Moving into a retirement community may prove challenging to some. There are many benefits and other options available to our residents and their families to ease the financial commitment
For your convenience, we shared some financial resource information below. Our team is available to discuss these options or provide additional information.
Sharing accommodations with another Country Meadows resident is an affordable option by providing all the features and benefits offered at our communities at a lower monthly rate. Residents are matched using common interests that may serve as the basis for a friendship. Companion living also can ease the transition with the guidance of a roommate who understands the emotions involved in making the move.
The cost of assisted living or personal care services may be a tax deductible medical expense. Depending on the services received and diagnosis, residents may be eligible to deduct their complete assisted living or personal care expenses for federal income tax purposes. Eligible deductions may also be available to a resident’s family member if the family member is able to claim the resident as a dependent for federal income tax purposes. If applicable, this tax deduction could result in a 10-20% discount on the cost of retirement living expenses. Consult your tax accountant or attorney to determine how these rules apply to your individual circumstances.
This is a pension benefit available through the U.S. Department of Veterans Affairs (VA) for wartime veterans and their spouses who have limited income and require the regular attendance of a caregiver to perform functions required in everyday living either in a personal care or assisted living community or in their own home.
Maximum Benefit Amounts:
Per the VA’s 2020 guidelines, the monthly amount awarded is determined by an individual’s assets, income and medical expenses.
- up to $1,911 per month for the wartime veteran
- up to $1,228 per month for a surviving spouse of a wartime veteran
- up to $2,266 per month for the wartime veteran and his/her spouse
Maximum Value of Assets:
The application should not be submitted until a person has $129,094 or less in assets. A home is not an asset until it is sold and the money is deposited in the bank account.
Maximum Income Amount:
Since your income can be reduced by the amount of your medical expenses, you should not necessarily be concerned about the income. It’s best to file the claim and let the VA make that determination.
On average, it takes seven to eight months to receive payment. Benefits typically are backdated to the month after the application is submitted.
We offer assistance to residents and their families throughout the entire application process. For more information about this program or how we can assist you, contact us at email@example.com or 1-855-838-5094.
If you own your own home, a reverse mortgage may provide an option for raising funds to pay for personal care or skilled nursing care. To qualify, one spouse must continue to live in the home. Contact your bank for more information.
If considering moving to Pennsylvania, the state has been hailed by Forbes as one of the “Best (Unknown) Retirement Tax Havens” in America and recognized in Kiplinger’s “Best States for Retiree Taxes” in part to its retirement-friendly tax benefits*. Click here for an overview of the state’s tax benefits.
*Federation of Tax Administration, January 2012; Forbes.com “2007 Seven Best (Unknown) Retirement Tax Havens”; Kiplinger Personal Finance Magazine “Best and Worst States for Retiree Taxes,” 11/18/2010.
All content contained within this page is provided for general information only and should not be treated as a substitute for advice and information from a professional financial or tax advisor. Country Meadows is not a provider of these financial products or of financial and tax advice and does not endorse or take responsibility for the accuracy of the information contained on the websites listed and does not receive incentive compensation from the companies and products listed here. Individuals should consult with their personal financial or tax advisor for advice about what financial options are best for them.