Archive for the ‘Finances’ Category

The Importance of Programs

Thursday, October 3rd, 2019

By Mason Crane-Bolton

Have questions about what services are available to you? We have answers! | via Pixabay

 

The Importance of Programs

There are many programs available for eligible older adults, but not everyone is signed up for them. Some people aren’t aware of the types and specific programs available and others may know the programs, but don’t believe they’ll qualify for assistance. In today’s blog post we’ll take a brief overview of the types of programs available and why they’re important.

Why are these programs important? Often, due to a number of circumstances, including unforeseen medical costs, outliving one’s planned savings, needing to leave the workforce early or for lengthy periods due to medical or caregiving needs (and so on), older adults often find themselves with far fewer financial resources than they need to survive. The impacts of these problems are especially noticeable in a high-cost state such as New Jersey. Research on the issue, such as the Elder Economic Security Index (EESI), has repeatedly showcased the difficulties faced by older adults continuing to age in New Jersey. Older adults face higher risks of homelessness, hunger, and delayed or neglected medical care due to their financial means. Although the programs listed below help to combat these disturbing trends, these programs are also often threatened by financial cuts, changes in eligibility requirements, and lack of legislative or community support.

Food Assistance

The Supplemental Nutrition Assistance Program (SNAP) may the one of the most well-known of the food assistance programs. Another popular program is the Senior Farmers’ Market Nutrition Program (SFMNP), which “promotes nutritional health among New Jersey’s senior citizens by providing them with locally grown fresh fruits, vegetables, and herbs.”

Check your eligibility and apply for SNAP here: Apply for SNAP

Medical Assistance

In addition to Medicare, there are several other programs for older adults, including prescription assistance. The Pharmaceutical Assistance to the Aged & Disabled program (PAAD) is a state-funded program that helps eligible seniors and individuals with disabilities save money on their prescription drug costs.

To learn more about applying for Medicare go to the Social Security Administration’s website here: Social Security Administration: Medicare

To learn more about applying for PAAD, the Senior Gold Prescription Discount Program, and other Medicare savings programs, continue to the section on the new NJ Save application and follow this link: NJ Save Application

Assistance for Homeowners

For eligible homeowners, assistance is available with your property taxes. The Property Tax Reimbursement Program (popularly known as the Senior Freeze Program) and the Homestead Benefit Program are available to older adults who qualify.

Learn more about the eligibility requirements and how to apply for the Property Tax Reimbursement Program here: NJ Property Tax Reimbursement Program a.k.a. “Senior Freeze”

Heating and Cooling Assistance

The Low-Income Heating and Energy Assistance Program (LIHEAP) “helps very low-income residents with their heating and cooling bills, and makes provisions for emergency heating system services and emergency fuel assistance within the Home Energy Assistance Program.”

Check your eligibility and download the application for LIHEAP here: Apply for LIHEAP

Multi-Program Savings and Application

New Jersey’s new application NJ Save allows eligible older adults and those with disabilities to apply and enroll in the following programs simultaneously:

-Pharmaceutical Assistance to the Aged and Disabled (PAAD)

-Senior Gold Prescription Discount Program

-Lifeline Utility Assistance

-Medicare Savings Programs (SLMB & QI-1)

-Medicare Part D’s Low Income Subsidy (aka “Extra Help”)

-Hearing Aid Assistance to the Aged and Disabled (HAAAD)

The application is also used to screen for LIHEAP, SNAP, and Universal Service Fund (USF). In addition, individuals who qualify for PAAD and Lifeline Utility Assistance through NJ Save may also be eligible for Property Tax Freeze (“Senior Freeze”), reduced motor vehicle fees, and low-cost spay/neuter for pets.

