Senior Resources » Elder Law » Untapped Resources to Pay for Senior Care

Untapped Resources to Pay for Senior Care

Emily Schwarz from ElderLife Financial joins Suzanne to talk about the process of having a free consultation with ElderLife Financial, and goes over a variety of options that might be available to pay for senior care.


Sometimes people reach out to them with questions about home sales, estate sales, and other topics. Life insurance can be an untapped resource. It’s possible to sell your life insurance.

People often don’t realize that money paid to a licensed facility for health care is tax deductible — paying for senior living isn’t “rent,” it’s a tax deductible medical expense. What usually happens is that the community provides a letter that states what percentage of the total payment can be written off on taxes.


Reverse mortgages are beneficial if one spouse is moving into senior living while the other remains in their house. They can get some equity out of their home to pay for the care.

Learn more at Find more podcasts by Emily Schwarz at Answers for Elders.

Answers for Elders LOGO

No post found!

Originally published May 15, 2023

Free Senior Resources

Ultimate Guide to Bathroom Safety Cover

Ultimate Guide to Bathroom Safety

Get The Guide
Blessings for Baby Boomers

Blessings for Baby Boomers

Get The Guide

Step by Step Guide to Providing Home Care

Get The Guide

Medicare Prescription Survival Guide

Get The Guide
Get weekly tips on housing, retirement living, senior care, and more sent right to your inbox.
Get Senior Resource in Your Inbox
Boost Your Social Security Income by 76%!

Bob Carlson, America's leading retirement expert, reveals the big secret the IRS won't tell you.

Get Bob's report, FREE of charge along with a complimentary subscription to Retirement Watch Weekly, delivered to your email inbox each week along with other financial news and offers from our valued partners. We value your privacy.