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Financial Options for Senior Living
FINANCING
Explore Your Senior Living Payment Options
As you prepare for this next chapter, you may wonder how to pay for assisted living. There are many financial options available to fit the needs of any resident. At The Arbors, we’re here to guide you. Our trusted financial partners at ElderLife Financial and AidandAttendance.com work with you and your family to identify the best resources for your situation.
Below are some of the financial solutions families leverage to make senior living possible.
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Pay with Personal Funds
Start by reviewing all personal resources you have available:
- Savings accounts, 401(k), stocks, bonds, CDs
- Insurance policies or other assets
- Retirement funds
Having a clear understanding of your resources helps create a realistic budget for ongoing care needs.
Selling a Home
Equity in your home may be one of your largest assets. Consider:
- Working with a Seniors Real Estate Specialist® (SRES®) to sell your home at maximum value
- Liquidating unneeded belongings through estate sales
- Using proceeds to fund senior living expenses
Long-Term Care Insurance
Long-term care insurance policies may cover the costs of assisted living. Review your policy or consult with ElderLife Financial to:
- Understand what services are covered
- Ensure maximum benefits are received
- Get free policy review assistance
Life Insurance
Some life insurance policies can provide access to funds during your lifetime:
- Depending on the policy type, you may sell or borrow against it
- Not all policies are eligible, so review with your provider
Tax Deductions
The Internal Revenue Service (IRS) offers tax deductions on some costs related to senior care. Certain medical expenses may be tax-deductible if they exceed 7.5% of your adjusted gross income. Consult a tax advisor to:
- Explore what qualifies
- Free up additional funds for senior living costs
VA Benefits
Eligible U.S. Military Veterans and their spouses may qualify for the Aid and Attendance benefit, which can provide:
- Over $2,795 per month in tax-free income
- Support to cover senior care costs
Eligibility can be determined in less than 5 minutes by reviewing wartime dates, discharge type, care needs, income, and assets. Complete the questionnaire below to see if you qualify!
SENIOR LIVING FINANCING
Financial Assistance
If you don’t have immediate access to all funds, there are financing options to help:
Bridge Loans
A short waiting period before long-term funds are available doesn’t have to delay your move to senior living. ElderLife Bridge Loans can help bridge the gap.
- Who it helps:
Families waiting on the sale of a home, VA benefits, long-term care insurance payouts, or asset liquidation.
- Quick application:
Complete in about 10 minutes with a single phone call.
- Fast approval:
Potential approval within an hour; many loans funded within 24 hours.
- Immediate move-in:
Allows you to move into your desired community without delay.
- Flexible repayment:
Once long-term resources become available, repay the amount borrowed and utilize the remaining funds for ongoing care.
Cash flow solution: Ideal if funds are tied up, but care is needed now.
Home Equity Conversion Mortgage (HECM)
A reverse mortgage can help homeowners aged 62 and older access the equity in their home to fund senior living expenses.
- What it is:
A federally regulated loan that converts home equity into available funds.
- Most common type:
Home Equity Conversion Mortgage (HECM).
- Required counseling:
Borrowers complete a counseling session to understand the loan and determine if it’s right for them.
- Eligibility:
At least one homeowner must plan to remain living in the home.
- Purpose:
Leverage home equity to pay for senior care or other needs.
Next step: Consult with a federally approved lender in your state to determine if this option is suitable for your situation.
FINANCING
Additional Financial Solutions
Medicare
Medicare is a federal health insurance program that may help cover some healthcare costs for eligible individuals.
- Who qualifies:
- Individuals age 65 and older
- Certain younger people with disabilities
- People with end-stage renal disease
- Coverage:
- Generally covers healthcare services
- Some senior care services may be covered under certain circumstances
- Next step:
- Review your Medicare plan to see which costs it may cover for senior living
- Consult your plan provider for guidance on coverage options
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How to Take the Next Step
There are many ways to pay for senior living, but knowing which options are best for you and your family may seem daunting. A free consultation with an ElderLife Financial Concierge can help identify your best options.
Contact us today:
- Fill out the form below
- Email: help@elderlifefinancial.com
