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Helpful Financial Resources

After learning about all the wonderful benefits of living in a senior living community, you’ve decided it’s time to take the leap. You’re ready to start packing your bags, but there’s still one question left to answer: how are you going to pay for it? Fortunately, you have several options to consider as you figure out how to pay for senior living care—and you don’t have to be a millionaire to make the move to senior living.

Even if you don’t have a bundle of cash sitting in the bank collecting dust, you have alternatives. From private funds to insurance and government programs, there are probably more ways to cover the cost of senior living than you may realize.

What Are the Ways to Pay for Senior Living?

You’re ready to enjoy the benefits of senior living, with one big question: How do I pay for it?

The good news is that there are several ways to help cover the cost. Whether you’re planning ahead or responding to a recent change, there are options that can help you feel more confident and supported. You can explore different resources and choose the combination that best supports your goals and lifestyle.

Let’s take a look at the most common ways people pay for senior living.

Paying out of pocket
Selling your home
Bridge Loans
Long-Term Care Insurance
Life Insurance conversion
Veterans benefits
Medicare

What Are the Ways to Pay for Senior Living?

You’re ready to enjoy the benefits of senior living, with one big question: How do I pay for it?

Let’s take a look at the most common ways people pay for senior living.

Paying out of pocket
Selling your home
Bridge Loans
Long-Term Care Insurance
Life Insurance conversion
Veterans benefits
Medicare

Can I Use My Life Insurance to Pay for Assisted Living?

If you have a life insurance policy, you may be able to turn it into funds that help support your senior living journey. This option can bring valuable flexibility and peace of mind, giving you more choices for the future.

It may:

Work with any health condition
Begin without a waiting period
Skip application fees or premiums
Remain available even if you qualify for Medicaid

These funds may be used toward assisted living, memory care or private home support.

Can I Use My Life Insurance to Pay for Assisted Living?

It may:

Work with any health condition
Begin without a waiting period
Skip application fees or premiums
Remain available even if you qualify for Medicaid

These funds may be used toward assisted living, memory care or private home support.

Can I Use My Home to Help Cover the Costs of Senior Living?

Paying for senior living can be flexible, with many ways to tailor it to your situation. Many families combine different resources to create a plan that works for them. Some families choose to sell a home.

Bridge Loans

If you’re ready to move and your home sale or other funding is still in progress, a short-term bridge loan could help you get started sooner.

This type of loan can offer:

Quick access to funds
Manageable monthly payments
Flexible repayment options.

Elderlife Financial offers bridge loans designed for senior living needs.

Can I Use My Home to Help Cover the Costs of Senior Living?

Bridge Loans

If you’re ready to move and your home sale or other funding is still in progress, a short-term bridge loan could help you get started sooner.

This type of loan can offer:

Quick access to funds
Manageable monthly payments
Flexible repayment options.

Elderlife Financial offers bridge loans designed for senior living needs.

What Kinds of Services May Qualify for a Tax Deduction?

Deductions often depend on the level of daily support needed. The IRS typically looks for a care plan from a licensed healthcare provider that shows help is needed with at least two activities of daily living (ADLs). These may include:

Bathing
Dressing
Medication reminders
Toileting
Personal hygiene
Transferring in and out of bed
Managing medical appointments

When these needs are part of the reason for living in an assisted living community, related costs may qualify. This can include personal care, meals, housekeeping and certain staff support.

What Kinds of Services May Qualify for a Tax Deduction?

Bathing
Dressing
Medication reminders
Toileting
Personal hygiene
Transferring in and out of bed
Managing medical appointments

When these needs are part of the reason for living in an assisted living community, related costs may qualify. This can include personal care, meals, housekeeping and certain staff support.

Paying Out of Pocket

Whether you have money from investments, retirement accounts or inheritances, having private funds to cover the cost of senior living can be very helpful as you make decisions about your future. You could also consider the option of selling your home to help you fund your move to senior living.

If you’re considering selling your house to make the transition to a community, Paragon Home Resources can help. They provide support with managing or selling a home, buying a home, and coordinating the sorting and distribution of all belongings—along with a variety of other helpful services.

If you want to learn more about them, visit www.paragonhomeresources.com.

How Do I Help My Parents Avoid Scams?

Scams targeting older adults can be sophisticated. Still, simple steps can help:

Share examples of common scams, like fake tax calls, lottery claims or tech support schemes
Remind them to confirm the identity of anyone requesting personal details
Set up strong, unique passwords and multifactor authentication for online accounts
Review statements regularly and flag anything unusual right away

How Do I Help My Parents Avoid Scams?

