Affording Care

Navigating the Financial

Finding long-term care is a very emotional process and can strain emotions — and wallets. It can be expensive, so it’s important to understand the entire scope of what you are paying and doing an apples-to-apples comparison of your current situation and the offerings at our community. Does driving your mom to her doctor’s appointment require you to take time off work? Your productivity and hourly pay should be calculated in addition to bills like utilities, landscaping, groceries, home healthcare, etc.

Please contact our community for information on what federal aid is accepted.

Life Insurance Policies

MerryWood on Park has partnered with Abacus Life to help families and residents pay for senior living. Life insurance is often an older adult’s most valued asset and one they can use to alleviate retirement costs. Like your home or other personal assets, a life insurance policy is personal property, a living benefit, that has a fair market value. Knowing that value is important. Selling your policy for fair market value is your legal right, and is a viable choice to create more options for your retirement income.

Click Here to visit the Abacus Life website.

Tax Deductions

The IRS allows certain expenses associated with long-term care to be deducted on a federal tax return. Residents of a senior living community might be eligible for a tax deduction and reduce the overall cost of the senior living community. It’s important to speak with your tax advisor for more information.

Click here to visit the Internal Revenue Service (IRS) website.

Veterans Benefits

Veterans Benefits (VA)

MerryWood on Park has partnered with Elderlife Financial Services to help families better understand their Veterans Benefits. Veterans benefits may be available to help pay for assisted living care, ancillary services, adaptive devices, medications, support groups, transportation, and much more. Benefits are available to former veterans, as well as their surviving spouse, with some married couples receiving over $27,000 annually. Applicants can benefit from the guidance of benefit experts in navigating the tedious application process, often proving room and board assistance and ancillary services far beyond the residents’ expectations.

Click Here to visit the Elderlife VA Pension website.

Long-Term Care Insurance

Long-term care insurance is a resource that helps pay for senior care expenses up to certain amounts that are detailed in the policy. Depending on the type of policy, long-term care insurance will help pay for a wide variety of services in senior communities. To understand the full policy benefits, it’s important to begin with the Benefits Summary, which includes the type of coverage, daily benefit, policy limit, and elimination period. Understanding your long-term care policy and filing claims can be overwhelming, and many times mistakes are made that result in loss of coverage, so having access to experts can be helpful.

Click Here to visit the Elderlife Financial website.

Selling Real Estate

Residents that transition into a senior living community from their home may take advantage of the equity accrued over time from their home to pay for care. Selling a home can be time-consuming and the proceeds from selling the home might not be immediately available. To simplify and expedite this process, many residents and families benefit from working with a Real Estate Professional that is experienced in assisting with all aspects of selling a home.

Click Here to visit the Elderlife Real Estate website.

Bridge Loans

When transitioning into a senior living community, it is common for families to struggle with the upfront costs and be unprepared for move-in fees, monthly rent, and costs associated with making this move. The Elderlife Bridge Loan is a financial bridge, allowing the family to pay for care now while waiting on permanent funding. The borrowed funds can be paid back in just a few months or a little over a year, whenever the family funds that were previously tied up become available. When approved for a bridge loan, funds can be disbursed within 24 hours.

Click Here to visit the Elderlife Bridge Loan website.