How much does independent living cost?
The cost of independent living can vary depending on location, size of the apartment or house, amenities provided, and the level of care needed. Generally speaking, independent living can range anywhere from a few hundred dollars per month for a small studio apartment in a more affordable area to several thousand dollars per month for a larger unit with more amenities in a more expensive location.
In the United States, the average cost of independent living ranges from $1,500 to $4,500 per month, but again, this can vary greatly depending on the factors mentioned above. It is always best to research and compare different options in your area to determine the cost of independent living that is right for you.
Does medicaid pay for independent living?
Medicaid is a government-funded program that provides health insurance to low-income individuals, including seniors and people with disabilities. While Medicaid does not typically cover the cost of independent living, it may provide some assistance for certain services related to independent living, such as home health care, personal care assistance, and medical equipment.
Some states may offer waivers or other programs that can help cover the cost of independent living for Medicaid beneficiaries, but these programs can vary from state to state, and eligibility requirements may apply. It’s important to check with your local Medicaid office or a trusted healthcare provider to learn more about the specific benefits and programs available in your area.
Is independent living tax deductible?
The cost of independent living is generally not tax deductible unless it is considered a medical expense. If the resident requires independent living due to a medical condition or disability, and a licensed healthcare provider recommends it, then some of the costs may be tax deductible as medical expenses.
To claim a tax deduction for independent living expenses, the total medical expenses must exceed a certain threshold, which is typically 7.5% of the taxpayer’s adjusted gross income (AGI) for tax years 2020 and 2021. Additionally, only the portion of the independent living costs that exceed this threshold can be claimed as a deduction.
It’s always best to consult with a tax professional or accountant to determine if your independent living expenses qualify for a tax deduction and how to properly claim them on your tax return.
Moving into an independent living community
Looking to transition to a more independent lifestyle while still enjoying the peace of mind that comes with a supportive community? Look no further than the Weatherly Inn independent living community!
Our community offers a wide range of amenities and services designed to help you maintain your independence while providing access to the care and support you need. From comfortable living spaces to delicious, chef-prepared meals and various engaging activities and events, our community offers everything you need to live on your own terms.
Our team of dedicated and caring professionals is here to help you every step of the way, providing personalized support and assistance as needed to ensure that you can live the life you want with the peace of mind you deserve.
So why wait? Join our independent living community today and start enjoying all the benefits of an independent lifestyle with the comfort and support of a caring community. Contact us today to schedule a tour and learn more about our community and all we offer!
The Best Independent Living at Weatherly Inn in Medford, OR
Interested in independent living for you or a loved one?
An active events calendar, restaurant-style dining, and resort-style conveniences await residents at Weatherly Inn in Medford, OR. Contact us to learn more about our independent senior living community by contacting one of our team members