Placing a loved one in a senior living community sometimes requires using funds from a variety of resources. Here are a few options that can help cover the cost.
Long-term care insurance
This covers care for individuals with chronic illnesses or disabilities that need skilled care for an extended period of time. If your loved one has a policy, it may significantly reduce the out-of-pocket expense needed to fund care. Benefits vary but may include nursing home and assisted living stays, as well as adult daycare services.
Veterans and their surviving spouses who qualify for a VA pension and require the “aid and attendance” of a caregiver may be eligible for additional benefits over-and-above their monthly pension. These benefits can be used to help pay senior living costs. Individuals not eligible for a basic VA pension because of excessive income may qualify for “aid and attendance” benefits.
2020 Award Amounts
- Married Veteran: $2,266
- Single Veteran: $1,911
- Surviving Spouse: $1,288
*Bayshire Senior Communities cannot help you pre-qualify for this benefit or answer any questions on the amount you will receive. We are here to simply give you resources that can answer your questions on this benefit program.
Senior Living and your taxes
Most don’t know that senior living is tax deductible, it is!. Seniors that are interested in this deduction must qualify by receiving assistance with 2 activities of daily living. Bayshire can provide you with information from the care plan that will be needed for proof of the assistance we are providing. The deductible amount will vary from person to person and we recommend you reach out to your tax professional for assistance.
*Bayshire is happy to assist you with documentation needed from our communities for these deductions to the best of your abilities. We in no way are able to help you complete your taxes as this is informational. We always recommend you reach out to your tax professional for assistance.