New Jersey Home Care Resources

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: 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 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 / 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: 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: 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.

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

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”.

Click Below to Learn More

State Elderly Care Tax Credit

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) 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.

Click Below To Learn More

NFCSP Respite Care

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

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

NJ Senior Citizen’s Directory

North Jersey Senior Citizen’s Guide

Camden County Senior Citizen’s Outreach

To Receive a Customized Report of Senior Programs You Are Eligible For Visit:
https://www.payingforseniorcare.com/longtermcare/resources/locator_tool.html

Find Your Local Area Agency on Aging

Inside Tips to Lowering the Cost of Home Healthcare

Eldercare FAQs & Helpful Guides

On benefits.gov you can answer questions to find out which government benefits you may be eligible to receive in your state.

Find Your State Here

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 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.