Learn more about NJ Save and apply here: Apply Through NJ Save

Programs aimed to assist our most vulnerable often seem out of reach for many, and while it may be true that these programs all have eligibility requirements, many programs are under utilized. Remember that only 48% of eligible older adults in New Jersey are currently receiving SNAP benefits. Rather than assume you don’t meet the eligibility requirements, look into the requirements for each program (or use the NJ Save application) and apply for all the programs you meet the criteria for. Regardless of what assistance level you might receive from an individual program, each benefit can help you and even small benefit amounts can quickly add up to substantial assistance across several programs!

 

If you have feedback or would like to be part of the conversation, leave us a comment below or email us as [email protected].

Come back for our next blog! New posts are published on the first and third Thursdays of each month.


Mason Crane-Bolton is Communications Manager for the New Jersey Foundation for Aging. His writing has appeared in EpiphanyUU WorldTo Wake/To Rise, and others. 

Medicare Fraud. How We Can Fight it.

Wednesday, September 18th, 2019

Today we bring you a blog post from guest blogger and NJFA friend Charles Clarkson, Project Director of the Senior Medicare Patrol of New Jersey.


By Charles Clarkson, Project Director, Senior Medicare Patrol of NJ

 

Medicare fraud is estimated to cost American taxpayers $60 billion a year, monies that are siphoned off and are not available for legitimate Medicare services. At the Senior Medicare Patrol of NJ (SMP), which is a federally funded program, we want to educate Medicare beneficiaries so they do not become victims of Medicare fraud. There are steps Medicare beneficiaries can take to fight this fraud. The most important step is to protect your Medicare number. Even though Medicare issued new Medicare cards to all beneficiaries with randomly generated numbers and letters and removed the social security number from the cards, the Medicare number (now known as the Medicare Beneficiary Identifier) is still very valuable to fraudsters who can use it to bill Medicare. Beneficiaries should not give out their Medicare numbers to anyone they don’t trust. This is especially true for the many beneficiaries who receive robo calls on a constant basis. The rule of thumb is to never pick up the phone if you do not recognize the telephone number on your message machine. Let the message machine screen all of your calls and then you can decide to return the call or not. Most beneficiaries will find that no message is left and they can then ignore the call.

The next step is to always read your Medicare Summary Notice (MSN), the document a beneficiary receives from Medicare usually 3 months after seeing a Medicare provider. It is important for beneficiaries to review their MSN, not just because of fraud but because mistakes can also happen.

Step three is to keep a personal health care journal or calendar. Record every time you see a medical provider, take a test or have other services provided. When you get your MSN compare it with your journal or calendar. Make sure you are not being scammed. If you are not sure something is fraud or you have a question about the billing, call your provider and ask for an explanation.

Step four is to report any suspected fraud or error. This step is vitally important. Failure to report will translate into the provider getting away with any fraud or errors. Remember, this is your money. You pay Medicare premiums, co-pays, co-insurance, deductibles and other charges. If you need assistance in fighting Medicare fraud, as you were unable to resolve it yourself, call the SMP. Our telephone number is 732-777-1940 and our hot-line number if 877-SMP-4359. A beneficiary can also use our web-site to report a fraud on the form provided. Visit seniormedicarepatrolnj.org

Even if you are not sure if it is fraud but need questions answered, call us. We are a free service and we are here to help. Every beneficiary should feel empowered to help fight Medicare fraud. At the SMP we want to keep Medicare as a viable program that is there for every beneficiary.


Charles Clarkson is Project Director of the Senior Medicare Patrol of NJ

Getting Ready for Summer

Thursday, July 18th, 2019

By Mason Crane-Bolton

Are you ready for summer weather?

We’re now in the middle of summer and it’s time to make sure you’re prepared for hot, long days and more time!

But, you may be thinking, what do I need to do to prepare? What do I even need to prepare for?

Although summer may be the season of sun and relaxation for many, it’s one of our “extreme” seasons alongside winter. As such, there are many preparations to make and precautions to take whether you’re an older adult, a caregiver or both. And, of course, it’s the perfect time to get other things done you may have been putting off during winter.

