Senior Living Residences offers programs and recommends third-party financial options to provide you with the financial flexibility to make a move to senior housing comfortably and within your means. These financial options supplement or replace relying on traditional savings or the sale of a home exclusively to pay for senior living. Neither Senior Living Residences nor our communities receive any financial benefit from any person or organization we recommend. We provide this information as a resource only, and urge you to seek additional information from sources of your own choosing.

Veterans Aid and Attendance Benefit

The Department of Veterans Affairs provides an Aid and Attendance financial benefit to eligible wartime veterans and their surviving spouses. This benefit can offset a significant portion of the expenses in a Senior Living Residences’ community. Depending on your situation, you may be eligible for up to $1,949 per month. We can introduce you to a provider that will review the VA's eligibility criteria with you and assist with the paperwork in applying for the benefit. The VA web site has detailed information.

ElderLife Financial Services

ElderLife provides loans to families and seniors interested in financing some or all of their assisted living costs. Families use an Elderlife line of credit when they face a gap in the amount their loved one requires for the senior community of their choice or they are waiting for a house to sell or veterans benefits to start, leaving them with an unplanned financial shortfall. Elderlife Planning Calculator. ElderLife Financial web site.

Life Settlement Services

A life settlement provides seniors with cash for their life insurance policy. Available for term, universal or whole life policies, life settlements, on average, provide three-to-four times the cash surrender value of your insurance policy. We can introduce you to a provider that will help you determine how much cash you can receive for your life insurance policy to determine whether this is a good option for you.

Long-Term Care Insurance

With rising healthcare costs and the need to stretch retirement savings for a greater number of years, long-term care insurance is worth looking into. It can help you avoid the potential depletion of life savings and allows continued control over where and how you receive long-term care services. Long-term care insurance policies cover the costs of elder care services, such as Assisted Living and Alzheimer’s Care communities, home health care and nursing home care. For more information, click here.

Tax Deductions

Tax deductions may be available to help off-set out-of-pocket costs at a Senior Living Residences community for seniors who need help with at least two “Activities of Daily Living.” For seniors with dementia and Alzheimer’s disease who reside in one of SLR’s Compass Memory Support Neighborhoods, often 100% of costs can be claimed as a tax deduction. The deductions are available for the resident or for a family member who is able to claim the resident as a dependent for federal income tax purposes. (The IRS requires the family caregiver be related to the senior or have lived with the senior for at least a year.) We encourage you to seek the advice of a tax advisor to discuss eligibility. For more information, see our fact sheet on tax deductions or visit the IRS web site.

Shared Suites

Sharing a private apartment with a roommate is a good choice for budget conscious individuals who face a shortfall in the amount they require to afford the senior community of their choice. Others choose to share an apartment because they like the companionship. We will try our best to match you with a roommate who shares a common background or interests. Please speak with the community's Executive Director about this option.