Financial Resources
Everyone has unique circumstances that help determine how they can best fund assisted living for themselves or their loved ones. Although, Straits Area Senior Living Community is a private-pay facility, there are a variety of financial benefits available.
Tax Deductions
Section 213 of the Internal Revenue Code allows deductions for medical care for an individual, spouse, or dependent if the expense exceeds 7.5% of the taxpayer’s adjusted gross income. The monthly fee of an Assisted Living Community is a medical expense. It further states that if a resident is living in an Assisted Living Community because of a medical condition which requires them to be there, and meals and lodging are furnished, then the cost is considered a medical care expense. If the main reason for living in an Assisted Living is for medical care, then that cost is a deductible medical expense. Please consult your tax advisor on this rule if you feel this would apply to your situation.
MI Choice Waiver
With MI Choice through the MI Department of Health & Human Services, eligible adults who meet income and asset criteria can receive Medicaid-covered, long-term care services and supports in a residential setting such as assisted living. For more information, call 211.
VA Benefit
The Veteran Administration’s Aid and Attendance benefits can help wartime veterans or their surviving spouse pay for the monthly cost of Assisted Living. The maximum benefit is $2,431 for a married veteran, $2,050 for a single veteran and $1,318 for a surviving spouse. (These amounts are for 2019 and will increase in later years). Our manager will put you in touch with the local VA director to complete necessary forms in order to determine if you are eligible for this or any other VA benefits.
Long Term Care Insurance
Do you have long term care insurance? Our manager will assist policy holders in securing their benefits.
Worksheet
Compare Your Currently Monthly Expenses.
SASL (Straits Area Senior Living)
| Housing: | Present Home: | SASL: |
|---|---|---|
| Real Estate Taxes/Assessments | Included | |
| Mortgage | Included | |
| Rent | Included | |
| Homeowner's Insurance | Included | |
| Maintenance: | ||
| Housekeeping | Included | |
| Laundry Service | Included | |
| Lawn Care | Included | |
| Snow Removal | Included | |
| Paint and Upkeep | Included | |
| Repair and maintenance of appliances, heating, cooling, & plumbing | Included | |
| In-Home Health Care Services | Included | |
| Emergency Call/Life Line | Included | |
| Utilities: | ||
| Water & Sewer | Included | |
| Garbage Pickup | Included | |
| Electricity | Included | |
| Heating | Included | |
| Cable Television | Included | |
| Transportation: | ||
| Automobile Cost | Included | |
| Insurance | Included | |
| Gas | Included | |
| Repair & Maintenance | Included | |
| Food: | ||
| Groceries | Included | |
| Dining Out | Included | |
| TOTALS: |
