Financial Options

The Department of Veteran Affairs (VA) offers benefits like the Aid and Attendance program, which provides over $2,700 monthly, tax-free income for eligible U.S. Military Veterans and their spouses. You can quickly check if you qualify based on service details, discharge type, care needs, income, and assets.

This insurance helps cover the costs of long-term senior care. Review your policy or talk to your provider to see how it can fund your senior living. If you have questions, ElderLife consultants can review your policy for free to ensure you're getting the most out of it.

If you're moving to a senior living community, your home's equity could be a significant asset. Selling your home with the help of a skilled real estate agent, especially a Seniors Real Estate Specialist (SRES), can provide substantial funds for your expenses. During the process, you might also sell unneeded belongings to add more to your budget.

The IRS offers tax deductions for some senior care costs. You can generally deduct medical expenses over 7.5% of your adjusted gross income. Tax rules can be tricky, so it's best to consult with an accountant or tax advisor to see how you can maximize deductions and free up more money for senior living.

Bridge loans can help you move into senior living while waiting for long-term funds. Common delays include selling a home, getting VA benefits, or waiting for insurance or asset liquidation. Bridge loans are quick and easy, allowing you to move in immediately and repay the loan once your funds are available. Elderlife offers a free consultation to see if a bridge loan is right for you.

Life insurance typically provides a payout to loved ones after the policyholder's death, but premiums can increase with age. Depending on your policy, you might be able to access funds or sell them to help pay for senior living. Check your policy details to see if this is an option.