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
- IRIS funding
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.
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
Dodge County Veteran Service Office:
127 E. Oak St. Juneau, WI 53039, 920.386-3798
Kewaunee County Veteran Service Office:
810 Lincoln St. Kewaunee, WI 54216, 920.388.7198
Milwaukee County Veteran Service Office:
6419 W. Greenfield Ave West Allis, WI 53214, 414.266.1234
Outagamie County Veteran Service Office:
227 S. Walnut St. Appleton, WI 54911, 920.832.5697
Winnebago County Veteran Service Office:
211 N. Commercial St. Neenah, WI 54956, 920.729.4820
IRIS stands for Include, Respect, I Self-Direct. IRIS representatives assist clients in establishing monthly care budgets. IRIS the pays for a portion of the monthly care. Clients direct how the money is spent and administer it themselves rather than have a county or state agency, such as Family Care or COP, do it. Contact the local ADRC or Human Services Department to determine if IRIS is available in the county of residency.