Financial Resources

We understand that assisted living is not the easiest expense to cover, however, there are several financial options available. The following options are offered with the understanding that The Heathers Senior Homes does not profit from recommendations, nor are we a financial planner or estate planner.

Long Term Care Insurance

This insurance can provide for different levels of coverage for care that is usually not covered by other forms of insurance, such as at home and/or memory care and assisted living.  Long term care insurance is anticipated protection and will not apply to preexisting conditions.  However, this is a great choice if you were acquiring it when in your mid-fifties.  Benefits could cover up to $350/day for assisted living/memory care private pay. Here is a helpful link from Web Md about long term care insurance (How To Chose Long Term Care Insurance). * Please note that The Heathers is not affiliated or endorsed by Web Md.*

Veteran's Benefits

Veterans who served during wartime may be eligible for this benefit.  It can pay up to $2000+ per month of supplemental income that may be used to offset the costs of assisted living, in-home care, or other expenses defined under the Aid and Attendance portion of the VA Pension benefit.  There is a financial income qualification component to the application.  It covers the veteran, the veteran’s spouse, and/or spouse of a deceased veteran.

Life Insurance

Some forms of life insurance can be used to fund the costs of assisted living and other care services.  A vetted source is Life Care Funding at or 888-670-7773.

Reverse Mortgage

Homeowners age 62 and up can have the option of using a reverse mortgage to provide access to their home’s equity.  The homeowner is mortgaging their home to the provider, who provides a lump sum or multiple payouts to help cover the costs of assisted living or in-home care.  Repayment of the loan is deferred until the owner passes, moves out or the home is sold.  If one of the homeowners remains in the home, these funds may be available.

Secured Lines of Credit

A line of credit can be secured by certificates of deposit, equities, personal property, and cash.  Like a bank account, however, instead of depositing money into an account, money is borrowed against a line of credit to fund the cost of long-term care.  This type of credit may be consistently borrowed against without having to renegotiate terms.

Gift Tax Exemption

Family members can offset the costs of a loved one’s memory care by taking advantage of the IRS gift tax exemption.  This allows individual family members to gift up to $13,000 per person, per year without paying gift tax.

Tax Deductions

Residents and their families may be eligible to deduct some or all their long-term care services, including assisted living and home care as unreimbursed medical expenses on their federal tax return.

Please call The Heathers or fill out our contact form and we will gladly discuss the payment options that may be available to you

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