Scams targeting older adults can be sophisticated. Still, simple steps can help:

Share examples of common scams, like fake tax calls, lottery claims or tech support schemes
Remind them to confirm the identity of anyone requesting personal details
Set up strong, unique passwords and multifactor authentication for online accounts
Review statements regularly and flag anything unusual right away

Should I Monitor My Parents’ Accounts?

Scams targeting older adults can be sophisticated. Review statements regularly and flag anything unusual right away.

Explore identity monitoring services

Consider a service that tracks credit reports, bank accounts and Social Security activity for signs of suspicious behavior. Fraud alerts or even freezing credit files can add another layer of protection.

These steps can help your parents focus more on enjoying this next chapter, and less on worrying about who might have their personal details.

Communities like Brookdale can also offer built-in support, guidance and a secure environment to make the transition smoother.

Should I Monitor My Parents’ Accounts?

Scams targeting older adults can be sophisticated. Review statements regularly and flag anything unusual right away.

Explore identity monitoring services

These steps can help your parents focus more on enjoying this next chapter, and less on worrying about who might have their personal details.

Communities like Brookdale can also offer built-in support, guidance and a secure environment to make the transition smoother.

Should I Set Up a Joint Bank Account With My Parent?

Opening a joint bank account with your parent can seem like a simple way to help with everyday expenses. Before moving forward, it’s helpful to understand how joint accounts work and explore other options that may provide both support and protection.

Why some families consider joint accounts?

Families sometimes use joint accounts to:

Pay bills or cover daily expenses
Transfer funds quickly
Provide access to a debit card
Monitor account activity

This approach can offer convenience and reassurance by keeping you connected to your parent’s financial well-being.

What to know before opening a joint account

Joint accounts link both you and your parent to the full balance. Each person listed can deposit or withdraw funds and make financial decisions at any time.

It’s helpful to be aware of:

Joint account holders share equal ownership, regardless of who adds the money
Debts or legal actions involving one person can impact the entire account
Certain account types may influence Medicaid eligibility or estate planning

Due to these factors, many families look for other ways to support a parent’s financial needs while protecting long-term plans.

Should I Set Up a Joint Bank Account With My Parent?

Why some families consider joint accounts?

Families sometimes use joint accounts to:

Pay bills or cover daily expenses
Transfer funds quickly
Provide access to a debit card
Monitor account activity

This approach can offer convenience and reassurance by keeping you connected to your parent’s financial well-being.

What to know before opening a joint account

Joint accounts link both you and your parent to the full balance. Each person listed can deposit or withdraw funds and make financial decisions at any time.

It’s helpful to be aware of:

Joint account holders share equal ownership, regardless of who adds the money
Debts or legal actions involving one person can impact the entire account
Certain account types may influence Medicaid eligibility or estate planning

Due to these factors, many families look for other ways to support a parent’s financial needs while protecting long-term plans.

What Are Some Alternatives to a Joint Account?

Supporting your parent’s financial well-being can be approached in many ways. Some options provide access, control or oversight without sharing full ownership of the funds:

Power of attorney (POA): A legal tool to help you make financial decisions on your parent’s behalf under agreed-upon terms
Prepaid debit card: Allows you to load funds for everyday purchases while keeping accounts separate
Read-only access: Some banks let you monitor account activity without the ability to make transactions
Trusted contact notifications: Alerts for unusual account activity without providing access to the funds

Choosing what fits best

When you’re supporting your parent’s financial well-being, finding the right approach matters. The goal is to give them confidence in their day-to-day life while protecting their long-term finances.

A conversation with a trusted financial advisor or elder law professional can help you explore options that fit your family. Together, you can create a plan that gives you and your parent peace of mind.

What Are Some Alternatives to a Joint Account?

Supporting your parent’s financial well-being can be approached in many ways. Some options provide access, control or oversight without sharing full ownership of the funds:

Power of attorney (POA): A legal tool to help you make financial decisions on your parent’s behalf under agreed-upon terms
Prepaid debit card: Allows you to load funds for everyday purchases while keeping accounts separate
Read-only access: Some banks let you monitor account activity without the ability to make transactions
Trusted contact notifications: Alerts for unusual account activity without providing access to the funds

Choosing what fits best

Need advice on how to pay for senior living?

If you’re ready to open the door to a brand new chapter of your life, we’re excited for you. We’re always happy to answer any questions or address any concerns you may have.

Get in touch with a Brookdale representative today by calling 877-384-8989.

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