Paying for Senior Apartments and Care
Wondering How to Pay for Senior Living? Consider These Options.
Can help pay for the cost of assisted living care. If you own such a policy, the Laureate Group can provide documentation to help you access your benefits.
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 Department of Veterans Affairs 414-266-1235
- Waukesha County Department of Veterans Affairs 262-548-7732
Through our relationship with the VFW and the processes we have in place, 10% of the referrals we have made to the VA have realized on average $1500/month in benefits. That represents nearly $1,000,000 in benefit money!
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. This option is only available if the policyholder has not let the 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.
Family Care is a Medicaid long-term care program run by the State of Wisconsin to help pay for the cost of assisted living services for financially and functionally eligible people.
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 about the Family Care program, please contact:
See How Laureate Group Costs Compare to Other Options in the Milwaukee Area and Wisconsin
Since 2004, Genworth Financial, a Fortune 500 insurance holding company, has surveyed long-term care service providers across the country.
Its 2020 Wisconsin monthly care costs give a snapshot of the costs of providing care in different settings, and shows the value of assisted living.