Tax Benefits of Assisted Living
Paying for your loved ones assisted living costs can result in significant savings for yourself as well. Please click the following link to download the PDF file to use as a guide to tax credits, medical & dental expenses. It is highly recommended to ask your accountant or/and financial planner to review the IRS Publication 502 to help you determine the tax credits you may benefit from.
Some other options that help residents and their families paying for assisted living:
1. Veterans Program
If you are a veteran, a dependent of a veteran or a surviving spouse of a veteran, you may be eligible for financial assistance to help pay for your stay in an assisted living residence. The program is called “Veteran’s Aid and Attendance Benefit.”For additional information, please visit the US Veteran’s Administration website or contact them by phone at 800-827-1000 and ask to speak to a Benefits Counselor to learn more about this program.
2. Medicaid Waiver Program
If you are on Medicaid, and have a monthly income of less than $2,130 then you may qualify for the medicaid waiver program.
3. Long Term Care Insurance
Long term care insurance is privately paid insurance with several different kind of benefits. Coverage may include Nursling Home stays, Assisted Living Stays, Home Health Care services, Hospice services, and more.
4. Medicaid Waiver Program
Converts your existing life insurance into an immediate Long Term Care Benefit Account to pay for the cost of care directly every month. Once approved, you choose the type of long term care that is best for you: Home Healthcare, Assisted Living, Alzheimer’s Care, or Skilled Nursing Home Care. Please visit http://www.lifecarefunding.com for more info or call us at 989-778-1713.