Financial Matters

Cost Effective Retirement Living

At Martha Franks, monthly rates are determined by the living option and additional care services, if any are necessary. In order to provide support that is tailored to each individual's needs, residents receive a thorough assessment from a licensed nurse prior to move-in and periodically thereafter.

To learn more about our pricing, contact us today.

Tax Benefits

Tax deductions can impact and balance the cost of senior living. Older adults may be eligible for certain deductions on their federal tax returns depending on the type of services and the level of care they require.

The IRS allows deductions for the cost of housing and meals for seniors receiving long-term care in a home or community due to chronic illness or the inability to live alone. Assisted living or supportive living residents may qualify for these deductions if a physician certifies that they have been unable to perform at least two activities of daily living (such as eating, bathing, or getting dressed) without assistance for at least 90 days. The same deductions can apply to those who require substantial supervision because of a cognitive impairment, such as Alzheimer's disease.

A child paying for a parent's care may also qualify for these deductions if the child can claim the parent as a dependent.

Click here to download more details about how these deductions may apply.

Veterans Benefits

Our skilled nursing facility is one of the few in the area that are VA certified. If you are a veteran or the spouse of a veteran, you may qualify for the Veterans Affairs Aid and Attendance Pension (A&A Program). This pension is designed to help veterans and their surviving spouses who require the attendance of a caregiver to assist with activities of daily living, like bathing and getting dressed. Assisted and supportive care in a senior living community, whether provided by the community's staff or a third party, qualify as part of this program. We are proud to be home to many veterans and their spouses, many of whom are using these benefits to help pay for care services in our community.

Listed below are links to organizations that provide assistance with the qualification process:

Ordained Ministers/Missionaries Benefits

Tax benefits are also available for ordained ministers/missionaries. Click here for more information about these benefits

While we are happy to provide this introduction to the possible tax benefits of senior living, we encourage you to consult a tax advisor for more detailed information.