 

  1. Be prepared for hot days: Make sure you have access to a cool place for the hottest of days. Keep in mind that heat susceptibility is a problem for our bodies as we age, and overheating can be deadly—especially for those with medical conditions, young children, and older adults. For those who have and can afford air conditioning, use air conditioning as needed. For those who do not have access to air conditioning, use a fan and keep ice on hand, if possible. You can also look for cooling centers near you, such as libraries or senior centers, or contact NJ 2-1-1 for help finding a cooling center near you.

In addition, make sure to check on anyone you are a caregiver for during the hottest times of the year, and neighbors and friends. Also practice basic heat stroke prevention: drink plenty of cool fluids, stay out of the sun during the peak hours of 10 AM-4PM, and find shade/cool indoors as soon as you begin to feel overheated. Caffeine, alcohol, and certain medications may increase your risk of dehydration (which will increase your risk of overheating), so be aware of any increased risk of dehydration and adjust your fluid intake and activity level accordingly.

 

  1. Storm and hurricane preparation: Summer storms have already been severe this year and will continue to be, and hurricanes at the end of summer can be devastating. There are many steps that should go into emergency preparation for storms and hurricanes. Luckily, we’ve prepared a full list of steps to take in a previous blog post, which you can read here: (Disaster Preparedness and Safety)

 

  1. Make preparations for vacations: If you are a caregiver, make sure the person you provide care for will be cared for while you are gone—even if all they need is a person they can call in case of emergency. If you plan to travel and receive care or assistance from someone make sure to speak to your doctor and/or formal or informal caregivers to let them know of your plans and determine any equipment/supplies you might need to take or any arrangements you might need to make for your care.

 

  1. If you have concerns about paying for summer or winter cooling/heating costs, now is the perfect time to get in touch with NJ SHARES or your own utility company to see if you’re eligible for utility assistance programs. Several different continual assistance programs, one-time grant programs, and payment plans are available through different agencies and have different eligibility requirements. You can read more about these programs and the availability of energy assistance programs in the 2019 Summer issue of Renaissance here on page 6: Renaissance Summer 2019

 

  1. If you need meal assistance during the summer (for any reason), see if you’re eligible for SNAP. SNAP (Supplemental Nutrition Assistance Program) is currently underenrolled, with only 48% of eligible adults in New Jersey currently enrolled. Don’t assume that you don’t qualify for SNAP benefits, apply today! Learn more about the program and apply for NJ SNAP here: NJ SNAP

 

  1. Because older adults are more susceptible to illnesses carried by biting insects (e.g., West Nile Virus). Plan on wearing long, protective clothing when outside or apply bug spray.

 

  1. Read up on policy updates and changes to your communities at the local, state, and national level! Now is the perfect time to learn more about the 2020 Census and changes coming to your communities. We’ll be releasing a blog post later this summer with updates and news on several different public policies and acts—check our blog throughout the summer for more updates!

 

If you have feedback or would like to be part of the conversation, leave us a comment below or email us as [email protected].

Come back for our next blog! New posts are published on the first and third Thursdays of each month.


Mason Crane-Bolton is Communications Manager for the New Jersey Foundation for Aging. His writing has appeared in EpiphanyUU WorldTo Wake/To Rise, and others. 

How to Age Well: Planning Your Path, Part 3: Money and Retirement

Thursday, May 16th, 2019

By Mason Crane-Bolton

Are you ready for your financial future? | Photo by Mathieu Turle via unsplash.com

 

There is no way to get aging “right”…

 

…But it does help to plan.

Something is happening each and every day across New Jersey. Across the United States. Across the entirety of the planet.

We are all getting older.

Like it or not, each and every one of us is on a journey of aging. From the moment we are born until the moment we die, we are aging.

We tend to think of aging as being something saved for an arbitrary age, like 50, 60, 65,…etc. We could list off the ages at which society (for one reason or another) has decided we’ve hit a certain benchmark in aging. Whether it’s Social Security benefits, Medicare enrollment, retirement, “senior citizen” discounts, or a screening your doctor now wants you to undergo, we tend to have these changes attached to specific ages or with “being of a certain age.” We think of them as being times in our life when a monumental change has occurred, a mark of “aging.”

