Making Senior Living Affordable
We understand that finances play an integral part in the decision of moving into an assisted living community.
Dahlonega Assisted Living and Memory Care would like for you to be informed about financial options that could help fund the cost of assisted living for you or your loved one. It is not our intent to give financial or tax advice and the information below is subject to change.
The Department of Veteran Affairs offers benefits for qualified Veterans who are in need of assisted living care. The benefit, which is called Aid and Attendance Pension, pays a federal pension of approximately $2000.00 a month to eligible veterans. This government benefit is not guaranteed as there are income and asset limits for qualified veterans.
Veterans must meet the following requirements:
- The applicant must have served at least 90 days in the military. One of these days must have been service during wartime.
- The applicant cannot have more than $80,000.00 in liquid assets.
- The applicant, if a surviving spouse, cannot have remarried.
Benefits upon approval are as follows:
- Veteran- up to approximately $1788.00/month
- Surviving Spouse- up to approximately $1149.00/month
- Veteran and Spouse- up to approximately $2120.00/month
- Dependent Spouse of Veteran- up to approximately $1404.00/month
For more information, please contact the local Department of Veteran Affairs, located in Blairsville, Georgia. Information is available at www.va.gov.
Long term care insurance policies may pay for a portion or all of assisted living expenses. Refer to your policy to determine if your plan pays for assisted living expenses.
INCOME AND SAVINGS
Pensions, retirement accounts, funds from return on investments and savings may finance all or part of assisted living expenses. Family members may combine resources to fund the care of their loved one.
LIFECARE FUNDING GROUP
Lifecare Funding assists residents in liquidating current life insurance policies through a Life Settlement Program. This option can be utilized to cover the costs of assisted living when assets such as a home or stocks are difficult to sell due to market conditions. Visit www.lifecarefunding.com for more information.
ELDERLIFE LINE OF CREDIT
Elderlife offers line of credit programs to supplement assisted living expenses. Options are available to both residents and families who are in the process of selling a home or other assets or waiting for other financial benefits to begin. Visit www.elderlife.com for more information.
Companion suites give residents an affordable roommate option. Each companion suite has two bedrooms and a shared living space and bathroom. Residents enjoy all amenities and services.
TAX DEDUCTIBILITY BENEFIT
It is not our intent to give tax advice but we would like for you to be aware that there may be some tax benefits available to you or your loved one living at our community. Current law indicates that an individual may deduct from taxable income certain medical expenses associated with residing in an assisted living community for the purpose of receiving medical care. This tax deduction may also apply to relatives who are paying for a portion or all of a resident’s expenses associated with living at Dahlonega Assisted Living and Memory Care. The information above was taken from Internal Revenue Service Publication 502, “Medical and Dental Expenses”. Please visit the website http://www.irs.gov/publications/p502/index.html for more information. We suggest that you consult your tax accountant or attorney before making financial decisions.
SUPPLEMENTAL SECURITY INCOME
Supplemental long term care insurance may be used to offset the cost for residents who reside in assisted living communities. Supplemental Security Income (SSI) is a government benefit for seniors with limited income. Please visit www.socialsecurity.gov or www.ssa.gov for more information.