Happy Tax Day!

Happy Tax Day! Now that tax season is over, this is a great time to prepare for the future and make sure your sales team members are well-acquainted with the tax benefits older adults who choose senior living may have. Connecting with a tax professional will be far easier now that their busy season is finally over.

Many older adults are aware that there are significant tax advantages that come with senior living and Life Plan communities, but it’s important that your sales team fully understands the ins and outs of these perks so they can explain it to prospective seniors clearly and without causing confusion.

Since each individual situation is different, the sales team doesn’t need to know all the gritty details, but they should be able to speak generally about how much of the cost of senior living can be considered a medical expense. This information can be gained by chatting with a local CPA to review the tax benefits senior living can offer older adults.

If seniors are spending a significant amount of funds on medical expenses, proportionate to their adjusted gross income, a portion of that cost is likely eligible for medical deduction by IRS standards. This means that although there aren’t specific, direct tax benefits, like credits, for seniors who choose to move into assisted living communities, a portion of the expenses that come with assisted living can be deducted.

These details can be confusing and unclear, so your team must understand the process so they can offer guidance and well-guided advice to prospective members of the community. While they might not know all the specifics relating to each case, sales team members should feel confident they can support older adults and help them make advised decisions when it comes to the tax benefits of senior living.

While a lot of older adults know about these perks, some may not, or they may not know how much it will benefit them. Sales team members should be able to generally assist and advise older adults while also being clear that these benefits are specific to the individual, and a tax expert can be brought in to help with case-specific questions moving forward. Helping seniors understand the full scope of the benefits available can help them see the financial appeal of choosing senior living.