But the truth is, regardless of what arbitrary number might be assigned to program enrollments or coupons, we don’t age in random, sudden leaps. We age constantly and gradually. While this might make it tempting to wait to plan for your later years, you should plan now. No one wants to be caught unawares by changes as you age or a sudden health crisis, so it makes sense to plan for your later years as early as possible. Think of planning now as training for becoming an older adult.

What if you already consider yourself an older adult? That’s not to say this blog doesn’t apply to you too! It absolutely does—no matter where you are or where you consider yourself to be in your path of aging, it makes sense to plan now for the road ahead, whether that road is two days or twenty years from now!

Having plans in place will mitigate much stress and bad decision-making in emergency situations. Much heartache and avoidable stressed is caused by being forced to make difficult decisions in the heat of the moment; time spent worrying about what the best decision is and then wondering if the right decision is the one you made.

What are some priorities to focus on? We’re so glad you asked. In this three-part series we’ll cover different aspects of how-to age well as we lead up to our 21st Annual Conference. If you’d like to register for the conference but haven’t yet, go to www.njfoundationforaging.org for more information.

This week, in the final chapter of our three-part series, we’ll cover: money and retirement.

 

Money

Do you have money saved for the future? Will it be enough for yourself and any care you might need? Have you enrolled or will you enroll in supplemental programs? Do you know your eligibility? Have you already retired? Are you about to retire? Do you have money saved up for retirement? Will money be coming in during your retirement or will it just be going out?

Suffice it to say there are many questions surrounding money throughout the course of our lives, particularly as we become older, possibly retire, and consider our long-term care needs. If you haven’t already, read Barbara O’Neill’s article on flipping financial switches later in life (Flipping a Switch: For Happiness and Financial Security in Later Life, pages 6-7) in the latest issue of Renaissance for some great insight into what financial changes you can anticipate facing as you age.

The sheer number of questions can be daunting, let alone the stress financial decisions and discussions can instill in people. But just having a plan for your financial future can save you from a load of future stressors and difficulties. If you’re facing a loss of income it may be necessary or helpful to consider what options you have: could you work a part-time job or are you eligible for Social Security or disability benefits? Would you be interested or able to live with a roommate or relative?

 

A note about programmatic assistance

As part of your financial discussions, investigate eligibility requirements for assistance programs—there are many different types of assistance programs across the state for services ranging from utilities, to property taxes, food and fresh produce, medication, and more! Learn more about each program and see which ones may best work for your own situation. You can learn more and apply to multiple assistance programs (though not all assistance programs) through the state’s new, simplified application NJSave.

Some programs include, but are not limited to, Pharmaceutical Assistance to the Aged and Disabled (PADD), the Low Income Home Energy Assistance Program (LiHEAP), and NJ SHARES. PADD is a prescription drug assistance program that can help you pay for your medications and LiHEAP and NJ SHARES are utility assistance programs that make it easier for older adults and others to pay their utilities throughout the year and may offer weatherization tips or tools. Whether you are eligible for one or all of these programs, each can make a significant difference and positive impact in your life. You may be eligible and not know it, so make sure to look into each of these programs.

It’s important to know that some of these programs, particularly the Supplemental Nutrition Assistance Program (SNAP), face chronic underenrollment—in NJ alone, only 48% of eligible older adults are receiving benefits, meaning that 52% of eligible older adults are facing additional food insecurity and financial strain and may not realize they qualify for this benefit. Learning more about SNAP and other assistance programs could help you today or in the future, depending on your eligibility status. Furthermore, signing up for these programs will help you save money and ensure you have access to basic necessities and a higher quality of life. Although you cannot apply to SNAP through NJSave, you can apply only through the NJ SNAP website.

Another way to help secure greater benefits later in life is to put off taking your Social Security benefits until you’re 70, if possible. Waiting until age 70 will maximize your benefits payout. If you plan on using Social Security benefits to supplement your income in a meaningful way you’ll want to have as much of your money as possible coming to you in each benefit check or deposit.

