When you’re trying to figure out the cost of Assisted Living, it’s stressful to sort through the abundance of information and industry jargon on the internet. Especially when you’re on a fixed income. That’s why our experts at Stevenson Oaks Retirement Community put together this quick guide on how to pay for Assisted Living.
We have the answers to common questions about how to pay for Assisted Living, and the resources to help you cut through the jargon to get the assistance you or a loved one needs for a high quality of life.
As of January 2022, the average cost of Assisted Living in Texas is $47,970, which equals an average monthly cost of $3,998. However, the cost varies widely between areas. The most expensive areas for Assisted Living services include Houston, Midland, Odessa and Victoria.
Memory Support is approximately 25% more than Assisted Living, and can add up to $1,000 more to the cost of senior care.
If you or a loved one is a resident in a senior living community, a part of your expenses may be tax-deductible. According to the IRS, qualifying medical expenses that are more than 7.5% of an individual’s adjusted gross income can be deducted.
Residents in a senior living community must meet these two requirements for services to be tax-deductible:
Be sure to consult with a professional tax advisor before deducting any expenses. Services and amenities like visits to the community salon or guest meals are never tax-deductible, but others such as meal preparation are not.
The Department of Veterans Affairs (VA) offers benefits that may cover a portion of Assisted Living expenses. Eligible veterans or their surviving spouses can receive extra financial help for senior healthcare costs in addition to their basic pension through the VA’s Aid and Attendance program.
However, the VA won’t directly pay for Assisted Living, which means you’re responsible for making sure the money added to your pension is used to cover the cost of services.
Not all veterans will qualify for the VA Aid and Attendance benefit. Here are some requirements for the basic VA pension:
To be eligible for the VA Aid and Attendance benefit, you must meet any of these requirements:
Keep in mind that you must be a widowed, not-remarried spouse of a veteran to receive VA benefits.
To find out more about VA benefits and the Aid and Attendance benefit, visit the U.S. Department of Veterans Affairs website. You can also talk to the team at Stevenson Oaks; we’re always happy to answer your questions about VA benefits.
Long-term care insurance works much like your home or auto policy. You usually pay premiums for as long as the policy is in effect, and make claims if you need services covered. You can choose a little coverage or a lot, and services are covered in your home or at a senior living community.
Unlike traditional health insurance, long-term care insurance partially covers the cost of care when you have ongoing medical conditions, Alzheimer’s disease or another form of dementia, or need Assisted Living services.
While long-term care insurance rarely covers the complete cost, the support that most policies include reduces the expense of long-term care. Combined with other options such as VA benefits, discounted rates at senior living communities, and the STAR+PLUS waiver program from Medicaid, long-term care insurance can help seniors effectively manage the cost of Assisted Living Texas.
When you join our retirement community in Fort Worth, TX, as an Independent Living resident, you’ll have the opportunity to become a Signature Member. This gives you access to exclusive benefits and significant financial advantages, including priority selection of floor plans and an incredible 45% off the base monthly fee in Assisted Living and Memory Support.
To learn more about our Signature Membership, find more resources on how to pay for Assisted Living, or schedule a tour of Stevenson Oaks, contact us online. We’re always happy to help!