Grand Brook Memory Care provides you and your loved one with the necessary resources regarding the financial aspects of moving to one of our assisted living communities.
To help you and your loved one navigate the many options available, Grand Brook Memory Care partners with Elderlife Financial Services. The Elderlife Financial concierge can help you:
The Elderlife Financial concierge will help you design a personalized financial plan so your family member can start enjoying the care, safety and comfort of one of our assisted living communities.
If your loved one is a veteran, they could qualify for government assistance that can offset the costs of an assisted living community. The U.S. Department of Veterans Affairs outlines the benefits available. Military veterans and their spouses may be eligible to receive nearly $2,000 per month to help defray the cost of an assisted living community or other non-reimbursed medical care through the Aid and Attendance Program. For more information, contact your Veterans Regional Office at 800-827-1000.
Many of our Grand Brook residents with long-term care insurance are able to utilize their existing policy to cover all or a portion of their stay. Because of the varying terms of individual polices, coverage will vary. Our staff can assist you in identifying what is covered under your current plan. We will also help you in filling out forms and contacting your insurance provider. All we need is your prior authorization.
The IRS offers tax deductions on some costs related to assisted living care for both the resident and their family caregiver. Grand Brook cannot provide tax advice, but we have partnered with H&R Block to provide our residents and their families tax guidance in these matters. H&R Block offers a free Second Look Review as well as discounts on tax return preparation for Grand Brook families.
Family members can assist their loved ones with memory care costs by taking advantage of the IRS gift tax exemption. Individual family members can provide gifts up to $14,000 per person, per year without being required to pay the IRS gift tax.
Before making any kind of financial decision, we advise that you contact your personal financial advisor or tax professional.
Call 214-531-8796 today to speak with a Grand Brook team member or to schedule a tour.