You have undoubtedly heard of the high cost of assisted living, but have you considered the financial benefits to assisted living?
Just like any budget, rent is not the only line item and when all things are put into perspective, you will find there are significant financial benefits for those living in the assisted living community.
1. Get a Tax Break
It’s a little known fact that seniors receiving long-term care in a home or community are allowed a tax break for the cost of meals and housing if they are there due to a chronic illness or the inability to live alone. If a doctor determines that they are unable to do two or more normal daily activities for at least 90 days, then assisted living residents may also qualify. Another group of people who qualify are those with cognitive impairments who require regular supervision.
2. No More Maintenance Expenses
Home owners are keenly aware that when the furnace breaks, so does the piggy bank. Houses are costly items that require a lot of attention. Home insurance, property taxes, and utility costs all add up when owning a house.
When residing in an assisted living facility, there is no more need to have money saved for whatever may break down. When maintenance is called, no bill will follow. What’s more, regular upkeep is included in the monthly payment. You won’t need a lawn mower or a hedge trimmer or any of those costly tools that crowded up your tool shed, saving you thousands of dollars.
Another one of the major costs in life is an automobile. Insurance, registration, gas and maintenance are a continuous money vacuum. Even though it is nice to have one’s own transportation, having a chauffeur is even better, and most assisted living communities have one or more transportation systems in place.
3. Unlimited Catering
Eating out can be a major expense. For the average senior, it is way out of financial reach to have someone cook for you more than once or twice a month. In assisted living communities, eating “out” is the norm. Delicious and nutritious foods are prepared daily and on-site by well trained and talented chefs. Although stocking some of one’s favorite foods in your apartment is perfectly fine, spending time around the table with your community of friends is even better.
4. A Cruise without the Ship
Besides the food, cruises are known for their entertainment. The same can be said for the assisted living home. There is almost nowhere a senior can go that has more “tailored-made” entertainment. From card games to karaoke and movies to storytelling, the fun is nonstop. Day trips and entertainers of all sorts are slotted into the calendar for a constant variety that even the most stoic person can enjoy.
If physical activity is desired, yoga classes, dance classes and even sometimes trips to the pool are all possible scheduled events in centers across the country. Most importantly, added to the varied venues are the wonderful people alongside you, that have experienced life to the fullest and enjoy the things you enjoy. There just isn’t a price that can be put on that.
5. Is there a Doctor in the House?
There isn’t any other rental option that has the medical options included like an assisted living home offers. Generally, assisted living communities have customized health care and medical services that are available, as well as 24-hour emergency call systems for each resident.
Personal assistance for eating, bathing, dressing, or even walking is readily available, along with individualized memory care for the cognitive impaired. If that’s not enough, wellness programs and a variety of exercise options are offered too.
To top off all of those incredible amenities, a medical tax deduction can be taken for the portion of monthly expenses that are allotted towards medical care, including the entrance fee.
With all the benefits of living in an assisted living community, it is hard to fathom why anyone would not want to take advantage of the financial benefits on assisted living. For the active senior who needs some additional assistance, assisted living communities offer them a productive life at an all-inclusive price.
If you want to explore the options that assisted living has for you or your loved ones, contact us at Bridge to Better Living® and we will help you find the home that best matches your needs.