Paying For Your Loved One’s New Adventure

We’re here to help you find the right financial options to make living at Morningside affordable.

Navigating Your Financial Solutions

If your loved one is ready to take advantage of all the benefits that senior living has to offer–beautiful living spaces, abundant social opportunities, and balanced, respectful care–you may have one big question mark hovering over your decision. How will you pay for it? Not to worry–there are many financial options that will help your loved one get the lifestyle they deserve.

At Morningside House Senior Living we’re here to help! We work with trusted financial experts at ElderLife Financial and AidandAttendance.com to work with you and your family to determine which resources are available to your loved one and the best options for moving forward. Read on for explanations about the many financial solutions families leverage to pay for senior living.

Use Personal Funds & Assets

As you and your loved one begin creating a budget to understand their funding options for Morningside House, it’s best to start by having a clear understanding of all personal resources that are available. Over the years, they may have acquired assets, saved money or bought insurance policies. They may also have money in a savings account, 401k, stocks, bonds, CDs, or others, which you can draw down on to pay for ongoing care needs. If your loved one has an accountant or financial advisor, schedule a meeting to see what resources have already been allotted.

Sell a Home

It’s likely that your loved one’s home is one of their largest assets. We recommend working with an expert real estate agent with experience and certifications for working with seniors. Seniors Real Estate Specialists® (SRES®) are certified in working with older adults to sell their homes and fund their senior living.

As your loved one downsizes, estate sales are also useful to help your loved one keep only what they want and use the additional funds to help pay for senior living at Morningside House.

VA Benefits

The Department of Veteran Affairs (VA) offers benefits to help Veterans pay for senior care. Programs like the Aid and Attendance benefit provide eligible U.S. Military Veterans and their spouses monthly, tax-free income that will help cover the cost of their senior care at Morningside. Determining eligibility is fast and easy–just click the link below and enter your loved one’s wartime dates, discharge type, care needs, income, and assets.

Find Out If You Qualify

Long-term Care Insurance

Your loved one may have purchased long-term care insurance if they anticipated the need for long-term care. These types of policies can also be very specific about what services and care they cover — and what they do not. Review their policy and speak with their insurance provider to learn if and how they can use their long-term care insurance policy to help living at Morningside House.

Many people worry that they’re not taking full advantage of their policies. If you have any questions, reach out to ElderLife’s consultants for a free policy review.

Life Insurance

While most people think of life insurance as a sum of money given to one’s survivors after their passing, depending on the type of insurance policy your loved one has, they may be able to access funding from it or sell it during their lifetime to help pay for senior living. Not all life insurance policies can be used this way, so it’s best to review your loved one’s policy to determine if and how you can use the policy to help pay for senior living.

Tax Deductions

The Internal Revenue Service (IRS) offers tax deductions on some costs related to senior care. Generally, you’re able to deduct certain medical expenses if they are over 7.5% of your adjusted gross income. There are rules on what you can and cannot deduct, but these tax deductions can go a long way. Talk to your loved one’s your accountant or tax advisor to see if they can help you free up more money to help you pay for Morningside House.

Get Financial Assistance

If your loved one doesn’t have immediate access to all the funding they need for moving into a Morningside House community, there are many financing options that can help.

Bridge Loans

It’s not uncommon to have a short waiting period before long-term resources are available to pay for a senior living community. You may need to wait for funds from:

  • the sale of a home
  • VA benefits
  • the elimination period for a long-term care insurance policy to end
  • the liquidation of stocks or other assets

This waiting period doesn’t mean your loved one needs to wait before moving into Morningside House. The ElderLife Bridge Loan can help “bridge” the gap between your move-in and when the funds become available.

For more than 22 years, ElderLife Financial has helped thousands of families bridge the gap. You can get potential approval within an hour! ElderLife Financial funds many of its Bridge Loans within 24 hours — allowing your loved one to move into their favorite Morningside House community within a day. Once the other resources become available, you pay back the loan.

Home Equity Conversion Mortgage

If your loved one plans to move to Morningside, but another homeowner (spouse, partner, etc) plans to remain living in their home, a reverse mortgage or HECM could allow them to leverage the equity in the home to pay for care.

A reverse mortgage is a loan for adult homeowners ages 62 that uses the equity in their home. There are a few kinds of reverse mortgages, and a Home Equity Conversion Mortgage (HECM) is the most common. It is federally regulated to ensure the lender engages in fair practices. People who want to access an HECM also go through a required counseling session to learn if and how this loan is right for them. If at least one homeowner plans to remain living in the home, a reverse mortgage or HECM could allow you to leverage the equity in your home to pay for care. If you think an HECM reverse mortgage may be a financial solution for you, consult with a federally approved lender in your state.

Other Financial Solutions

There are other ways to access funding to pay for senior living that are not paying out-of-pocket or financing. Below are some ways that people can get help paying for senior care, including Medicare and Medicaid.

Medicare

Medicare is federal health insurance that is available to individuals age 65 and over, certain younger people with disabilities, and people with end-stage renal disease. It covers the cost of healthcare services. While Medicare typically does not cover certain senior care services, it may under certain circumstances. Your loved one may be able to use their Medicare health care plan to help cover some costs of senior living, depending on their unique situation. Consult with their Medicare plan provider to determine if and which costs Medicare can cover.

Medicaid

Medicaid is a health insurance program that is jointly regulated at the federal and state levels available to certain people with low income. This means that the U.S. government creates certain rules that apply to all state Medicaid programs while allowing each state to make individual choices about the programs they provide to their residents. Certain senior living communities accept Medicaid as payment, while others do not. If you have Medicaid, or want to learn if you’re eligible, you can contact your state’s Medicaid office to learn more. You should also consult with your senior living community to learn if they accept Medicaid as payment.

Do you have questions about the difference between using Medicare and Medicaid to pay for senior care? This guide can provide more details.

How to Take the Next Step

There are many ways to pay for senior living, but knowing which options are best for you and your family may seem daunting. Your free consultation with an ElderLife Financial Concierge can help determine which resources are available based on your unique situation.

Simply fill out the form below, call (888) 228-4500, or email help@elderlifefinancial.com to take the next step.