Consider Affordable Alternatives with Assisted Living

Posted on | February 2, 2010

How adult children can help out

Financial matters are very private in many families. Don’t be insulted if your parents refuse to share the details of their money while they retain full control. Do guide them to seek reputable guidance. They can find a financial planner through the National Association of Personal Financial Advisors (www.napfa.org) who can provide a second opinion and peace of mind for lifelong do-ityourself investors.

Unreimbursed elder-care medical expenses above 7.5 percent of adult children’s adjusted gross income may be tax-deductible. Check how this applies to you with the Internal Revenue Service (www.irs.gov; 1-800-829-1040). Note that in Canada, tax opportunities differ.

Tax Deductions
Under the federal Health Insurance Portability and Accountability Act (the “HIPAA”), seniors may be eligible to deduct portions or all of assisted living costs as a medical expense, for Federal income tax purposes. All costs related to senior care may be deductible if the resident is unable to perform (without substantial assistance) at least two activities of daily living (such as eating, bathing, dressing, etc.) or who require substantial supervision to protect the individual from himself or herself because of severe cognitive impairment.

We encourage you to fully explore this opportunity and seek the advice of your tax advisor.

Companion Living
Companion Living is another great option for individuals looking for a cost savings. Companion Living brings together two residents to share a suite. This offers a more affordable senior living option, but all the features and benefits of senior living like, great meals, engaging activities, transportation and most importantly experienced team members dedicated to compassionate care remain. The goal is to match people
with a common background or interest that can serve as a foundation for a friendship. Companion Living eases the transition to the community from the guidance of a roommate who knows the community, relieves feelings of isolation and depression, and builds confidence and self-worth through meaningful relationships.

1-888-398-3658

Horizon Club Senior Retirement

1208 South Military Trail
Deerfield Beach, Florida 33442
Phone: 1-888-398-3658

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