Financial Guidance

Financial Guidance

To ensure each of our residents receives the services that meet his or her specific needs, Elmcroft provides four levels of care. The level of care needed is determined by ongoing assessments and communication with the resident, his or her family and personal physician.

While cost may not be the single most important factor when considering senior living, people are often surprised to find senior living is more affordable than other alternatives.

The following worksheet may provide some idea of expenses.

Cost Comparison Worksheet

Traditional Options

Personal savings and investments can provide the money necessary to cover the costs of senior living. For many seniors their home is their nest egg and can also provide the money necessary to cover the costs of senior living once it is sold. Personal loans are also available to help bridge the funding gap until the home sells or other assets are made available.

Home Equity Options

The equity in real estate can also provide funding for senior living. While many people will decide to sell their home in order to move to a senior housing community, others will choose to borrow against the equity in their home in order to pay the costs of senior living. Home equity loans enable owners to use the equity in their home as collateral on the loan.

Insurance Options

Long term care insurance can also help defray the costs of senior living. This product covers care received in various senior housing settings, including senior living, dementia care communities, and skilled nursing facilities.  Insurance premiums will vary based upon the age of the insured, the type of coverage desired, and other factors.  For individuals owning whole life insurance policies, a life settlement product may afford an avenue to convert the value of the whole life policy into funds to defray the cost of senior housing.  

Life Care Funding Group

This option can assist a senior with a Life Settlement, the liquidation of an existing life insurance policy. This may be an option when other investments are underperforming or the policy has outlived its usefulness.

Government Options

The Veteran’s Administration also offers a benefit that can assist in covering the costs of senior living. This benefit is available to veterans and surviving spouses who qualify. In some states Medicaid is available in senior living for seniors with little or no resources to cover the costs of senior living.

All of these financial options must be tailored to each individual’s needs.  We urge you to seek independent financial advice as you explore those options for yourself or a loved one.

Additional Financial Options

Vitality Suites

Elmcroft offers semi-private accommodations for residents to benefit from the companionship of another at reduced rates.

Tax Deductibility  

Please note that while we cannot give tax advice, we understand that there may be some tax benefit available to Elmcroft residents and their family members. For more information, please refer to PDF of the Tax Deductibility sheet.