Financial Resources
Paying for Senior Living
Choosing senior living is an important life decision, and understanding how to pay for it is just as important. At Tequesta Terrace, we believe financial planning should feel clear, supportive, and manageable, not overwhelming. Here, we outline common financial resources families use to fund senior living and introduce a simple tool to help you understand what may be possible for your situation.
Financial Guidance Through Our Trusted Partner
Tequesta Terrace partners with ElderLife Financial, a nationally recognized senior living financial concierge, to help families explore and coordinate payment options for care.
Through ElderLife Financial, families can receive complimentary guidance to better understand available resources and create a plan to pay for senior living with confidence.
ElderLife Financial can assist with:
This support is designed to reduce stress and remove financial barriers, especially when timing or
multiple funding sources are involved.
Explore Your Financial Options
Pay with Personal Funds
Many families choose to pay for senior living using their own financial resources, including savings, retirement accounts, investment income, or proceeds from selling assets. Drawing on personal funds gives you direct control over how you fund care and housing. Examples include checking/savings accounts, pensions, IRAs, 401(k)s, stocks, or bonds. Planning early and reviewing your budget can help ensure comfort and stability.
Selling a Home or Assets
Your home may be your largest asset. Selling it can generate funds to help cover ongoing care needs. Working with a real estate specialist who understands the needs of older adults can help maximize value. You might also consider selling or liquidating other assets you no longer use.
Veterans Benefits
U.S. veterans and eligible spouses may qualify for benefits such as Aid and Attendance, which can provide additional monthly tax-free income to help cover senior living costs. Eligibility depends on service history, income, assets, and care needs. Veterans service officers and financial advocates can help you review eligibility and apply.
Long-Term Care Insurance
Long-term care (LTC) insurance is designed to help cover the cost of care services, whether at home or in a senior living community. Policies vary widely in coverage and benefit amounts, depending on when they were purchased and your specific contract. Review your policy carefully or seek expert assistance to understand how LTC insurance can support your care plan.
Life Insurance Options
Certain life insurance policies offer options to access funds while you are still living. Depending on the type of policy you hold, you may be able to convert or sell the policy or access living benefits to help pay for care. Not all policies offer this flexibility, so consult your insurance provider or financial advisor.
Tax Considerations
Some costs related to care may qualify as medical expenses for tax purposes if they meet IRS criteria. For example, unreimbursed medical care costs over a certain percentage of your adjusted gross income may be deductible. Because tax rules are complex and change frequently, we recommend working with a tax professional to understand what you can claim.
