Having to leave your home for a stay in an assisted living facility or nursing home can be a painful experience.
To add to the pain are the related astronomical bills you’ll have to pay.
Consider these facts…
The median cost in 2018 for a year in an assisted living facility was $48,000 and over $100,000 for nursing home care.
To soften the financial blow, you can take advantage of tax code rules that let you deduct assisted living and nursing home costs on your tax return.
We’ll give you all the details when you read my new article titled How to Deduct Assisted Living and Nursing Home Bills.
Three ways our fact-filled article can help you:
- We’ll provide a guide to handling these extremely high expenses. On your IRS Form 1040, you can deduct expenses covering your medical care and the care of your spouse and dependents. But this is possible only to the extent your total expenses exceed 10-percent of your adjusted gross income. Medical care includes qualified long-term care services. You’ll get all the details when you read the full article.
- We’ll tell you who can qualify for long-term care services. To qualify, your assisted or nursing home expenses must meet three criteria. They have to provide specific services required by chronically ill persons, and follow a “plan of care” prescribed by a licensed health care practitioner. You’ll get the whole story when you read the full article.
- We’ll cover several other topics that are extremely important. We’ll discuss the laws concerning chronically ill individuals, the “activities of daily living” test, the cognitive impairment test, and much more. All will be explained when you read the full article.