FINANCIAL OPTIONS FOR
SENIOR LIVING

FEEL THE DIFFERENCE OF WORKING WITH TRUSTED EXPERTS

We understand that making the decision to move to a senior living community comes with many considerations, one of which is, invariably, cost. If you’re wondering how you and your family will be able to pay for care and services, we’re here to help guide you through the process and offer helpful resources.

In collaboration with ElderLife Financial, Charter Senior Living will connect you to financial professionals who will provide you with several options based on your specific needs. Get started by selecting the lifestyle you’re most interested in.

VA Benefits

With our partners at ElderLife Financial, Charter Senior Living is proud to offer families complimentary guidance throughout the entire VA Aid & Attendance benefit application process. Our goal is to ensure a seamless and supportive experience, helping veterans and their families access the benefits they deserve. See if you qualify by answering a few questions below.

EXPLORE SUPPLEMENTAL FINANCIAL OPTIONS

While personal savings and assets are commonly used to pay for senior living, there are alternative solutions that can help families cover the costs of care. ElderLife financial experts are available to discuss any of the options below that may fit your personal circumstances and needs.

Long-term Care Insurance

Long-term care insurance is a type of insurance that people buy because they anticipate needing to pay for long-term senior care at some point. Review your policy or speak with your insurance provider to learn if and how you can use your policy to help fund senior living. If you’re worried you’re not getting the maximum payouts for care or have questions about your policy, ElderLife has consultants available to help review your policy, at no cost to you.

Home Sale

Your home’s equity could be a significant asset in helping to pay for senior living. Selling your home with the help of a skilled real estate agent, especially a Seniors Real Estate Specialist (SRES), can provide substantial funds for your senior living expenses. Tip: During the process, you can also sell unneeded belongings to add more to your budget.

Tax Deductions

The IRS offers tax deductions for some senior care costs. You can generally deduct medical expenses over 7.5% of your adjusted gross income. Consult with an accountant or tax advisor to see how you can maximize deductions and free up more money for senior living costs.

Bridge Loans

Bridge loans can help you move into senior living while waiting for long-term funds commonly delayed by selling a home, getting VA benefits, or waiting for insurance or asset liquidation. Bridge loans are quick and easy, allowing you to move in immediately and repay the loan once your funds are available. ElderLife offers a free consultation to see if this type of loan is right for you.

Life Insurance

Life insurance typically provides a payout to loved ones after the policyholder’s death, but premiums can increase with age. Depending on your policy, you might be able to access funds or sell them to help pay for senior living without penalty. Check your policy details to see if this is a viable option.

Reverse Mortgage

A Home Equity Conversion Mortgage (HECM) is a common type of reverse mortgage for homeowners 62 and older, allowing them to use their home equity for financial needs. Federally regulated for fair practices, an HECM requires a counseling session to determine if it’s right for you. If one homeowner stays in the home, it can help pay for care. ElderLife will help you connect with a federally approved lender in your state.

TAKE THE NEXT STEP TO SENIOR LIVING

Knowing there are many financial options that help pay for senior living, along with Charter and ElderLife’s guidance, we hope you find peace of mind in planning for the future. Please fill out our contact form and we will connect you with an ElderLife financial services expert who will provide a free consultation for your family.