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 elderlifefinancial.com. Find more podcasts by Emily Schwarz at Answers for Elders.