When researching financial options for senior care, evaluate your 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. Below are 6 examples of financial options for senior care.
1. Accessing a line of credit
It is not uncommon for a senior to need to move out of their home before it sells. Laureate Group partners with a company called ElderLife Financial Services, a lending institution that provides a line of credit to eliminate this obstacle. It can be used to pay monthly charges in an assisted living community while waiting for the house to sell.
Other families consider using this line of credit to cover what a parent can afford and the cost of care at a desired location. Multiple family members can share in these expenses easily with this type of service.
2. Life Insurance
Another option is using the insurance policy to cover senior living. The death benefit of a life insurance policy can be converted into a long term care benefit and paid directly to the senior community.
3. Veterans Benefits
One option many veterans and/or families aren’t fully aware of is qualifying for financial assistance from the government. This option is to help cover the costs of home health care, assisted living or nursing home expenses. The veteran must have served a minimum of 90 days of active duty, with at least one day during an active time of war.
To be eligible for this benefit, the individual must be financially and medically qualified. The best first step is to contact the Department of Veteran Affairs.
- Milwaukee County: 414-382-1753
- Waukesha County: 262-548-7732
4. Long Term Care Insurance
This type of senior care option will help pay for the cost of assisted living services. If your parent has a long term care insurance policy, contact the insurance carrier to discuss the coverage provided under that policy. Senior care consultants can provide the paperwork needed to get benefits started.
5. Low income set-aside apartments
Laureate Group’s Hart Park Square community in Wauwatosa has apartments set aside for seniors who are income qualified. When looking at a senior community, ask the counselor what programs they might have in place for those with low to moderate incomes. Learn more about Hart Park Square’s monthly fees.
6. Family Care
This financial option for senior care is a state financed program to help pay for the cost of assisted living services. Seniors who are already eligible for the program may be able to use these benefits to pay for assisted living. The Aging and Disability Resource Centers in Milwaukee or Waukesha should be contacted for more information.
Everyone has a unique financial picture and circumstance. Laureate Group communities offer a wide range of financial tools to help cover the costs of their loved one’s care. We strongly suggest that families consult with their financial advisor, accountant or attorney when exploring any financial options for senior care.