Financial
Several financing options are available to pay for assisted living such as:
- Private funds
- Long Term Care Insurance (LTC)
- Home equity or bridge loans
- VA funding
Private funds:
Private funds are generally use to pay for assisted living services and may include: cash on hand, CD’s, annuities, pensions, social security income, checking and/or savings, investments, real estate, etc.
Long Term Care Insurance:
Insurance policies may cover long term care in assisted living and nursing homes. Phone the insurance company to determine the daily rate the policy will cover. Example: if the daily rate for assisted living is $80 per day: $80/365 days in a year = $29,200 per year or $2433 per month.
Home Equity or Bridge Loans:
Banks, lending institutions, AARP, etc. may agree to provide an equity loan or line of credit against a home or property until the home or property is sold. This allows the home owner to use the equity before the home/property is sold to pay for services such as assisted living. When the home/property is sold, the loan must be paid in full from the proceeds.
VA Funding:
Veterans or spouses of veterans may be eligible for the Aid and Attendance Benefit offered by the Veteran’s Administration. If a veteran or spouse of a veteran served at least 90 days of active duty with one day during a period of War, they may be eligible for assistance to help pay for assisted living.
Periods of War are as follows:
World War I: April 6th, 1917 to November 1st, 1918
World War II: December 7th, 1941 to December 31st, 1946
Korean Conflict: June 27th, 1950 to January 31st, 1955
Vietnam Era: August 5th, 1964 (2/28/1961 if "in country") to May 7th, 1975
Persian Gulf War: August 2nd, 1990 - Date to be determined.
VA offices are located throughout Wisconsin. Those serving BAKA communities are:
Brown County Veteran Service Office:
305 E Walnut St. Green Bay, WI 54305-3600, 920.448.4450
Family Care Funding:
Family Care provides funding to those with financial need. The funding is provided by state, county and federal funds and administered through your local Aging & Disability Resource Center.
