Resources

Ways to Pay For Home Healthcare

Reverse Mortgage

Reverse Mortgage:  A reverse mortgage is a cash loan that seniors take against their home’s equity. The lending bank makes payments in a single lump sum, in monthly installments, or as a line of credit.

Home Equity Lines of Credit

Home Equity Lines of Credit:  A Home Equity Line of Credit or HELOC is a loan that is much like a credit card, except with lower interest rates. Borrowers are told the maximum amount they can borrow and then given the flexibility to withdrawal money up to that limit on an as needed basis.

REX Agreement/Unison Home Owner Agreement

REX Agreement/Unison Home Owner Agreement: A Unison HomeOwner Agreement, previously called a REX Agreement, is a contract with an organization formerly called FirstREX. (In December of 2016, FirstREX changed its name to Unison Home Ownership Investors, or for short, Unison.) A Unison HomeOwner Agreement enables a homeowner to convert a portion of their home equity into cash. It provides the homeowner with a lump sum of cash today, in exchange for a percentage of the change in the home’s value (17.5% to 70%) in the future. This means there is no interest charge or monthly payments to be made.

Life Insurance Settlements

Life Settlements: Life Insurance Settlement also known as Life Settlements is a transaction in which life insurance policyholders can receive more than the cash surrender value in exchange for a transfer of benefits 

Death Benefit Loans

Death Benefit / Life Insurance Policy Loans and Aging Care:

Death benefit loans are loans taken by a life insurance policyholder from their life insurance company. Loans are taken against the cash value of the policy, not against the death benefit amount. They have low interest rates and don’t have re-payment schedules. Borrowers choose to repay on their own schedule, or they may choose not to repay at all. Should they pass away without having repaid the loan, the outstanding amount (loan and interest) is deducted from their death benefit. Death benefit loans are, more accurately, referred to as life insurance loans or policy loans.

Senior Care Bridge Loans

Senior Care Bridge Loans: With a bridge loan, funds are sent directly to care providers such as assisted living communities or home care agencies. In addition to convenience, this also helps protect the senior from a misuse of funds. Some cash can also be provided directly to the family to help pay for relocation, incidental and unexpected costs. The loan is structured as a line of credit, and the interest rate is variable and tied to the prime rate. 

Life Care Assurance/Life Care Funding/Life Insurance Policy Conversion

Life Care Assurance/Life Care Funding/Life Insurance Policy Conversion: A life insurance conversion is the sale, by the policyholder, of their life insurance to a third party in exchange for a defined amount of long-term care services, such as assisted living, in-home, or Alzheimer’s care. One may also use the funds for home modifications to allow aging in place. The program is specifically structured to allow participants to gain Medicaid eligibility. Should the policyholder pass before the defined amount of elder care services has been exhausted, any remaining monies go to a beneficiary designated by the original policyholder.

Tax Benefits

Federal Elderly Care Tax Credit

The Child and Dependent Care Credit is also referred to as the Elderly Dependent Care Credit or the Aging Parent Tax Credit. It is a tax credit for expenses an individual or family incurs for the care of a dependent (or other qualified relative) so that the taxpayer(s) are free to work or actively search for a job.

Home care or adult day care costs are examples of expenses that are eligible for this credit. Household services, such as cooking and housecleaning, may also be eligible expenses, given the services were, at least in part for the dependent individual. The fees associated with care provided in skilled nursing facilities or at assisted living residences are not considered eligible. This is because individuals in this type of care reside there full time and the intended purpose of care is not to free the taxpayer(s) to be able to work.

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Federal Elderly Tax Credit

Medical Expense Tax Deductions

If you have been paying a lot for health care recently, you may be glad to learn that many of those expenses could qualify as deductible from your taxable income on Form 1040, Schedule A.

You have to itemize deductions to claim these expenses. And there’s another trick, too—for 2017 and 2018, medical expenses are only deductible to the extent that they exceed 7.5% of your Adjusted Gross Income (AGI).

Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of your adjusted gross income.

Click HERE to view the medical expense checklist from TurboTax

State Elderly Care Tax Credit

For the tax year 2013 (filing year 2014), there are multiple tax credits and deductions available to seniors, the elderly and their families and caregivers. Most costs associated with medical care, assisted living, home care, prescription drugs, medical equipment and home care supplies are deductible through various state and federal tax credits or deductions.

The available tax credits and deductions depend largely on the filing status of the individual in need of care or on the filing status of those caring for the individual. To determine the available options it is best to first identify if the individual in need of care can or should be claimed as a dependent or if they should file their own taxes.

To claim an individual as a dependent, there are two important qualifications. First, the tax filer (usually a family member) must have provided at least half of the dependent’s financial support for the year and second, the dependent must be related or have lived with the tax filer for one full year.

An important exception exists to the requirement that the tax filer provide at least 50% of the financial support. If several family members together contribute 50% of the dependent’s support, then the family can choose a single member to claim the individual in need of care as a dependent. This is referred to as creating a “Multiple Support Declaration”.

