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Funding Solutions and Ideas

For seniors and their families needing financial options to consider living in a senior living community there is a "Funding Solutions" program that offers a variety of financial options. Please take some time to consider these programs and learn more about how these options can provide you and your family the funds you need to access living in a senior community and give you financial peace of mind.

Bridge Loan Program - Elderlife Financial Services offers efs:Access, a loan structured as a line of credit with low monthly payments that you and your family can use to supplement or finance your monthly rent. The efs:Access loan can be used to help:
  • Pay for rent while waiting for a home to sell
  • Pay for rent while waiting to settle a life insurance policy or the VA Benefit to arrive
  • Finance move-in fees or Supplement monthly rent
Elderlife Financial Services specializes in helping families with senior living needs and can be reached at 1-888-228-4500 or at www.elderlifefinancial.com.

HUD Reverse Mortgage Program - Must be 62 years of age, or older, occupy the home as your principle residence, Social Security and Medicare benefits are not affected. More information at 1-800-530-6434 or at www.hudreversemortgage.org and at www.hud.gov

Life Insurance Settlement Program - Life Care Funding Group (www.lifecarefunding.com) will liquidate an existing life insurance policy in as little as 30-90 days for a lump sum payment much higher than the cash surrender value.

Eligibility requirements:
  • Age 65 or older (ages as young as 55 can be considered).
  • Any type of Life Insurance policy with a combined death benefit value of $50,000 or greater.
  • A Life Settlement is the sale of an asset, not a loan, and has no restrictions on use of money or requirements to be secured or paid back.
  • The policy owner is no longer responsible for paying premiums once a Life Settlement is complete.
To learn more about Life Settlements as a source of funds for seniors visit Life Care Funding Group call 1-888-670-7773 or by email at info@lifecarefunding.com

VA Aid & Attendance Pension Benefits - Veterans Administration (www.veteransaid.org) benefit will pay between $1,056 to $1,949 per month for combat veterans and spouse of foreign wars. For local help with Aid & Attendance benefits contact: Senior Care Associates at 801-424-1444, Chris Merrill at 1-800-998-8602 and or the Elder Care Planning Council at www.careutah.com

New Choices Waver - This waiver helps eligible individuals to move out of nursing facility settings. Services are designed to help people transition back into the community (this includes Assisted Living communities). More information http://health.utah.gov/medicaid/

Utah SNAP Fund - is set up to manage financial assets held in trust for the benefit of the Beneficiary without compromising governmental or other private benefits. For more information call Margy Campbell at 801-281-1100 or e-mail at snap@utahspecialneeds.org

Assisted Living Services Are Tax-Deductible - Residents, family members, and others who pay for an individual's care in an assisted living community can, in most cases, file the entire monthly cost of assisted living as a tax-deductible medical expense.

Under HIPAA, expenses can be tax-deductible if such services are provided pursuant to a plan of care prescribed by a licensed health-care

practitioner, and the personal care services are required by a person who:
  • is unable to perform at least two activities of daily living, or
  • has severe cognitive impairment and requires supervision to protect self and others from health and safety threats.
      • Providers cannot provide tax advice; rather, they should advise consumers to consult a personal tax advisor, tax preparer, or the IRS for information specific to their needs.

      The USA Today recently reported that Alzheimer's care provided by assisted living communities is fully tax deductible as a medical expense. Under IRS rules Alzheimer's is categorized as a severe cognitive impairment, "which is the threshold for determining if the taxpayer is entitled to a full medical deduction," according to the newspaper.
      Details are available in two IRS documents: Tax Topic 502 (Medical and Dental Expenses) and Publication 502 (Medical and Dental Expenses PDF). Go to www.irs.gov.
      We encourage you to explore all of your financial options and to visit the very informative and easy to understand web sites of these financial
      providers who specialize on serving families with senior living payment needs, as well as the Veterans Administration.
      Our community staff is ready to work with you and direct you to the resources necessary to answer all your questions about the "Funding Solutions" program.
      Please Note : These are just some of the options available. We encourage your family to review all options at your disposal and let us know what is best for you. The Community receives no compensation from any of the companies mentioned above. The information herein should not be considered an endorsement of services. The Community is simply making
      the existence of payment options known - to help families finance the costs associated with senior living. We encourage you and your family to explore these and all other options which may be available to you before selecting any funding solution from any party.
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