Financial resources at Heritage Senior Living in Blue Bell, Pennsylvania

Heritage Senior Living Financial Resources

For many people, the overriding concern with moving into a retirement community are the finances. How much can I afford? Are there any kinds of benefits available? What about long-term care insurance?

This portion of the website is devoted to providing information about these issues. In addition to the information provided, we suggest you talk to a financial advisor, insurance agent or Veteran's Administration office to get additional details.

A happy couple in their apartment at Heritage Senior Living in Blue Bell, Pennsylvania

Cost Comparison Worksheet

How much do you currently spend to live in your home? How does that compare to the cost of a retirement community? Most people are aware of what they spend for a mortgage or utilities but fail to take into account all the other expenses they incur, living at home.

To help you compare your costs, we've provided a handy worksheet. Download this form and take it with you when you visit a retirement community.

Long Term Care Insurance

A resident in a wheelchair at Heritage Senior Living in Blue Bell, Pennsylvania
A mother and daughter hugging at Heritage Senior Living in Blue Bell, Pennsylvania

Veteran's Aid and Attendance Special Pension

The Veterans' Administration offers a Special Pension with Aid and Attendance (A&A) benefit that is largely unknown. This Special Pension (part of the VA Improved Pension program) allows for Veterans and surviving spouses who require the regular attendance of another person to assist with bathing, dressing, meal preparation, medication monitoring or other various activities of daily living. This benefit is available to individuals who reside in assisted living communities, residential care homes, skilled nursing facilities and those receiving personal in-home care.

Tax Deductibility for Assisted Living

You, or the person paying for your care, may be eligible for certain deductions on your federal tax return, depending on the type of services and the level of care you require.

The IRS allows deductions for the cost of housing and meals if you are receiving long-term care in a home or community for the aged due to chronic illness or the inability to live alone. Assisted living residents receiving personal care services may qualify for the deduction.

To qualify, you must require assistance with at least two activities of daily living (such as eating, toileting, transferring, bathing and dressing), and a physician must certify that you have been unable to perform these functions without assistance for at least 90 days.

Two residents and a caretaker at Heritage Senior Living in Blue Bell, Pennsylvania