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State Elderly Care Tax Credit

Respite Care

NJ Statewide Alzheimer's Respite Care
  • Companions
  • Homemaker/home health aides (on an hourly or overnight basis)
  • Medical or social adult day care
  • Temporary care in licensed medical facilities
  • Camperships
  • Private duty nursing service
  • Caregiver-Directed option

To reach the Statewide Respite Care Program in your county, call Aging & Disability Resource Connection (ADRC) toll-free at 1-877-222-3737.

Program Brochure 

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NJ Statewide Alzheimer’s Respite Care

Veteran's Administration Respite Care

Respite Care from the Department of Veterans Affairs is a program that provides trained caregivers that attend to the individual in need of care. This is done to give the primary caregiver of a veteran time to relax, run errands, and attend to his or her own needs, and overall, prevent caregiver burnout. Depending on geographic location and the recipient’s preference, care can be provided in the home, in adult day care, or in a VA medical or community living center. Respite caregivers are able to provide most, if not all, the assistance the primary caregiver is able to provide, such as (but not limited to) supervision, meal preparation, help dressing or bathing the care recipient, and medication reminders.

Alone, respite care is not a long-term solution for care, but when combined with other programs and cost reductions, such as tax credits, LIHEAP (Low-Income Home Energy Assistance Program), and transportation assistance, respite care might make the difference that enables a family to choose between residential and home care.

Learn more by clicking the link below

Veterans Administration Respite Care

The National Family Caregiver Support Program (NFCSP)

The National Family Caregiver Support Program (NFCSP) provides grants to the states to support a range of programs that assist caregivers in caring for their loved ones at home for as long as possible. One of these programs is the Caregiver Respite Care program. These programs are funded by the U.S. Department of Health and Human Services Administration on Aging and are typically administered on the local level by the Area Agencies on Aging Network.

Caregiver respite programs provide trained caregivers that attend to the individual in need of care to give the primary caregiver time to relax and attend to their own needs. Typically respite care occurs in the family home, but can occur in adult day care centers or overnight residential facilities.

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NFCSP Respite Care

Veteran's Benefits and Healthcare Assistance

Planning for Veteran's Benefits and Claims

Whether one is planning for veterans benefits themselves or they are getting professional assistance, there is a lot to know about the preparation and application process.  Follows are some concepts about which all applicants should be aware before filing any claims.

Planning for Veteran’s Benefits & Claims

How to Apply for Governement Health Benefits for Veterans

For the purposes of VA health benefits and services, a person who served in the active military service and who was discharged or released under conditions other than dishonorable is a Veteran.

How to Apply for Government Health Benefits for Veterans

Veteran's Administration Respite Care

Respite Care from the Department of Veterans Affairs is a program that provides trained caregivers that attend to the individual in need of care. This is done to give the primary caregiver of a veteran time to relax, run errands, and attend to his or her own needs, and overall, prevent caregiver burnout. Depending on geographic location and the recipient’s preference, care can be provided in the home, in adult day care, or in a VA medical or community living center. Respite caregivers are able to provide most, if not all, the assistance the primary caregiver is able to provide, such as (but not limited to) supervision, meal preparation, help dressing or bathing the care recipient, and medication reminders.

Alone, respite care is not a long-term solution for care, but when combined with other programs and cost reductions, such as tax credits, LIHEAP (Low-Income Home Energy Assistance Program), and transportation assistance, respite care might make the difference that enables a family to choose between residential and home care.

Learn more by clicking the link below

Veterans Administration Respite Care

Social Activities for Senior Citizens

Customized Reports

Home Modification, Equipment & Supplies

HUD Property Improvement Loans

HUD Property Improvement Loans: The Federal Housing Administration (FHA), a division of the U.S. Department of Housing and Urban Development, better known as HUD, insures loans made by private lenders against consumer default. This is done with the intention of making it easier for families to borrow money to make home modifications, which can enable a frail senior to age at home, rather than in an institution. To be clear, HUD does not subsidize these loans, which are commonly referred to as Title I loans, rather they provide insurance, enabling approved private lenders to offer loans to individuals with a wider range of credit scores who might otherwise not be eligible.  Find your local HUD office.

Home Modification for the Elderly

Home Modification for the Elderly: USDA Rural Repair and Rehabilitation Grants: This USDA Rural Development program provides loans and grants to low-income, rural homeowners, which can be used to make home modifications for elderly or disabled residents to improve safety and remove health hazards. This includes projects such as remodeling a bathroom to allow wheelchair access and / or walk in bathtubs, construction of wheelchair ramps, and widening of doorways or hallways to permit easier access. Both grants and loans are available. However, grants are only given to those who are elderly and considered unable to repay a loan. In the event an applicant is able to repay part of a loan, he or she may be awarded a partial loan and partial grant.

Rebuilding Together-Home Modification Project for the Elderly

Rebuilding Together aka Christmas in April is a Home Modification Project for the Elderly: Rebuilding Together, formerly known as Christmas in April, is a national non-profit organization that has several programs and community building projects which help low income families, veterans, and the elderly to remain living at home and age in place by providing free home modifications services. The major programs offered by this coalition of non-profits, volunteers, and corporate agencies, are the Safe at Home Program, the Heroes at Home Program, and the National Rebuilding Day. Rebuilding Together has nearly 150 affiliates nationwide.