Sometimes even the best-laid plans hit a snag along the way. That’s why when it comes to understanding and meeting the uncertainties paying for your stay, we help seniors and their families overcome obstacles and move forward with confidence.
To make sure we’re offering the best senior living financial solutions possible, we partner with several senior financial services providers in developing and implementing several special programs.
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 assistance with activities of daily life and/or required clinical care. This could be in a setting such as a personal care home or assisted living community. This benefit is a federal benefit provided through the Department of Veteran’s Affairs and is one of many senior living financial solutions available.
Find out more at your local VA office or call the Juniper Village nearest you.
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 www.elderlifefinancial.com or call the Juniper Village nearest you.
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 www.lifecarefunding.com or call the Juniper Village nearest you.
This is a more affordable option for two individuals looking for cost savings. Companion suites offer lower monthly rates without sacrificing any Juniper Village amenities, signature programs or services. Companion living is great for couples, friends and those looking to build new close friendships.
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, 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 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 senior living financial solutions decisions.
- 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 Financial Advisors