Assisted Living

Veterans and their families should become more informed about benefits available. Too often, Veterans go without services they need simply because they are unaware of benefits they've earned through their service. According to a recent report, about 105,000 veterans were using the Aid and Assistance benefit (A&A) last year. Yet the pool of potential recipients is so much bigger. There are 2.3 million World War II, 2.6 million Korean War vets, and 7.7 million Vietnam vets still living.

For example, millions of Veterans fail to access the A&A benefit, which is meant to help aging veterans and their surviving spouses, pay for care at home, in an assisted-living facilities, or in a nursing homes.

The A&A benefit can pay up to $1,949 per month to provide care for single or married veterans or their surviving spouses at home, in assisted living facilities, or in a nursing homes. Applicants must meet certain medical and financial thresholds,

Most of us are aware that when a taxpayer’s medical expenses exceed a portion (7.5%) of annual income, those expenses can become itemized deductions on tax returns, and taking the decuction, will, therefore, save income taxes. It's tax season and a good time to discuss an important issue for many Low Country senior residents who live in the numerous Assisted Living Facilities (ALF’s herein) in the area. ALF residents should be aware of tax laws specifically applicable to them. ALFs are NOT nursing homes, but they do cater to our elder community and some, if not ALL of the services provided, can fall under the rubric of “medical expenses” as the tax code defines that term so that the entire ALF monthly bill may qualify as a medical expense. And, if not all ALF monthly expenses qualify as deductible medical expense, a portion of the monthly cost probably will.