Financial Resources

Start by assessing your personal resources, such as assets, savings, and insurance policies. Consider utilizing funds from your savings account, 401k, stocks, bonds, or CDs. These resources can be drawn upon to cover ongoing care needs.

Your home's equity can be a significant asset when moving to a senior living community. Partnering with a qualified real estate agent who specializes in assisting older adults, like a Seniors Real Estate Specialist® (SRES®), can help you sell your home at maximum value. Additionally, you can liquidate assets and hold estate sales to generate extra funds for your senior living expenses.

The Department of Veteran Affairs (VA) offers benefits specifically designed to support veterans in paying for increased senior care. One such program is the Aid and Attendance benefit, which provides eligible U.S. Military Veterans and their spouses with over $2,742 of monthly tax-free income. This financial support can help cover the costs of senior care. Determining eligibility is a quick process that can be completed in less than 5 minutes.

Anticipating the need for long-term senior care, many individuals purchase long-term care insurance. It's important to review your policy or consult with your insurance provider to understand how your insurance can help fund senior living expenses. ElderLife offers complimentary policy reviews to ensure you're maximizing the benefits of your coverage.

Life insurance policies can be another potential source of funding for senior living expenses. Depending on your policy, you may be able to access funds or sell the policy during your lifetime. Review your policy to determine if this option is available to you.

The IRS offers tax deductions on certain expenses related to senior care. These deductions can significantly impact your finances. To navigate the complex tax rules, it's advisable to consult with an accountant or tax advisor who can help identify deductions and potentially free up more money for senior living expenses.

Want to save on monthly expenses while enjoying the benefits of a senior living community? Consider shared housing opportunities. Frontier Management offers a variety of living space floor plans that accommodate roommates. We take great care to match compatible individuals, ensuring a positive and enjoyable shared housing experience.Navigating the transition to senior living can feel overwhelming, both emotionally and financially. At GenCare Lifestyle Senior Living, we're here to help. We understand the importance of having the right resources to support you and your loved one. Discover how a little assistance can make a world of difference.

If you're waiting for long-term resources like home sale proceeds or VA benefits to become available, ElderLife Bridge Loans can bridge the gap. With just a single phone call, you can complete an application in 10 minutes and receive potential approval within an hour. ElderLife Financial has been helping families in this situation for over 22 years, funding many Bridge Loans within 24 hours. So you can move into your desired community within a day and repay the loan once your other resources come in.

If you need quick access to funds, consider a personal loan. Borrow money from a financial institution and repay it over time. With many types available, you can shop around for the best deal. Ask lenders about interest rates, fees, and how much they can lend you. A personal loan can provide the immediate funding you need for your senior living expenses.

Unlock the equity in your home with a Home Equity Conversion Mortgage (HECM). This federally regulated reverse mortgage is available to homeowners aged 62 and over. Consult with a federally approved lender to learn if this is the right financial solution for you.

There are alternative ways to pay for senior living, such as utilizing Medicare and Medicaid. Medicare may cover certain senior care services depending on your unique situation, so consult with your provider. Medicaid, on the other hand, is a health insurance program for low-income individuals that some senior living communities accept. Contact your state's Medicaid office to learn more and check with your senior living community about Medicaid acceptance.

Navigating senior living funding options can be overwhelming. Get a free consultation from an ElderLife Financial Concierge to understand which resources are available based on your specific situation.