Helpful Financial Resources

Question 1

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

Answer

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 health conditions
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.

Question 2

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

Answer

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 health conditions
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.

Question 3

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

Answer

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.

Question 4

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

Answer

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.

Question 5

Do You Take Long-Term Care Insurance?

Answer

Yes—you can use long-term care insurance (LTCI) to cover the cost of care in Brookdale communities. Be sure to check with your policy and with your Brookdale community to know exactly what’s covered under your plan.

Long-term care insurance can usually be applied to assistance with daily activities of life, such as:

Bathing
Dressing
Dining
Transferring

Sometimes LTCI can cover respite care or hospice, though there may be some overlap with programs like Medicaid. Usually, the following services are outside the scope of LTCI:

Medical care
Room and board
Care provided by family members

Care covered by LTCI may be required to be provided by medical professionals depending on your provider and your plan.

Question 6

Do You Take Long-Term Care Insurance?

Answer

Yes—you can use long-term care insurance (LTCI) to cover the cost of care in Brookdale communities. Be sure to check with your policy and with your Brookdale community to know exactly what’s covered under your plan.

Long-term care insurance can usually be applied to assistance with daily activities of life, such as:

Bathing
Dressing
Dining
Transferring

Sometimes LTCI can cover respite care or hospice, though there may be some overlap with programs like Medicaid. Usually, the following services are outside the scope of LTCI:

Medical care
Room and board
Care provided by family members

Care covered by LTCI may be required to be provided by medical professionals depending on your provider and your plan.

Question 7

Can I Use Social Security to Help with Payments?

Answer

Social Security and Senior Living

Social security (SS) can be used to cover the cost of assisted living or a live-in caregiver according to the Social Security Administration guidelines. Certain states also provide State Supplementary Payments (SSPs) that add onto this amount.

What about Social Security Income? What’s the difference?

If you’re low income, you may also qualify for Social Security Income (SSI). Note that if Medicaid is covering more than half of your fees while you reside in a senior living community, this fund might be lowered significantly.

You can qualify for both SS and SSI at the same time if you meet government requirements. These are two separate funds: Social Security is based on your earnings, while Social Security Income is based on your need. If you qualify for SSI, you’re required to inform the Social Security Administration of changes in your income, assets or living situation (including a move into senior living).

Who qualifies for Social Security or Social Security Income?

To qualify for Social Security, you must:

Be at least 62: You can begin receiving SS at 62, however you can get full benefits when you reach your actual retirement age. This age is typically between 66 and 67, depending on the year you were born. If you delay taking your benefits until you’re 70, your benefit amount should increase. Feel free to apply for medicare when you reach 65, however—remember, this could increase your costs.
Have earned at least 40 Social Security credits: These credits are earned based on your yearly income. You can earn a maximum of four credits per year—for many people, you’d earn 40 credits over 10 years of full-time work.

You may qualify for SS at a younger age if you have a disability or if you’re a surviving child, spouse or ex-spouse of someone who received SS, depending on your circumstances.

To qualify for Social Security Income, you must:

Have limited or no income: The maximum amount is set by the SSA.
Have limited or no resources: This includes things like vehicles or savings accounts.
Have a disability, be blind or be over the age of 65: If you have a disability, your maximum income may be lower, and your disability has to affect your ability to work.

Both of these funds can help you afford home care or senior living. You can find out more information about eligibility guidelines, benefit amounts and how to apply at the Social Security Administration (SSA) website.

Question 8

Can I Use Social Security to Help with Payments?

Answer

Social Security and Senior Living

Social security (SS) can be used to cover the cost of assisted living or a live-in caregiver according to the Social Security Administration guidelines. Certain states also provide State Supplementary Payments (SSPs) that add onto this amount.

What about Social Security Income? What’s the difference?

If you’re low income, you may also qualify for Social Security Income (SSI). Note that if Medicaid is covering more than half of your fees while you reside in a senior living community, this fund might be lowered significantly.

You can qualify for both SS and SSI at the same time if you meet government requirements. These are two separate funds: Social Security is based on your earnings, while Social Security Income is based on your need. If you qualify for SSI, you’re required to inform the Social Security Administration of changes in your income, assets or living situation (including a move into senior living).

Who qualifies for Social Security or Social Security Income?

To qualify for Social Security, you must:

Be at least 62: You can begin receiving SS at 62, however you can get full benefits when you reach your actual retirement age. This age is typically between 66 and 67, depending on the year you were born. If you delay taking your benefits until you’re 70, your benefit amount should increase. Feel free to apply for medicare when you reach 65, however—remember, this could increase your costs.
Have earned at least 40 Social Security credits: These credits are earned based on your yearly income. You can earn a maximum of four credits per year—for many people, you’d earn 40 credits over 10 years of full-time work.

You may qualify for SS at a younger age if you have a disability or if you’re a surviving child, spouse or ex-spouse of someone who received SS, depending on your circumstances.

To qualify for Social Security Income, you must:

Have limited or no income: The maximum amount is set by the SSA.
Have limited or no resources: This includes things like vehicles or savings accounts.
Have a disability, be blind or be over the age of 65: If you have a disability, your maximum income may be lower, and your disability has to affect your ability to work.

Both of these funds can help you afford home care or senior living. You can find out more information about eligibility guidelines, benefit amounts and how to apply at the Social Security Administration (SSA) website.

Question 9

What Kinds of Services May Qualify for a Tax Deduction?

Answer

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.

Question 10

What Kinds of Services May Qualify for a Tax Deduction?

Answer

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.

Question 11

How Do I Help My Parents Avoid Scams?

Answer

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

Question 12

How Do I Help My Parents Avoid Scams?

Answer

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

Question 13

Should I Monitor My Parents’ Accounts?

Answer

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.

Question 14

Should I Monitor My Parents’ Accounts?

Answer

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.

Question 15

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

Answer

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.

Question 16

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

Answer

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.

Question 17

What Are Some Alternatives to a Joint Account?

Answer

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
Trusted contact notifications: Alerts for unusual account activity without providing access to the funds

Choosing what fits

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.

Question 18

What Are Some Alternatives to a Joint Account?

Answer

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
Trusted contact notifications: Alerts for unusual account activity without providing access to the funds

Choosing what fits

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.

Helpful Financial Resources

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

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

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

Bridge Loans

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

Bridge Loans

Do You Take Long-Term Care Insurance?

Do You Take Long-Term Care Insurance?

Can I Use Social Security to Help with Payments?

Can I Use Social Security to Help with Payments?

What Kinds of Services May Qualify for a Tax Deduction?

What Kinds of Services May Qualify for a Tax Deduction?

Selling Your Home?

How Do I Help My Parents Avoid Scams?

How Do I Help My Parents Avoid Scams?

Should I Monitor My Parents’ Accounts?

Explore identity monitoring services

Should I Monitor My Parents’ Accounts?

Explore identity monitoring services

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

Why some families consider joint accounts?

What to know before opening a joint account

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

Why some families consider joint accounts?

What to know before opening a joint account

What Are Some Alternatives to a Joint Account?

Choosing what fits

What Are Some Alternatives to a Joint Account?

Choosing what fits

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