your budget is that your fees also cover food and recreation. You no longer have to budget for trips to the grocery store or the bingo hall. A good assisted living facility will listen to your needs and plan activities around that. Of course, if you love going to see hockey games, like the Kamloops Blazers, you may want to include a jersey in your budget.

Finally, make sure that your budget includes the things that are important to you. What parts of your life are you not willing to give up, no matter where you’re living? If you love knitting, yoga, fine dining, or model car collecting, make sure that you have a section in the budget for that.