Financial Options to Help with AL Costs
Many families are not prepared for the expense of long-term senior care, but there are ways to stretch available money through financial planning, pooling existing assets, and taking advantage of tax savings. A good tax attorney also can assist in maximizing tax deductions for medical expenses and long-term care expenses and determining dependency if a senior is supported by a family member. Some other options include accessing veterans benefits, converting a life insurance policy to a long-term care benefit plan, or considering a reverse mortgage.
Check out the Financing Senior Care Guides and learn more at https://www.aplaceformom.com/planning-and-advice/senior-housing-101/financial-planning-and-taxes