Paying for Senior Apartments and Care
Wondering How to Pay for Senior Living? Consider These Options
See How Laureate Group Costs Compare to Other Options in the Milwaukee Area and WisconsinSince 2004, Genworth Financial, a Fortune 500 insurance holding company, has surveyed long-term care service providers across the country.Its 2018 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.
Long Term Care Insurance 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.
Low-income, set-aside apartments are available at Laureate Group’s Wauwatosa community. To be eligible, income must be below $28,850 annually for a single person or $32,950 annually for a married couple. A limited number of these apartments are available.
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: