How can families in New Holstein prepare for the rising costs of long-term care? In Wisconsin, the average cost of assisted living is around $4,600 per month, according to Elder Life Financial. That number can feel overwhelming for aging adults and their loved ones.
Paying for senior care often involves piecing together different financial options, which can add stress to an already difficult time. Today, we're taking a closer look into how families in New Holstein, a small city known for its rich German heritage, and quiet neighborhoods, can understand senior care costs.
We'll cover ways to find financial help for aging adults, and explore affordable senior living options.
Planning ahead can help reduce the stress that often comes with senior care expenses. Many families wait too long to start thinking about costs, which can make decisions more difficult later. Setting a plan early gives everyone time to prepare, compare options, and understand what's realistic.
There are three main parts to early long-term care planning:
Start by thinking about the level of support that may be needed in the next few years. It could range from basic help with daily tasks to more advanced care.
It's hard to predict everything, but having a general idea can help shape your budget. Consider the age and health of the person who needs care and talk openly about how quickly their needs may change.
Once you know what type of care might be needed, look at what money is available. Retirement savings, pensions, and Social Security are common sources.
Home equity or selling other property may help, too. The goal is to match expected care needs with income over time.
This part is often skipped, but it matters. Talking to adult children or other close relatives can help set clear expectations.
They may be able to help with money, time, or advice. Having these talks early keeps everyone on the same page and avoids surprises later.
Many families in New Holstein don't know where to start when looking for financial support. The good news is that help does exist. There are three main sources of financial help for aging adults:
Some older adults may qualify for extra financial support through the U.S. Department of Veterans Affairs. The Aid and Attendance benefit can help cover assisted living expenses, in-home care, or other services.
This benefit is often overlooked but can offer real support to veterans and their surviving spouses. To qualify, the person must meet service requirements and have limited income and assets.
SSI is a federal program that helps older adults with limited income. It's a monthly payment that can be used toward senior care costs.
The amount varies, but it can make a difference when combined with other income. Applying for SSI takes time, so it's best to start early.
Wisconsin offers programs through local aging and disability resource centers. These can include in-home support, caregiver assistance, or help with certain household needs.
Each program has its own rules and funding levels. Still, they can be helpful for those looking for affordable senior living options. Talking with someone at the local center can point families in the right direction.
Some families in New Holstein use their own income or assets to cover senior care costs. This is often called private pay. It means the care is funded without help from government programs or outside aid.
Many older adults rely on monthly pension payments or Social Security checks. These can help with assisted living expenses or in-home care.
The amount may not cover everything, but it can form the base of a care budget. Some people combine this income with help from family members or other support.
Families often use money from savings accounts, CDs, or stocks. If the person needing care has built up investments over time, those funds can be put toward care needs. This helps delay or avoid the need for loans or credit.
Selling a home or other valuable items may give families a way to pay for care in the short term. This choice depends on personal comfort and timing. Some families find it useful when other funds have already been used.
Long-term care insurance often pays for services that regular health insurance or Medicare won't. This may include help with dressing, bathing, or eating. Some plans also cover support for people with chronic health conditions or memory loss. These benefits can stretch a care budget much further.
This kind of insurance works best when bought before care is needed. Most people who apply later in life may face higher rates or even be denied. Many families look into buying it during their 50s or early 60s, while health is stable and costs are lower.
Some aging adults skip this option because of the price or confusion about how it works. Others wait too long to apply and no longer qualify. Still, those who do get a plan early may save money and stress later.
Paying for senior care in New Holstein doesn't have to feel overwhelming. With the right mix of planning, support programs, and smart budgeting, families can find care that fits their needs. Starting early gives you more choices and helps reduce stress when it's time to make important decisions.
At LakeHouse New Holstein, caring for our residents is at the heart of everything we do. Residents enjoy a pet-friendly setting with games, crafts, outings, and social events that bring comfort, connection, and fun each day.
Get in touch today to find out how we can help with your loved one's retirement years!