Veterans' benefits may be available to help pay for assisted living care, ancillary services, adaptive devices, medications, support groups, transportation, and more. Benefits are available to former veterans, as well as their surviving spouse. For more information about these VA benefits, please click here.
The IRS allows certain expenses associated with long-term care to be deducted on a federal tax return. Residents of a senior living community might be eligible for a tax deduction and reduce the overall cost of the senior living community. It’s important to speak with your tax advisor for more information.
This short-term loan is ideal for urgent situations and can help homeowners gain cash flow quickly. It can be used to pay for assisted living while you’re liquidating assets or waiting for your home to sell.
A senior's life insurance policy or that of a loved one can be used to pay for assisted living. Like your home or other personal assets, a life insurance policy is personal property, a living benefit, that has a fair market value. Knowing that value is important.
You can sell your policy to a third party for market value and use the proceeds to fund a long-term care benefit plan while some of the death benefit remains. Another option is “surrendering” a life insurance policy to the life insurance company for cash value. In this case, you give up ownership and the death benefit.
Long Term Care Insurance
Long-term care insurance helps pay for senior care expenses up to certain amounts which are detailed in each policy. Depending on the type of policy, long term care insurance will help pay for a wide variety of services in senior communities. To understand the full policy benefits, it’s important to begin with the Benefits Summary, which includes the type of coverage, daily benefit, policy limit, and elimination period. Understanding your long-term care policy and filing claims can be overwhelming, and many times mistakes are made that result in loss of coverage, so seeking advice from an expert can be helpful.