One of the questions that is almost top-of-mind when choosing a quality senior assisted living community is: “How will I pay for it?” Platinum is here to help you solve that puzzle. There are many financial options available to you and here are just a few:
There are traditional options offered by banks, insurance companies and the federal government, including:
- Real Estate: If your family members owns a home free and clear or possesses significant equity, you may wish to consider a home equity line of credit. You might also consider renting the house to generate cash flow rather than leaving it vacant.
- Long-Term Insurance: Long-term care insurance generally covers some or all of the costs associated with assisted living. Be sure to check your policy and speak with your agent to learn the extent and scope of your coverage.
- Government: Your loved one may be eligible for Medicare, Medicaid or state-run programs for skilled nursing care if he or she meets eligibility requirements.
- Private Pay
Not all options are available to all individuals.
The IRS allows you to deduct the cost of housing and meals who are receiving assistance with at least two activities of daily living walking and transferring to bed or wheelchair, bathing and showering, dressing, self-feeding, personal hygiene and grooming, toilet hygiene.
The deduction is also allowed for adults who require a significant amount of supervision due to cognitive impairment. A doctor must certify the adult’s condition and need. Your financial consultant can provide details.
Veterans Aid & Attendance Program
Was your loved one a veteran? If so, the Department of Veteran’s affairs offers eligible veterans and their surviving spouses a monthly stipend to cover living and medical expenses associated with long-term care.