Financial Resources

Everyone has unique circumstances that help determine how they can best fund assisted living for themselves or their loved ones. Although, Freighter View Assisted Living and Continuing Care 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. A portion of your monthly fee in 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, then the entire fee, including meals and lodging, would be considered a medical expense. Please consult your tax advisor on this rule if you feel this would apply to your situation.

Veterans Program

If you are a veteran  or a surviving spouse of a veteran, you  may be eligible for financial assistance  to help pay for your stay in an assisted  living residence. The program is called  Veteran’s Aid and Attendance Benefit. For more information, please visit the  Veteran’s Administration website  (www.va.gov/pension/ aid-attendance-housebound/) or call  them at 800-827-1000 and ask to speak  to a benefits coordinator to learn more. 

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.

Long-Term Care Insurance

Long-term care insurance is privately paid  insurance with several different types of  benefits. Coverage may include nursing  home stays, assisted living stays, home health care services, hospice services, and more.  

Worksheet

Compare Your Currently Monthly Expenses