At Bethesda Senior Living Communities, we understand the difficulties seniors and families face when it comes to affordable retirement living. We are committed to working with residents and their families to deliver high quality care at an affordable price point.
While Medicare does not cover the cost of retirement living, certain healthcare services may be covered for short-term recovery. Some private health insurance and long-term care policies include assisted living, memory care and residential care coverage. In addition, other financial options are available in certain communities through grants and Medicaid programs for residents whose private funds have run out.
Other financial options available to seniors and families include:
Veterans Aid & Attendance Program
If you are a wartime veteran or the surviving spouse of a veteran, you may be eligible to receive up to $2150 per month to help defray the cost of assisted living, memory care, in-home health care, or other non-reimbursed medical care through the Veterans Aid & Attendance Program. The actual benefit amount is determined by the VA and is based on eligibility. Retirees who served in the military often overlook this benefit. Visit the U.S. Department of Veterans Affairs for more information.
Expenses related to retirement living may be tax deductible for both the resident and their family caregiver if they meet the Internal Revenue Service requirements of medical expenses. We recommend you contact your local tax professional or call us for more information about potential tax benefits.
Life Settlements may be an effective tool in financial planning for retirement living. A Life Settlement is a financial transaction in which the owner of a life insurance policy sells an unneeded policy to a third party for more than its cash value and less than its face value. Available for term, universal or whole life policies, life estates typically provide three-to-four times the cash surrender value of your insurance. Financial advisors will typically work with a Life Settlement broker to achieve the highest price possible for the policy. Contact your local financial advisor for more information concerning Life Settlements.