Financial

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
  • Family Care

 

Financial

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. 

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

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.

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.