Financial Options for Hearthstone Assisted Living
In today’s economy, it is most important to understand all options available to help pay for and defray costs for private pay assisted living. Our goal is to help you understand all of the resources available to you. Please feel free to discuss payment options and plans with your Hearthstone community relations director. For very specific information, please refer to the websites listed below and consult with your tax advisor.
VA Benefits
- VA Benefits – Did you know that the Veterans’ Administration offers a Special Pension with an Aid and Attendance benefit that many folks are not aware of? This program allows both veterans and their surviving spouses who require care to eat, dress, bathe and other activities of daily living the opportunity to get additional monetary benefits. This special program works well for veterans and spouses who need assistance. For more info, go to:
www.veteransaid.org
Insurance Options
- Life Settlements – Life Insurance Settlements is a new but fast growing service. Typically, a Life Settlement broker sells your current policy to investors for a higher amount than the cash surrender value of the policy. It can be a great opportunity for a senior to realize cash to support the costs of senior living under the right circumstances. For more information, go to: www.finra.org
- Long Term Care Insurance – LTC Insurance is a disability plan that has been around since the 1980’s. What sounds simple – to purchase a policy and have coverage for care not covered by other insurance when you need it, may not be so simple. You pay annual premiums for coverage you may need only if you require custodial care. So, understand the policy limitations and deductibles and look at its flexibility should you need care in your home and/or in a community. For more information go to: www.ltcinsurance.com
Other
- Assisted Living Tax Deductibility – Some or all costs for living at an assisted living community may be covered if a senior has been certified by a licensed health care practioner as being unable to perform at least two activities of daily living and/or who has severe cognitive impairment and requires supervision to protect themselves from threats to health and safety. In some cases, the caregiver may be able to take the tax deduction for the care of the senior.
- Savings; Investments – In some cases, both savings and investments may be utilized to pay assisted living costs.
- Real Estate - the sale or impending sale of a home is often used to pay assisted living fees. Talk to your community relations director to understand how Hearthstome may be able to help you.
The information and content provided is intended to be used for informational purposes only. It is not a recommendation nor is it legal advice or opinion. Please contact your tax advisor for answers to your specific questions.