Without your help, I don't know how I would have handled all of this.
How to Pay for Assisted Living?
Private PayMost assisted living residents pay from their own social security, pensions, savings or with help from family members. Sometimes funds are not yet available because of a difficult real estate market of depressed stock market. There are a number of other excellent options and resources. Some of these options can create a bridge to fund the costs of assisted living and other services until the home sells or the stock portfolio regains its strength. While Carrington Court does not provide financial or legal advice, our informed staff will help you consider a variety of financial options to best suit the needs of your family. Some of these assisted living financing options include:
Secured Lines of Credit
A secured line of credit is a loan from the bank, credit union or other financial institution. Similar to a bank account, you may draw funds as needed, but you only pay interest on the amounts drawn. A line of credit can be secured by real estate, CD's, equities (stocks) and cash that you may have. You can borrow from it over and over again without having to renegotiate terms.
A reverse mortgage is a loan available to seniors age 62 and above. It's used to release the home equity in the property as one lump sum or in multiple payments. The homeowner's obligation to repay the loan is deferred until the owner passes away, the home is sold or the owner moves out. In the case of couples, as long as one person still lives in the home, the funds remain available.
Some life insurance policies have a cash value that may be withdrawn or borrowed against. You may also obtain the proceeds from a life insurance policy by liquidating it before death.
Long Term Care Insurance
We are happy to work with long term care insurance companies were it has been obtained to obtain benefits as quickly as possible.
Families often help support their loved ones at Carrington Court. Each individual may give up to $14,000 in 2015 and 16 and married couples, filing jointly may give up to $28,000.00 in 2015 and 2016 with out being subject to Gift Taxes.
Costs related to senior living at Carrington Court may be tax deductible for both the resident and their family caregiver if they meet applicable Internal Revenue Service requirements. Carrington Court does not provide tax advice. You should obtain your own qualified tax counsel in these matters. You may look at IRS Publication 502 Medical and Dental Expenses at http://www.irs.gov/pub/irs-pdf/p502.pdf. Please note the publication for the current tax gear may not be available until after December 31. You may search 'mental and dental expenses" on the IRS website at http://www.irs.gov/.
Two residents may share a suite as companions. This offers a more affordable option, but all the features and benefits of senior living like, great meals ,engaging activities, transportation and most importantly experienced care givers dedicated to compassionate service remain.
Our goal is to match compatible individuals who can be friends. A room mate can help ease the transition to the community. Meaningful relationships can flourish and a feeling of acceptance fostered.
We honor and support our military veterans. The United States Department of Veterans Affairs administers the veterans pension program which also includes aid and assistance and housebound benefits. For more information on qualification for and how to apply for these benefits go to http://www.vba.va.gov/bln/21/pension/vetpen.htm#7.
Medicare generally provides medical insurance benefits for the elderly. It does not provide a benefit for long term care. It does provide reimbursement for qualified services provided by home health and hospice agencies who serve our residents on site. For more information about medicare go to http://www.medicare.gov.
Medicaid provides benefits for those who have insufficient income or assets to care for themselves. The medicaid related long term care program in Utah is called New Choice Waivers. Carrington Court offers a few select rooms under the New Choice Waivers Program. For more information on qualifying go to http://health.utah.gov/ltc/NC/NCHome.htm.
Come and see why Carrington Court is
THE BETTER CHOICE.
Seniors who require help from time to time but wish to maintain their independence are good candidates for assisted living.
Carrington Court's Assisted Living community is designed for seniors who require assistance in some aspects of daily living. This assistance can include help with mobility, transportation, medication administration, personal grooming and hygiene, incontinence management and more. Carrington Court offers care plans designed to suit the specific needs of each resident.
Seniors who have memory impairments, dementia, or Alzheimer's disease are great candidates for memory care.
Carrington Court's Memory Care Community is designed to support seniors suffering from Alzheimer's Disease or other memory disorders. While safety and security are the primary concern, care plans are also customized to the individuals' needs and the family's wishes. Resources such as Alzheimer's support groups are often available to assist loved ones.