Parent Care Budget Calculator

Last updated July 2, 2026

Building a formal budget for a parent's care is one of the most useful and least commonly done financial exercises in eldercare planning. Most families manage care costs reactively — paying bills as they arrive without a clear picture of the total monthly outflow relative to the parent's total resources. A parent care budget starts with all income sources: Social Security (the average benefit as of January 2026 is $2,071 per month), pension payments, RMDs, investment income, and rental income if any. Against that, the monthly care costs: housing, whether at home or in a facility; paid care hours; medications; medical copays and premiums; and personal expenses. The gap between income and costs is the monthly draw on savings — and knowing that number precisely enables realistic planning for how long resources will last.

The budget exercise frequently surfaces overlooked expenses: Medicare Part B and D premiums ($202.90 per month for Part B in 2026 for most enrollees, plus Part D and any Medigap supplement costs), dental and vision care not covered by Medicare, transportation to medical appointments, and personal hygiene and comfort items that add up meaningfully over time. It also surfaces overlooked income that could reduce the draw on savings — Veteran's Aid and Attendance benefits for eligible veterans and their surviving spouses can provide $1,000 to $2,500 per month toward care costs, a benefit that many families don't know exists or haven't claimed.

Building a complete monthly budget for parent care — all income sources against all costs — and calculate the monthly net draw on savings. Divide total accessible assets by that monthly draw to estimate the financial runway. Then examine whether any overlooked income sources (VA benefits, Medicaid waivers, long-term care insurance) could extend that runway meaningfully.