Atria Senior Living Financial Planning

Atria’s monthly rates are determined based on apartment selection plus care services (if any are needed).

To determine the level of care needed, each resident receives a thorough assessment from a licensed nurse of their physical, emotional and functional status prior to move-in. During the first 30 days, a reassessment will be performed to verify we are providing the appropriate level of care. Thereafter, additional assessments are performed no less than quarterly or as needed based on caregiver recommendations or a perceived change in condition.

These assessments help determine the amount of time and level of assistance a resident may require and are among the factors we consider in determining and monitoring staff levels. The level of care can be adjusted as needs change. This way, each resident receives the appropriate amount of personal assistance needed to remain as independent as possible.

Find an Atria community near you to view pricing.

Tax deductions can be useful in balancing the costs of senior living. Depending on the type of services and level of care required, older adults may be eligible for certain deductions on their federal tax return.

The IRS allows deductions for the costs of housing and meals for qualifying seniors receiving long-term care in a home or community due to chronic illness or the inability to live alone. Assisted living or supportive living residents may qualify for these deductions if a physician certifies that they have been unable to perform at least two activities of daily living (such as eating, bathing or getting dressed) without assistance for at least 90 days. The same deductions can apply to those who require substantial supervision because of a cognitive impairment, such as Alzheimer’s disease.

A child paying for a parent’s care may also qualify for the tax deductions if the child can claim the parent as a dependent.

Our Tax Deductions Guide for Senior Living brochure provides more details about how these deductions may apply at Atria. While we are happy to provide this introduction to the possible tax benefits of senior living, we encourage you to consult a tax advisor for further information.

If you’re a veteran or the spouse of a veteran, you may qualify for the Veterans Affairs Aid and Attendance pension (also known as the A&A program). This pension helps veterans and their surviving spouses who require the assistance of a caregiver who helps with activities of daily living, including bathing and getting dressed.

Assisted and supportive care in a senior living community – whether provided by community staff or a third party – qualify as part of this program.

Atria is proud to be home to more than 2,500 veterans and 50+ home front workers, many of whom are using the Aid and Attendance pension to help pay for care services in our communities across the country. Our Veterans Affairs Aid and Attendance pension brochure provides more details about this pension and how to determine if you qualify.

Atria also offers a $1,000 Welcome Home credit to veterans, which can be used toward rent, moving costs or anything that makes the move easier.

Yes. Bridge loans can provide immediate access to funds to pay for senior care until funds are fully available, though they generally have higher interest rates and a short repayment period.

To determine if a bridge loan is best for your unique situation, please consult a trusted, professional tax or financial advisor.

While listing and selling one’s home through a real estate agent can be a good option, many families capitalize on real estate investments without giving up their homes.

Whether you choose to sell the home to a family member – who inherits it or otherwise keeps the home in the family – or rent to a family member until everyone is ready to make a long-term decision, it’s best to consult a trusted real estate agents before making a decision.

Long-term care insurance covers individuals who need long-term care or assistance with several activities of daily living, such as bathing and getting dressed. These plans generally cover assisted living and long-term care expenses at the time services are needed, without requiring you to spend down your financial assets to qualify for Medicaid coverage.

For more information on converting your life insurance policy into a long-term care plan, contact your financial advisor.