Financial Options
Making the decision to move into a senior living community is both significant and exciting. It opens the door to a maintenance-free lifestyle filled with social opportunities, engaging activities, and the peace of mind that support is available when you need it. As you prepare for this new journey, you may be wondering about the financial side. The good news is that there are a variety of flexible options available to fit each resident’s unique needs and circumstances. Let us help you. Answer a few short questions so we can help you.
At Eden Vista Burr Rudge, we’re here to guide you every step of the way.
Our trusted financial partners at ElderLife Financial work closely with you and your family to explore available resources and identify the best options for your situation. Below, you’ll find an overview of common financial solutions families often use to make senior living more affordable and accessible.
Pay with Personal Funds
When planning your budget, the first step is to review all of your personal financial resources. Over the years, you may have built assets, savings, or insurance policies that can help. Funds in savings accounts, 401(k)s, stocks, bonds, CDs, and other investments can be drawn upon to cover ongoing senior living expenses.
Selling a Home
For many seniors, a home is their largest asset. Selling your home can unlock equity to help fund senior living. Partnering with a trusted real estate professional ensures you maximize your home’s value while receiving support tailored to older adults. During this process, many families also choose to downsize, liquidate belongings, or hold estate sales, which can provide additional funds to cover care needs.
VA Benefits
The U.S. Department of Veterans Affairs offers programs to help veterans and their spouses with senior care costs. One key benefit, Aid and Attendance, provides eligible veterans and spouses with up to $2,700 per month in tax-free income to help pay for care. Eligibility can be determined in just minutes by reviewing service history, discharge type, care needs, income, and assets.
Long-Term Care Insurance
Long-term care insurance is designed to help cover the cost of future care needs. However, policies vary in what they do and don’t cover. Reviewing your plan—or speaking with your insurance provider—is the best way to understand how it can be applied toward senior living. If you’re unsure whether you’re maximizing your benefits, ElderLife offers complimentary policy reviews to help you make the most of your coverage.
Life Insurance
While life insurance is often intended to provide for loved ones after passing, some policies can also be used during your lifetime. Depending on the type of policy, you may be able to access funds directly or sell your policy to generate resources for senior living. Since not all life insurance plans qualify, it’s important to review your policy to understand your options.
Tax Deductions
Certain senior care expenses may qualify as tax-deductible. In general, the IRS allows deductions for medical costs that exceed 7.5% of adjusted gross income. Because tax laws can be complex, consulting with your accountant or tax advisor is highly recommended—they can help uncover potential deductions and free up more funds for senior living.
Shared Housing Options
At Eden Vista Burr Ridge, we’re here to guide you every step of the way.
At Eden Vista Barrington, we believe finances should never stand in the way of finding the care, comfort, and community you deserve. With a variety of solutions available, our team is here to guide you and your family every step of the way.
Contact us today to learn more, speak with one of our trusted experts, or schedule a tour of our community. Let’s find the right path forward—together.