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Move into Arbor Terrace during September and enjoy today's rate through 2027. Ready to learn more? Schedule a tour today, and our team will walk you through availability, pricing, and next steps.

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How to Pay for Senior Living in Basking Ridge, NJ

Planning for the cost of senior living can feel daunting, and the good news is that most families have more options than they realize. At Arbor Terrace Basking Ridge, our team is here to help you understand and combine the resources available, so the path forward feels clear and manageable.

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Ways to Pay for Senior Living

Explore the financial resources and options available to help make senior living accessible for your family.

Personal Savings and Retirement Income

Many families use a combination of savings, pension income, Social Security, and retirement accounts to fund senior living. Our team can help you understand how these resources fit into a sustainable monthly plan.

Home Equity

For many families in Basking Ridge and across Somerset County, the family home is one of the most valuable assets they have. Selling or renting the home can provide substantial funds, and our partnership with ElderLife Financial can help bridge the gap during a transition.

Long-Term Care Insurance

If your loved one has a long-term care insurance policy, it may cover a portion of assisted living or memory care costs. Our team can help you understand your policy and navigate the claims process.

Veterans Benefits

Eligible veterans and surviving spouses may qualify for the Aid and Attendance benefit, which can provide meaningful monthly support toward the cost of care. We can help you explore eligibility and the application process.

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Life Insurance Conversions

Certain life insurance policies can be converted into a benefit that helps pay for senior living. This option is not widely known, and our team can help you find out whether it may apply to your family.

Tax Deductions and Credits

Some senior living and care expenses may be tax deductible, depending on your circumstances. We recommend consulting a tax professional, and our team can help you gather the documentation you may need.

Finding the Right Path

Every family's financial picture is unique, and there is no one-size-fits-all answer. Our team takes the time to understand your situation, walk through the options, and connect you with trusted partners and resources.

The goal is a plan that feels clear, sustainable, and right for your family.

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Free Financial Planning Resources

Our latest guide, "A Family's Guide to Paying for Senior Living," walks you through the different options you have to cover the costs of senior living. With this free guide, you will have a strong starting point to find the best path for you and your loved ones.

Download the Guide

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Common Questions About Paying for Senior Living

Costs vary based on the level of care and the apartment a resident chooses, and the monthly rate covers dining, housekeeping, utilities, transportation, and amenities. Our team is glad to provide a clear breakdown and help you build a plan that fits your family. You can also compare costs with our cost calculator.

Families often combine personal savings, home equity, long-term care insurance, veterans benefits, and other resources to pay for senior living in Basking Ridge, NJ. Our team, along with our ElderLife Financial partnership, can help you explore every option available.

Many residents use long-term care insurance to help cover the cost of care, and our team can help you understand your policy and navigate the claims process. We recommend reviewing your specific policy details with our team and your insurance provider.

Yes. Eligible veterans and surviving spouses may qualify for the Aid and Attendance benefit, which can provide meaningful monthly support toward the cost of care. Our team can help you explore eligibility and guide you through the application process.

No. Arbor Terrace Basking Ridge is a monthly rental community with no large buy-in or entrance fee, so there is no major upfront investment. Families enjoy the flexibility and peace of mind of a clear monthly rate.

The monthly rate typically includes chef-prepared dining, regular housekeeping and linen service, utilities, maintenance, scheduled transportation, certified fitness programming, and access to all community amenities and activities. Personalized care services are outlined clearly based on each resident's needs.

Yes. For many families, the sale or rental of a home provides significant funds toward senior living, and our ElderLife Financial partnership can help bridge the gap during the transition. Our team can connect you with resources to make the process smoother.

Some senior living and care expenses may be tax deductible, depending on your circumstances. We recommend consulting a qualified tax professional, and our team can help you gather the documentation you may need.

Our team offers personalized guidance, along with helpful resources like our free guide, "A Family's Guide to Paying for Senior Living," and our ElderLife Financial partnership. The best first step is simply to reach out, and we will help you build a plan that fits your family.