Senior Placement

When a loved one needs nursing home care, it can be an emotionally and mentally straining experience. It may be difficult to accept that someone we look up to may need assistance with everyday tasks to the point where they need to enter a nursing home or an assisted living facility. Furthermore, with so many nursing homes and assisted living facilities the process of finding a suitable place for your elder loved one. Each one with different—it raises the question, which one is best?

As a senior placement providers and elder care advisors, we are in regular contact with our network of nursing homes and assisted living facilities. Thanks to this network and constant communication, we know which places accept Medicaid and which places are private pay only. Additionally, we also keep in mind the specific programs and extra services they have.

Consider this case study: Ralph and Alice.

Ralph and Alice were high school sweethearts who lived in Saddle River, NJ, their entire adult lives. Two weeks ago, Ralph and Alice celebrated their 51^st anniversary. Yesterday, Alice, who has Alzheimer’s wandered away from home. Hours later she was found sitting on a street curb, talking incoherently. She was taken to a hospital and treated for dehydration. Ralph comes to see you after their family doctor tells him he needs to place Alice in a nursing home. He tells you they both grew up during the Depression and have always tried to save something every month. Their assets, totaling $100,000, not including their house, are as follows:

Savings Account……………………….$15,000

CDs…………………………………………..$45,000

Money Market Account……………$37,000

Checking Account……………………..$3,000

Residence (no mortgage) .………..$650,000

Ralph gets Social Security and Pension Checks totaling$1,500 each month. Alice’s check is $450. His eyes fill with tears, as he says, “At 8,500 to the nursing home every month, our life savings will be gone in less than three years!” What’s more he’s concerned he won’t be able to all their Social Security checks. There’s good news for Ralph and Alice. It’s possible he will get to keep his home and most of their assets… and still have the state Medicaid program pay Alice’s nursing home costs. While the process may take a little while, the end result will be worth it. To apply for Medicaid, he will have to go through New Jersey Family Care. If he does things strictly according to what FSD tells him, he will only be able to keep about ½ his assets (or about 50,000) plus he will keep is income. But the end results can be better than the traditional spend down, which everyone talks about. Ralph might be able to turn the spend down amount of roughly $50,000 into an income stream that will increase his income and meet the Medicaid spend down virtually right away. In other words, if handled properly Alice may be eligible for Medicaid from the first month that she goes into the nursing home. That’s why it’s important to have an Elder Care and Special Needs Advisor to guide you through the system and the Medicaid Process to find the strategies that will be most beneficial in your situation. So, he will have to get advice from someone who knows how to navigate the system. But with proper advice he may be able to keep what he and Alice have worked so hard for. This is possible because the law does not intend to impoverish one spouse while the other needs care in a nursing home. This is certainly an example of where knowledge of the rules and how to apply them can be used to resolve Ralph and Alice’s dilemma. Of course, proper Medicaid planning differs according to the relevant facts and circumstances of each situation as well as state law. 

To learn more about Federal National Funding click here or to have your questions regarding senior placement answered personally by one of our associates, please call out office at 201-342-3300. One of our associates will be happy to speak to you. 

Veteran's Benefits

Since they aren’t advertised, most Veterans aren’t aware of their entitlements or the benefits available to them. On today’s blog we wish to introduce you to some of them.

First off there’s a monthly Veteran’s pension benefit. This benefit may help single and married Veterans as well as surviving spouses in the event that they are deceased. As for the eligibility, it’s based off the following three factors:

•          Service: the veterans has served 90 consecutive days in the service with at least one day during a war time period;
•          Discharge: the veteran received a discharge other than dishonorable; and
•          Health: the veteran is disabled and unable to work OR 65+ and in need of daily assistance.

Unfortunately, with Veteran’s Benefits planning becoming more widely known, so have scams to take advantage of unsuspecting seniors. If you meet with an adviser that recommends you transfer your life savings to your children and then recommends that the children invest the money into illiquid insurance products, be wary. This type of plan is rarely beneficial in the long run.

Second, let us go over some common myths about the Veteran’s Pension Benefit to dispel some doubts and answer some questions.

•          “I retired from the military and am receiving military retirement from the Department of Defense. I won’t qualify for Veterans pension benefits.” There is no offset between pension and military retirement, it’s treated as any other income.
•          “I have more than $80,000 in assets, I won’t qualify for Veterans pension benefits.” Certain assets aren’t included in eligibility determinations. Regardless of the assets you have, you aren’t immediately, disqualified.
•          “I’m not in a VA-certified nursing home. I won’t qualify for Veterans pension benefits.” Qualifying medical expenses may include home health care, assisted living, and non-VA certified nursing homes. 
•          “I didn’t retire form the military, I won’t qualify for Veterans pension benefits.” Eligibility isn’t based on whether you retired from the military or not.
•          “I didn’t receive an honorable discharge. I won’t qualify for Veterans pension benefits.” As long as the discharge wasn’t dishonorable, you aren’t immediately disqualified.

In addition to the Veterans Pension Benefit, there are many other benefits and entitlements designed to assist veterans in their everyday lives. Such as:

•          Free hearing aids, hearing aid batteries, and eyeglasses
•         Agent Orange claims for living Vietnam Veterans who served in country Vietnam
•     Spousal aid and attendance under disability and compensation, up to $146 extra income a month
•          And much more!

Because our veterans have stood for us, we feel that as a firm we must stand by our Veterans by letting them know of their entitlements. At Federal National Funding we have helped countless Veterans over the years with great success. 

For more information about veteran’s benefits, veteran’s entitlements, or us click here.  If you would like personalized attention please don’t hesitate to call our office at 201-342-3300. One of our representatives will be happy to speak to you. 

High Nursing Home Costs

Since 2011 there has been a steady rise in the cost of nursing home care of nearly 19%. Many experts agree this trend isn’t going to change due to the increased demand of nursing care and the rising cost of medical care. In fact, the current national average is $8,500 a month. The average American family simply cannot cover this tremendous cost

Call today to learn how to cut down nursing home costs

However, there is applying for Medicaid as an option. Medicaid is a federal and state funded program that has helped the middle and working class pay for nursing home and assisted living costs. Many families have found that applying for Medicaid takes a huge load off their shoulders—they can now send their loved one to any number of Medicaid certified nursing homes or assisted living facilites without worrying about the costs.

As great of a solution this is, it does not come easily. Applying for Medicaid alone can be confusing as the language is a little tricky and errors can lead to disqualification.

Still, there is another solution. At Federal National Funding we have been helping families cut down on nursing home costs by assisting them with Medicaid applications and planning. We help simplify the process for you by handling the paperwork.  Plus, if your loved one happens to be a veteran, we know of other government programs that can assist with nursing home costs and assisted living.

Our initial consultation is free, so if you’d like to learn more please call us today at 201-342-3300. A representative will be happy to speak to you. 

To learn more about us at Federal National Funding, feel free to visit our website here.