 

Retirement

Does the thought of retiring make you sweat or fill you with joy? What will you do with your newfound time? Will you have too much, too little, or none at all? How can you make this new phase of your life work best for you?

Retirement can be a joy for some and a great sorrow for others. Whether you’re looking forward to retirement or dreading it, it’s important to know what you’re going to do with this next phase of your life. Many people may choose not to retire or may not be able to for financial reasons, and in this case it’s equally important to choose how to spend this time when many friends may be retiring or health changes may make it necessary for you to cut back on hours spent working.

For those who are retiring, having a plan for your retirement can make the difference between remaining healthy and happy and declining physically and mentally. For many of us, even those who don’t love their jobs, having a regular work schedule can fill us with a sense of purpose or, at least, give us a predictable schedule and a way to pass the time. A newfound freedom in retirement may allow you to pursue a hobby or travel, spend time with friends and family, or relax in ways you didn’t think were possible. If this sounds good to you, try planning out at least a few days a week with activities that are meaningful to you and keep you engaged; this could be going out and socializing with friends, reading books, engaging in a craft or sport, or volunteering—anything that gives you pleasure and a sense of purpose.

If the above sounds boring and pointless to you, or at least unfulfilling and unwanted, consider working part-time as part of your retirement or semi-retirement. For many people fulltime retirement may not be enjoyable—it may seem dull, and could lead to depression, physical and mental decline. A volunteer role (fulltime or part-time) may work for some, but not for others. The work could be a passion of yours that’s been on the backburner, or could be something like office work, cashiering, or other positions that work for you and your schedule. Often it’s the set schedule of work that’s vital to keeping people happy and engaged more than the work itself. Moreover, people who have the luxury to choose to work past retirement instead of working out of necessity can enjoy the freedom of knowing they can leave their job if and when they choose to and can have greater flexibility in schedule and line of work.

However you decide to spend your later years, come up with a preliminary plan and a backup plan. Although your plans may change over the years, it will be helpful to have an initial plan in place now for how you’d like to spend your time and what activities will be meaningful to you in the future.

 

 

There is no one solution to deciding how you will cope with money, retirement, and other financial changes. Just as your life changes, so many the appropriate solution for you—having a plan, or even considering your current or future needs, is the first step to aging well.

Thank you for reading our three-part series on how to age well and how to plan for aging! We hope you learned something new, connected with a resource, tried one of our tips, or had thought-provoking discussions with loved ones. If you missed part one or part two in this series, you can read them here ( Part 1: Mobility and Transportation ) and here ( Part 2: Home, Health, and “After I’m Gone…” ?). As this series in our blog winds to a close the excitement for our June 4th, 2019, annual conference is just beginning! If you’d like to attend our 21st Annual Conference, “The ‘How-To’s’ for Aging Well,” go to njfoundationforaging.org for more information and to register! We hope to see you there on June 4th!

 

If you have feedback or would like to be part of the conversation, leave us a comment below or email us as [email protected].

Come back for our next blog! New posts are published on the first and third Thursdays of each month.


Mason Crane-Bolton is Communications Manager for the New Jersey Foundation for Aging. His writing has appeared in EpiphanyUU WorldTo Wake/To Rise, and others. 

Help for the Season: Tax Season

Thursday, April 4th, 2019

By Mason Crane-Bolton

Oh boy, it’s tax time! | photo by Mathieu Turle via unsplash.com

 

As April rolls around we prepare for one of the few certainties in life: Taxes.

 

If you’ve already filed your annual income taxes, congratulations! If filing your taxes is still on your “to-do” list, we have some suggested resources to assist you in preparing and filing your taxes. (Please note that we’re not certified or trained tax professionals; if you have questions about your taxes or finances it’s always best to consult an expert.)

