When it comes time to begin planning for Senior Living care, it is important to be educated and informed about any financial resources that are out there that you or your loved one can benefit from.
Although the VA does not directly pay for assisted living nor offer its own assisted living residences, there are several ways veterans can receive assistance from the VA to pay for assisted living. The most common way for veterans to pay for assisted living is using Aid and Attendance. This pension benefit is designed for veterans who require assistance with their activities of daily living and can be applied to whatever purpose the recipient desires, and therefore, towards assisted living rent, board or care services. There are several assistance options available to help veterans apply.
LTC Insurance can help pay for senior care in an Assisted Living and can offer care options that may not be covered under Medicare and/or Medicaid. Leverage Life Insurance Policies Whole and Universal life insurance policies build cash value and in some circumstances can be a source of ready funds.
Social Security is commonly used as a source for covering the costs associated with aging care.
Private homes are typically the most valuable asset we hold. When someone owns a private home and is ready to transition to an Independent/Assisted Living community, the best and most ready source of revenue is to sell the home. Sometimes, one partner needs assisted living and the other partner chooses to remain in the home; If this is the case, reverse mortgages may make sense, which allows the homeowners to stay in the home while tapping into the equity the couple has built.
A bridge loan is a short-term loan used until a person secures permanent financing. It allows the resident to meet current obligations by providing immediate cash flow. Bridge loans are short term, up to one year, and are usually backed by some form of collateral.
Harbour View Senior Living offers companion living in its communities where two people share a suite. This living arrangement enhances life by its companionship, as well as reduces the cost.
The IRS allows certain deductions on a federal tax return for the cost of housing and meals. Residents may qualify for even more deductions if a physician certifies that the resident cannot perform at least 2 activities of daily living, such as eating or bathing, without assistance for the past 90 days. The same deductions can apply to those who require extensive supervision due to memory impairment.
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