Family Senior Care Resources and Financial Assistance for Senior Living

Choosing the right senior care community can feel daunting. It’s a decision laden with both emotional weight and financial considerations. The cost of care can be a significant factor, and navigating different options can feel overwhelming. But fear not! We are here to be your guide and support system throughout this journey. We’ll explore key factors to consider, answer common questions, and offer tips to make this important decision a little bit easier.

 

AID & Attendance

Did you know the Veterans Administration (VA) offers financial aid for veterans and spouses needing senior care? This can include memory care communities! While the amount of assistance varies, it can be a major help for eligible veterans and their families. Click here to learn more and see if this program could benefit you or your loved one.

AID & Attendance

Long-term care insurance can cover a portion of a resident’s stay in a memory care community. Because these policies vary from person to person, coverage is individualized. Our experienced staff can analyze your existing policies and identify the specific requirements for certain coverages. Feeling overwhelmed by paperwork? We can guide you through the necessary forms, simplifying the process. Need assistance with your insurance provider? We’ll be your advocate, working directly with them to ensure you receive the benefits you deserve.

Reverse Mortgages

 

Are you 62 or older and looking to tap into your home’s equity? A reverse mortgage might be the solution you’ve been searching for. This unique loan allows you to access the value of your home without having to make monthly payments.

Here’s the beauty of it: Repayment is deferred until you move out, sell the house, or pass away. And for couples, there are protections in place to ensure a surviving spouse can remain living in the home.

Ready to learn more? Click here for additional information through AARP.

Life Insurance

Life insurance as an option? If you have cash in a policy, liquidation could help fund assisted living without draining other sources. Explore this with a financial advisor, but remember: keeping premiums current is key to maintaining your coverage.


Social Security

Make Social Security work for you! Traditionally, taking benefits early and investing them was a good strategy. Today, delaying them could be smarter. Why? Delayed retirement credits significantly boost your monthly payout. Depending on your birth year, benefits can grow by 3-8% annually. So waiting until 70 to collect could mean a 25% or more bump in your check! Plus, a surviving spouse gets the full benefit amount after the worker’s death, making delayed credits even more valuable. Consider consulting a financial advisor to see if this strategy aligns with your goals. Remember, keeping your premiums current is key to maintaining coverage.

With lifespans after retirement reaching 17.2 years for men and 19.9 years for women, a larger Social Security check can be a game-changer. Couples, listen up! One partner can “file and suspend,” keeping their benefit high by delaying it while the other collects spousal benefits right away. This strategy allows both partners to potentially maximize income.  New rules are in play! Study them and choose the best course for a secure future.


Gift Tax Exemption
 

Family members may want to assist in the move to a memory care community. One way would be to take advantage of the IRS gift tax exemption. Individuals can gift up to $14,000 per person each year without having to pay any taxes on such gifts. However, contact your personal financial advisor or tax professional; these individuals can assist you in finding out how this may benefit both you and your loved one.


Secured Lines of Credit
 

Helping a loved one move to memory care? The IRS gift tax exemption can be a valuable tool. Individuals can gift up to $14,000 per person each year tax-free. Talk to your financial advisor or tax professional! They can help you explore if this strategy benefits both you and your loved one.


Selling the Home
 

Considering a move to a senior community? Your home might be your biggest asset, and selling it can be a good way to generate funds.

Staying put while your partner needs care? A reverse mortgage could be the answer. It lets you access your home equity while staying put. You receive tax-free cash flow as a loan against that equity, with repayment only due when you move, sell, or pass away. Reverse mortgages won’t affect Medicare or Social Security benefits.

Do your research! Carefully compare lenders and their terms. The HUD website can help you find a reputable FHA-approved lender. Click here for more info.


We Can Help
 

We can guide you guide you in the right direction to ensure you receive the benefits you or your loved one deserves.

Remember, you’re not alone in this journey. Tanner Spring is committed to supporting you or your loved ones every step of the way.

Contact us today to learn more about how we can help unlock the potential of your financial help.