 

Whether or not you’re an older adult, New Jersey has many resources available to you for tax preparation assistance. To see if your town offers local tax preparation services, call your town’s municipal center, public library (if one is available in your town), or your county Office on Aging (if you don’t know the phone number for your county’s office, you can call the toll-free number 1-877-222-3737 and you will be directed to your local office). For those who prefer to file their taxes on paper (as opposed to digitally), tax forms are also often available at municipal buildings and libraries. If you prefer, you can also download and print tax forms at home through the first link below.

 

…Did you know that there are FREE tax preparation services available to you? If you’re a taxpayer and over age 60, you’re eligible for (the unfortunately named) Tax Counseling for the Elderly (TCE). If you’re not age 60 or older, but are low- to moderate-income, have a disability, or are non-English speaking, you can get tax preparation assistance though Volunteer Income Tax Assistance (VITA). You can follow the link below to learn a little more about these services and how to find one near you.

Free Tax Preparation Services for Taxpayers https://www.state.nj.us/treasury/taxation/vita_tce/freeservices.shtml

Free Tax Return Preparation for Qualifying Taxpayers

https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers

 

…As you might know, there have been several changes in the past few years which have affected your annual income taxes. Depending on your individual situation, you may have been greatly affected or not at all; although there is no “one-size-fits-all” answer, the link below will provide you with some information regarding changes to your NJ state income tax filings.

NJ Income Tax – Important Changes for 2018

https://www.state.nj.us/treasury/taxation/new2018.shtml

 

…If you have some general questions about your taxes or filing, the Internal Revenue Service (IRS) has an FAQ section specifically for older adults and retirees. In addition, the IRS also has a guide of tips for older adults and retirees in preparing and filing their federal taxes. These may not answer more complex or idiosyncratic questions but can be a good place to start for general questions and help.

IRS “Seniors & Retirees”

https://www.irs.gov/individuals/seniors-retirees

Frequently Asked Questions for Seniors

https://www.irs.gov/individuals/seniors-retirees/frequently-asked-questions-for-seniors

Tips for Seniors in Preparing their Taxes

https://www.irs.gov/individuals/seniors-retirees/tips-for-seniors-in-preparing-their-taxes

 

…If you still need help with your federal taxes, you can find ways to contact the IRS online and via phone through the link below, as well as helpful information, such as contacting the IRS on behalf of someone else and what information and identification you should have ready. You can also call the NJ Division of Taxation through the second link below.

IRS “Let Us Help You”

https://www.irs.gov/help/telephone-assistance

NJ “Important Phone Numbers”

https://www.state.nj.us/treasury/taxation/phonenos.shtml

 

…And, of course, you always need to be careful about tax collection scams. Just like we warned in our series on technology and scams, tax time is commonly used by scammers who claim to work with the IRS or other agencies. For more information on this and other tax collection scams you should watch out form, follow this link.

Watch Out for Tax Collection Scams

https://www.state.nj.us/treasury/taxation/scamalert.shtml

 

…If you need to apply for property tax reimbursement, otherwise known as “Senior Freeze,” or learn more about the program and eligibility requirements, you can do so here through the link below:

2018 Senior Freeze (Property Tax Reimbursement)

https://www.state.nj.us/treasury/taxation/ptr/index.shtml

 

Finally…If you’ve already applied for property tax reimbursement, otherwise known as “Senior Freeze,” you can check on the status of your application at this webpage.

Check the status of your New Jersey Senior Freeze (Property Tax Reimbursement)

https://www20.state.nj.us/TYTR_PTR_INQ/jsp/PTRLogin.jsp

 

 

Tax season is at its height and the deadline to file your taxes on April 15th, 2019, is rapidly approaching. Don’t be late on your taxes!—Use the resources above to make sure you file your taxes correctly and on time. If you have questions about your taxes make sure to consult a tax expert or call the IRS or NJ Division of Taxation to seek help with your taxes and filing.


Mason Crane-Bolton is Communications Manager for the New Jersey Foundation for Aging. His writing has appeared in EpiphanyUU WorldTo Wake/To Rise, and others.