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Available Financial Options at Ecumenical Retirement Community

Available Financial Options for Affording Your Retirement Care

When deciding on your retired living preferences and retirement care, you should review the immediate costs and future expenses. It’s good to know there are many benefits and resources available to seniors and their families to ease the financial commitment.

For your benefit, we have identified alternatives within our retirement care and outside organizations to provide a variety of financial options to fit many needs. Our team is available to discuss these options or provide additional information.

Companion Living

Sharing a suite with another Ecumenical resident is an affordable option at a lower monthly rate. We use common interests that may serve as the basis for a friendship to match potential roommates. Plus, companion living also can ease the transition in making the move by being paired with someone who has gone through the experience.

Tax Deductible Expenses

The cost of assisted living or personal care services may be a tax deductible medical expense. Depending on the services received and diagnosis, residents may be eligible to deduct their complete assisted living or personal care expenses for federal income tax purposes. Eligible deductions may also be available to a resident’s family member if the family member is able to claim the resident as a dependent for federal income tax purposes. If applicable, this tax deduction could result in a 10-20% discount on the cost of retirement living expenses. Consult your attorney or tax accountant to determine how these rules apply to your individual circumstances.

Veterans Benefits Assistance Program

This is a pension benefit available through the U.S. Department of Veterans Affairs for wartime veterans and their spouses who have limited income and are in need of the regular aid and attendance of another person to perform functions required in everyday living either in a personal care or assisted living community or in their own home.

Maximum Benefit Amounts:

Per the VA's 2019 guidelines, the monthly amount awarded is determined by an individual’s assets, income and medical expenses.

  • up to $1,881 per month for the veteran
  • up to $1,209 per month for a surviving spouse
  • up to $2,230 per month for the veteran and his/her spouse

Maximum Value of Assets:

The application should not be submitted until a person has $127,061 or less in assets. A home is not an asset until it is sold and the money is deposited in the bank account.

Maximum Income Amount:

Since your income can be reduced by the amount of your medical expenses, you should not necessarily be concerned about the income. It's best to file the claim and let the VA make that determination.

Timing Expectations:

On average, it takes seven to eight months to receive payment. Benefits typically are backdated to the month after the application is submitted.

We offer assistance to residents and their families throughout the entire application process. For more information about this program or how we can assist you, contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-855-838-5094.

Reverse Mortgage

If you own your own home, a reverse mortgage may provide an option for raising funds to pay for personal care or skilled nursing care. To qualify, one spouse must continue to live in the home. Contact your bank for more information.

LifeCare Funding Group

LifeCare Funding Group helps seniors raise funds to pay for senior living through the Life Settlement Market. The liquidation of a life insurance policy through a Life Settlement can act as a funding bridge to help cover the costs of senior living when other assets such as stocks are under-performing or a home is difficult to sell. To learn more, visit www.lifecarefunding.com or call 1-888-670-7773.

Pennsylvania’s Retirement-Friendly Tax Benefits

If considering moving to Pennsylvania, the state has been hailed by Forbes as one of the “Best (Unknown) Retirement Tax Havens” in America and recognized in Kiplinger’s “Best States for Retiree Taxes” in part to its retired living-friendly tax benefits*.
* Federation of Tax Administration, January 2012; Forbes.com “2007 Seven Best (Unknown) Retirement Tax Havens”; Kiplinger Personal Finance Magazine “Best and Worst States for Retiree Taxes,” 11/18/2010.

All content contained within this page is provided for general information only and should not be treated as a substitute for advice and information from a professional financial or tax advisor. Ecumenical Retirement Community is not a provider of these financial products or of financial and tax advice and does not endorse or take responsibility for the accuracy of the information contained on the websites listed and does not receive incentive compensation from the companies and products listed here. Individuals should consult with their personal financial or tax advisor for advice about what financial options are best for them.

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