At Juniper Communities we are solution-oriented. The uncertainties of life can get in the way of even the best-laid plans. When it comes to understanding and meeting financial challenges, we help seniors and their families overcome obstacles and move forward with confidence by partnering with several senior financial services providers and developing and implementing several special programs for affordable senior care.
Understanding Senior Living Care Costs & Expenses
Many considering an assisted living community or other residential setting may think that home care or day care may be more affordable. It is important however to fully understand affordable senior care costs in addition to housing costs and home maintenance costs and other outside services before making a decision. Use our senior living cost calculator to help compare the costs of your current situation to those of senior living.
Veteran’s Aid and Attendance Benefits
If you are a US veteran or the surviving spouse of a veteran, you may be eligible to receive up to $1800 per month to help pay for personal care such as assisted living. This benefit is a federal benefit provided through the Department of Veteran’s Affairs.
Find out more at www.vba.va.gov or call a Juniper Village nearest you.
Elderlife Financial Services
Flexible and convenient loan options are available from this recognized leader in financial services. The Elderlife Line of Credit may be an ideal option for those who need rent support while they wait for other benefits to begin or are in the process of selling a home.
Find out more at www.elderlifefinancial.com or call a Juniper Village nearest you.
Life Care Funding Group
Sometimes the liquidation of a life insurance policy through a Life Settlement can act as a “funding bridge” to help cover the cost of senior living services. A life settlement is the sale of an in-force life insurance policy for an amount greater than the cash surrender value.
Find out more at www.lifecarefunding.com or call a Juniper Village nearest you.
Credit Card Payments
Juniper is happy to accept credit cards for respite stays, to help pay for rent while waiting for VA Aid and Attendance benefits or for move-in fees.
This is a more affordable option for two individuals looking for cost savings. Companion suites offer lower monthly rates without sacrificing any Juniper Village amenities, signature programs or services. Companion Living can also smooth the transition to the community by providing an opportunity to build a close friendship.
Medical Tax Deductions
The Internal Revenue Service (IRS) provides a deduction for medical expenses including the cost of care in a nursing home, personal care home or assisted living community or similar institution if the primary reason for being there is to get medical care. IRS Publication 502 defines a typical situation as one in which an individual is unable to perform at least two activities of daily living (eating, bathing, dressing etc.) without substantial assistance from another individual.
Find out more at www.irs.gov/pub/irs-pdf/p502.pdf
Family members can also pitch in toward the cost of residential long term care and take advantage of the IRS gift tax exemption.
Consultation with a tax professional is strongly advised before making financial decisions.
Assisted Living May Be A FULL Medical Tax Deduction
Download form for more information. Assisted Living Medical Tax Deduction
For Information about equity loans and reverse mortgages: US Housing and Urban Development
For information about veteran’s benefits for long term care: U.S. Veteran’s Affairs
For the Seniors Tax Guide with tax information for seniors about long term care:
For information about long term care tax benefits: US Internal Revenue Service
To help identify a personal financial advisor: National Association of Personal Financial Advisors