Financial Solutions (the Affordable Calculator)
At Applewood Our House we want to help. We all have plans on how things are going to work out, but things change…
When it comes to understanding and meeting financial challenges, we help seniors and their families overcome financial obstacles. We hope to give you choices and confidence with your decisions around senior care and options.
Understanding Senior Living Care Costs & Expenses
Senior care costs can be overwhelming, the options and choices are complicated. It is important to understand and compare options whether it is living at home with home care coming in to provide services or a residential home setting with all services and assistance provided. Use our Calculator to help compare the costs of a current situation and those of senior living.
Veteran’s Aid and Attendance Benefits
If you are a US veteran or the surviving spouse of a veteran, you may be eligible to receive up to $1800 per month to help pay for personal care such as assisted living. This benefit is a federal benefit provided through the Department of Veteran’s Affairs.
Find out more at http://www.vba.va.gov or call us for more information.
Elderlife Financial Services
Flexible and convenient loan options are available from this recognized leader in financial services. The Elderlife Line of Credit may be an ideal option for those who need rent support while they wait for other benefits to begin or are in the process of selling a home.
Find out more at http://www.elderlifefinancial.com or call us for more information.
Life Care Funding Group
Sometimes the liquidation of a life insurance policy through a Life Settlement can act as a “funding bridge” to help cover the cost of senior living services. A life settlement is the sale of an in-force life insurance policy for an amount greater than the cash surrender value.
Find out more at http://www.lifecarefunding.com or call us for more information.
There are many benefits to living in a companion option, the first is that the friendship and companionship with another individual can turn out to be a strong bond and healthy experience for stimulation and growth in this new environment. The secondary benefit is the financial cost saving.
Medical Tax Deductions
The Internal Revenue Service (IRS) provides a deduction for medical expenses including the cost of care in a nursing home, personal care home or assisted living community or similar institution if the primary reason for being there is to get medical care. IRS Publication 502 defines a typical situation as one in which an individual is unable to perform at least two activities of daily living (eating, bathing, dressing etc.) without substantial assistance from another individual.
Find out more at http://www.irs.gov/pub/irs-pdf/p502.pdf
Family members can also pitch in toward the cost of residential long term care and take advantage of the IRS gift tax exemption. Consultation with a tax professional is strongly advised before making financial decisions.
Assisted Living May Be A FULL Medical Tax Deduction
Download form for more information. Assisted Living Medical Tax Deduction
For Information about equity loans and reverse mortgages: US Housing and Urban Development
For information about veteran’s benefits for long term care: U.S. Veteran’s Affairs
For the Seniors Tax Guide with tax information for seniors about long term care:
For information about long term care tax benefits: US Internal Revenue Service
To help identify a personal financial advisor: National Association of Personal
To help with Medicaid options now or in the future learn more at the website