Peppermint Palm Senior Care wants you to know that there are many options available to help you manage the costs of senior living.
Veterans Aid & Attendance Program: Are you aware that the Department of Veteran’s Affairs offers eligible veterans and their surviving spouses a monthly stipend to cover living and medical expenses associated with long-term care? This could be a great benefit for those who have served.
IRS Benefits: Did you know that the IRS allows some deductions for the cost of housing and meals for adults who are receiving assistance with at least two activities of daily living?Keep in mid that the adult’s condition and needs must be certified by a doctor. That same deduction could potentially apply for those adults which require a significant amount of supervision due to cognitive impairment.
The IRS also allows families to claim this tax deduction if the adult needing assistance is a dependent. The IRS classifies a dependent as an adult who is related to the family or has lived with the family for an entire year as a member of the household. The adult must be a US citizen or resident and the family must have provided more than half of the total support for the adult for the calendar year.
Traditional Options: There are a number of traditional options offered by banks, insurance companies, and the federal government, including but not limited to:
- Real Estate. Consider obtaining a home equity line of credit. If your senior loved one owns a home free and clear, this could be a great option. You can also consider renting the house to generate income, instead of leaving it vacant.
- Insurance: If your adult/senior loved one has long-term care insurance, it may be able to cover some portion or all of the costs of assisted living housing.
Not all options will be available to all individuals, so make sure to do your research!
And if you find yourself looking into placement options we would be happy to help.
Contact us to learn more about our senior care caregiver tools. We proudly serve all of California, Florida, Sacramento, the Bay Area, and surrounding counties.