Many Americans pay their assisted living costs out of pocket. Income sources such as Social Security, veteran pensions, regular pensions, and savings are often key to covering these costs. A recent article discusses several other resources that may assist qualified seniors in paying for needed care.
Veteran’s Aid and Attendance Benefit If you or your spouse was a wartime veteran who served at least 90 days of active duty, you may be eligible for this benefit. This benefit provides funds for qualified individuals, including those who require assistance performing everyday tasks, and those who are currently living in an assisted living community.
Selling Your Home Many elderly Americans sell off or otherwise dispose of their assets in order to first pay for medical care, and then qualify for Medicaid when their funds run dry. If you are considering selling your home to pay for medical care, it is vital that you first speak with an attorney. Otherwise, you may accidentally forgo your Medicaid eligibility.
Tax Deductions There are various deductions for taxpayers who pay medical expenses for themselves, their spouse, or a dependent. Medical expenses that may qualify an individual for such deductions include stays at a nursing home or assisted living facility, and various long-term care services.