Paying for Senior Care

Since 2004, Genworth Financial, a leading Fortune 500 insurance holding company has surveyed long term care service providers across the country.  Their 2016 Wisconsin monthly care costs give a snapshot of the costs of providing care in different settings, and shows the value of assisted living. Read more.

But many seniors and their families are concerned about whether or not they can afford living in a senior community for an extended period of time. The way to ease that concern is to evaluate available financial resources, including monthly income and assets. Each family’s individual circumstances determine how they may best cover the cost of senior care for a loved one.

Most older adults pay for senior care by using the proceeds from the sale of their home. There are also a variety of financial options to help make living in a senior community more affordable. We can explain these options in more depth and guide you to appropriate programs and professionals who can help you take the next steps. Your family’s financial advisor can offer guidance on those that may work best for you. 

Long Term Care Insurance can help pay for the cost of assisted living care. If you own a policy that offers this coverage, we can provide documentation to help you achieve coverage.

Veterans Pension benefits are provided through the Department of Veterans Affairs. There are three levels to this benefit: Basic Pension, Housebound and Aid & Attendance. Veterans, surviving spouses of veterans, or couples can receive a monthly benefit to help defray the cost of assisted living, if they qualify. For more information contact:

Milwaukee County Dept. of Veterans Affairs (414) 266-1235
Waukesha County Dept. of Veterans Affairs (262) 548-7732.

Sale or conversion of life insurance policies can help seniors obtain the funds to pay for living in a senior community. Many families find that a “life settlement” (sale) of an in-force life insurance policy is a sound financial strategy to provide care for a loved one. It is important that seniors know that this option is only available to them if they have not let a life insurance policy lapse.

The death benefit of a life insurance policy may be able to be converted into a long-term care benefit and paid directly to the senior community. These benefits can exceed proceeds that would be derived from liquidating a policy through a life settlement. Both of these options yield more than a cash surrender. Your insurance agent can fully explain the options you have with your policy. 

Personal loans can be used to eliminate short-term obstacles to moving into a senior community such as waiting for the sale of a home or waiting for monthly VA or other benefits to begin. It can also help families pay a portion of monthly rent.

Low-income, set-aside apartments are available at Laureate Group's Wauwatosa community. To be eligible, income must be below $25,350 annually for a single person or $29,000 annually for a married couple. 

Family Care is a long-term care program run by the State of Wisconsin to help pay for the cost of assisted living services for those who are eligible. Laureate Group has a limited participation in Family Care. If you become Family Care eligible, we may or may not have availability. For more information, please contact:

Milwaukee County ADRC (414) 289-6874 
Waukesha County Aging & Disability Resource Center (262) 548-7848