Financial Resources
We’ll Help You Weigh Your Options
For many people, the overriding concern with moving into a senior living community is the finances. How much can I afford? Are there any benefits available? What about long-term care insurance?
Our team at Heritage Senior Living is dedicated to providing information about these issues. In addition to the information provided, we suggest you talk to a financial advisor, an insurance agent, or a Veterans Administration (VA) office to get more details.
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 on a mortgage or utilities, but fail to consider all the other expenses they incur while living at home.
To help you compare your costs, we’ve provided a handy worksheet. Click the button below and take it with you when you visit a retirement community.
Long-Term Care Insurance Questions
Will my standard health insurance, Medicare, or Medicaid pay for long-term care?
Unfortunately, no. Ordinarily, health insurance policies and Medicare usually do not pay for long-term care expenses. Additionally, Heritage Senior Living communities do not accept Medicaid, a federal/state health insurance program.
What will long-term care insurance cover?
Long-term care insurance typically covers the cost of:
- Help with daily activities like bathing, dressing, eating, and cleaning your home.
- Community programs, such as adult day care.
- Assisted living services provided in a special residential setting other than your own home. These services may include meals, health monitoring, and help with daily activities.
- Visiting nurses.
- Care in a nursing home.
What should I be mindful of concerning a long-term care policy?
- Coverage: Some policies pay only for nursing home care or home care. Some provide a mixture of care options, including nursing homes, assisted living communities, and adult day care. Some will pay for a family member or friend to care for you in your home.
- Daily or Monthly Benefit: This is the amount of money the insurance company will pay for each day or month you are covered by the policy. If the cost of care exceeds your daily or monthly benefit, you will need to pay the difference out of your own pocket.
- Benefit Period: This is the length of time you will receive benefits from your policy. You can choose a benefit period that spans two to six years or for the rest of your life.
- Elimination or Waiting Period: There is a waiting period of anywhere from 0 to 100 days. During this time, you must pay all your long-term care expenses out of your own pocket.
- Inflation Protection: Make sure your policy includes inflation protection. There are two types: the right to add coverage at a later date and automatic coverage increases.
Who can help me understand my long-term care policy?
The best resource for understanding your policy is your insurance agent or insurance company. Our team can also review the policy to put the plan in terms you can understand.
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 is part of the VA Improved Pension program. It is for Veterans and surviving spouses who require regular assistance with activities such as bathing, dressing, meal preparation, and medication monitoring.
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.
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This is a “pension benefit” and is not dependent on service-related injuries for compensation. Most veterans who need assistance qualify for this pension. Any war veteran with 90 days of active duty, with at least one day during active wartime, is eligible for this benefit. A surviving spouse of a war veteran may be eligible if married at the time of death.
The individual must qualify on both medical and financial grounds. There are two ways to apply for the Aid and Attendance benefit. Some senior communities can help you apply or refer you to a professional who will complete the documentation for you. You may also apply by contacting your Regional Veterans Administration Office. To locate the closest regional office to you, visit the VA website.
For more information about this benefit, please contact your local Veterans Administration office.
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 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 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.
For more information about possible deductions, please consult with a tax adviser.
Where Care & Community Come Together
At Heritage Senior Living, every moment reflects thoughtful care, shared experiences, and a sense of belonging that goes beyond the everyday. Discover how our communities create an environment where people feel at home.