Financial Support Options
Long-Term Care Insurance Can Help Pay to Live In Assisted Living:
Many of our Kensington 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 team can assist you in identifying what is covered under your current plan and the financial support options you have available to you.
Life Insurance Converted to Pay for Senior Care Expenses:
Did you know a life insurance policy (long term care benefit plan) may be converted to pay for care at an Assisted Living Community like The Kensington? The conversion process transfers ownership of a life insurance policy from the original holder, to an entity that acts as the benefits administrator. The benefits administrator assumes all responsibility for paying the monthly premiums on the policy to the insurance company, and agrees to pay the previous policy holder a series of monthly payments based on the value of their policy.
These payments can then be used to pay for a person’s home care, nursing home, hospice care and assisted living costs. There are pros and cons to this conversion and if you are interested in learning more about this process, please consult the services of an independent financial adviser who specializes in the finances of older adults.
Veteran’s Aid and Attendance Program:
The US Department of Veterans Affairs Aid & Attendance Program provides benefits for veterans and surviving spouses who require the regular support of another person. To qualify for VA Aid & Attendance your physician must establish that you require daily assistance by others in reference to several activities of daily living such as eating, bathing, and dressing. And eligibility must be proven by filing several documents from the VA. If eligible, you may be able to receive this benefit of up to $2000 per month while residing in an assisting living community such as The Kensington. For more information, please go to veterans.westchestergov.com
Exciting News for our Current & Future Residents!
The Kensington has collaborated with Elder Resource Benefits Consulting(ERBC), an organization that will assist our existing and impending residents with benefits from the VA’s Aid & Attendance Program. The ERBC provides a benefit analysis via a telephone interview and if qualified, walks the responsible party through the steps of how to easily obtain this VA benefit. Download ERBC Flyer…
In order to qualify, current and future residents or family members need to schedule an appointment with the ERBC at 866-353-3732 or go to their website: www.elderbenefitsconsulting.com.The Kensington cannot qualify individuals for this program and it is best to contact the ERBC directly.
Our loved ones served our country with honor and dignity and deserve whatever is available to them.
Tax Deductible Expenses to Live in Assisted Living:
In many cases, payments made to live in an Assisted Living community may be tax deductible. Under the Health Insurance Portability and Accountability Act, the cost of maintenance of personal care services that are required by an individual who is either 1) unable to perform at least two activities of daily living or 2) who suffer from severe cognitive impairment and who require supervision to protect self and others from threats to health and safety, may be tax deductible if such services are provided pursuant to a plan of care prescribed by a licensed health care practitioner. You may be required to obtain a letter from a physician prescribing such plan of care. In addition your loved one may be required to meet certain other conditions.
If you are an adult caregiver and you have provided over half of your loved one’s total financial support for the calendar year living in an assisted living community, you as the caregiver may be able to deduct your loved one’s medical expenses. The Kensington is unable to provide tax advice and we encourage you to explore this opportunity further and seek the advice from your tax adviser.
Gift Tax Exemption:
Family members can pitch in toward the cost of assisted living and take advantage of the IRS gift tax exemption. For 2017, 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 adviser or tax professional.
Kensington Family & Friends Referral Program:
We believe in the promise to love and care for your family as we do our own. We also believe in teamwork. And we understand the importance of gratitude. When a new resident comes to us through a current resident family member or friend, we feel fortunate to have inspired their loyalty.
As a token of our thanks, The Kensington Family & Friends Referral Program is available to all family members and friends of current residents. Every time a family member or friend of a current resident refers a new resident who moves in and lives at The Kensington for 90 days or more, the current resident gets a one-time credit towards monthly fees.
For more information about this Program, please contact Jeanne Rosenberg or Eileen Clayton, our Directors of Community Relations at 914-390-0080.