Senior Living at Country Meadows Retirement Community
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Financial Options for Senior Living

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.

Companion Living

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.

Tax Deductible Expenses

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.

Veterans Aid & Attendance Program

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.

Monthly Benefit:

The amount awarded is determined by an individual’s assets, income and medical expenses.

Timing Expectations:

On average, it takes seven to eight months to receive payment. Benefits typically are backdated to the month after the application is submitted.

How to Apply:

Contact the local county Veterans Services office or if you have general questions,
www.benefits.va.gov/vso
www.va.gov
800-827-1000

Reverse Mortgage

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.

Pennsylvania’s Retirement-Friendly Tax Benefits

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.

Contact Us
Contact us today!
  • Allentown: 610-395-7160
  • Bethlehem: 610-865-5580
  • Forks of Easton: 484-544-3880
  • Frederick: 301-228-2249
  • Hershey: 717-533-1880
  • Lancaster: 717-392-4100
  • Mechanicsburg: 717-975-3434
  • Nursing & Rehab Center: 610-844-9003
  • South Hills of Pittsburgh: 412-257-4581
  • Wyomissing: 610-374-3122
  • York South: 717-741-5118
  • York West: 717-764-1190