The IRS recognizes that paying for an Assisted Living community can be a financial burden for many families. To ease this difficulty, current tax law does allow certain individuals to deduct a portion of these expenses on their taxes.
With a significant portion of our country’s population aging faster than at any other period in history, it’s the perfect time to discuss how countless families (including yours) can afford quality senior care for loved ones
The cost to live in a senior living community ranges widely, but you can expect to pay between $2,000 to $12,000 or more a month. The majority of communities will fall between $4,000 to $8,000 in monthly fees, but this will depend on a variety of factors including the size of the apartment, the type of services needed, and the location of the senior living community.