Barbara Steinberg

Caring.com Expert

About

Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions. BLS Eldercare specializes in helping families pay for long-term care for their loved ones.

Steinberg is a certified financial planner and registered financial gerontologist. As such, she is bound by the highest ethical standards in the financial industry. She graduated from the State University of New York, Downstate Medical Center, with a B.S. in medical computer science. She received an M.S. in electrical engineering from Columbia University and holds an MBA from Fairleigh Dickinson University.

A popular speaker on the topic of paying for long-term care, Steinberg is also a financial expert for www.caring.com. She has been quoted in Money magazine about continuing care retirement communities and on www.bankrate.com about paying for assisted living. Steinberg can be reached at 973-406-7100, extension 501; bsteinberg@blseldercare.com; or http://www.blseldercare.com/blog.

Why I Care

"I recognize that caring for a loved one is challenging and stressful. Having personally conquered bipolar disorder, I understand what it is like to experience severe cognitive impairment and be unable to function independently. I feel fortunate that I was able to overcome my illness and create a company that serves others."

Links

Recently Published on Caring.com

  1. Sunday January 22, 2012

    1. Is there financial assistance available to help to pay for adult daycare in North Carolina?

      Answer - There are several programs for financial assistance for adult daycare in North Carolina. These include federal, state and/or local programs. One program is the Medicaid Waiver program for the Aged and Disabled. The purpose of this program is to keep people in the community who would otherwise require nursing home placement...

    2. Are there veteran's benefits for individuals who are not receiving disability?

      Answer - Yes, there are benefits for veterans who are not on disability. One of these benefits is the Non Service-Connected Pension. This benefit is for veterans or their surviving spouses who are over age 65. The veteran must have served at least 90 days on active duty and one day during wartime.Eligibility is based on income and assets...

    3. My parents have passed away, do I still have to pay their mortgage?

      Answer - Since your parents have both passed away, you need to know who is responsible for paying the mortgage. The mortgage is attached to the property, your parents' house. When your parents took out the mortgage, the house became collateral for the loan. The property will pass to your parents' heirs according to the laws of the state your parents lived in...

  2. Sunday October 30, 2011

    1. Will my inheritance affect my husband's VA medical benefits?

      Answer - Your inheritance does count as an asset that affects your husband's VA medical benefits. There is a limit of $80,000 on assets. If your inheritance brings your joint assets over that threshhold, he could lose his entitlement to VA medical beenfits. For VA purposes, married veterans must count their joint income and joint assets...

  3. Sunday October 23, 2011

    1. Should we spend down Dad's remaining assets for better care now, and hope it doesn't run out?

      Answer - Your Dad can qualify for a VA pension. He should get the maximum of $1,644/month, which will more than cover his assisted living expenses. You need to contact an eldercare financial planner who understands how the VA pension program works. You should provide him with the best quality of care that he can afford...

    2. How can we find out if my mother is eligible for VA survivor benefits?

      Answer - I am going to assume that your father did not die from a service connected disability. Your mother's eligibility for a survivor's benefit is based on her income and her expenses for home care (she can pay you) and health insurance premiums. Her eligibility is not impacted by her being on hospice...

    3. Do I have to wait until I'm 62 to collect Social Security Benefits from my first husband?

      Answer - You are correct. You cannot begin receiving social security benefits based on your first husband until you are 62. The exception to this is if he passes away and you are a surviving divorced spouse. In this case, since you are over 50 and disabled, you would be entitled to social security benefits upon his death...

    4. Are my husband and eligible to live in the Veterans Home?

      Answer - If your husband served on active duty during wartime, both of you may be eligible for admmission to a State VA Home. The NJ Veterans Memorial Homes (Vineland, Menlo Park and Paramus) have a 2 year NJ residency requirement prior to admission. There is usually about a 6 month waiting list for each of these homes...

  4. Saturday October 08, 2011

    1. Why would my deceased mother get a check from the VA after my father's death?

      Answer - Was your sister a dependent of your father? If yes, was she disabled prior to age 18? If so, she may be entitled to a benefit. Check with the VSO to find out if she can receive your father's benefit.

    2. How are we going to be able to pay for access to my mother's assets?

      Answer - Unless you or your husband signed the deed or mortgage for your mother-in-law's condo, you are not responsible for her debts and your credit cannot be damaged. If the condo has significant equity, you should try to sell it. Otherwise it will go into foreclosure. Another option would be to rent it if you can get enough to cover the expenses...

  5. Friday October 07, 2011

    1. Do I report income on my taxes if I receive money from my mother?

      Answer - Your mom is helping you for the additional expenses you are incurring because she is living with you. This is not taxable income. If you were caring for her and she waas paying you for the care, then you would be receiving taxable income. You should document the payments you receive from your mom in case you need to apply for Medicaid in the future...

    2. Why would my deceased mother get a check from the VA after my father's death?

      Answer - Your father was receiving compensation for a service connected disability. The VA knkows that your father passed away last May because they get notified by Social Security. Your father's VA records indicate that he is married. The VA has no way of knowing that your Mom predeceased your Dad. They are trying to give his benefit to her...

    3. Is there a special revolving credit I can get if I'm on disability?

      Answer - When applying for a home equity line of credit, all banks will consider your credit rating and ability to make the payments. In your case, you should look for a lender that issues FHA-insured home improvement loans. Since the government is guartanteeing that the loan will be repaid, the lender can be more flexible...

    4. Can student loans be used to pay for elder care?

      Answer - A federal student loan can be used to pay for dependent care while you are attending classes. A dependent can be a child or elder. In your case, your mother is not your dependent; you are her dependent. So you cannot get a loan and use it to pay for your mother's care...

  6. Thursday October 06, 2011

    1. Does Humana cover assisted living for Alzheimer's patients?

      Answer - The only type of insurance that pays for assisted living is long term care insurance. If you have health care insurance or a Medicare Supplement from Humana, it does not pay for assisted living. If you have a long term care insurance policy, you need to check the coverage to see if assisted living is covered...

    2. My mother has no assets, should she file for bankruptcy?

      Answer - A person files for bankruptcy when they cannot repay their debts. Is there a garnishment on your mother's pension that is diverting money to pay off her debts? If this is the case, your mother can file for bankruptcy to discharge the debts and stop the garnishment.

  7. Sunday October 02, 2011

    1. How can we afford care for my mother when my father goes into a nursing home and can no longer care for her?

      Answer - For Medicaid eligibility, only the income of the spouse needing assistance is counted towards eligibility. So only your mother's income counts towards her eligibility for Medicaid in a nursing home. Your father's income and VA benefit only count for his Medicaid eligibility.

    2. My father just passed, am I entitled to receive any of his benefits?

      Answer - Your father may have been receiving military retirement pay or other service-connected or non-service connected disability benefits. When a Veteran passes away, his surviving spouse and dependent children may be eligible to receive some of his benefits...

    3. Can I receive compensation for my health issues through my VA benefits?

      Answer - As a Veteran, you may be eligible for the Non-Service Connected Pension from the VA. If you are single, you can qualify for up to $1,644/month. If you are married, you can qualify for up to $1,949/month. Your eligibility and the amount you can qualify for are dependent on several rules. First, you must have served at leasst one day during wartime...

    4. If I accept a property, will I lose my supplemental security income and my social security?

      Answer - There is no resource requirement for Social Security, so receiving the house will not impact this benefit.

  8. Sunday September 25, 2011

    1. How can we keep my sister from taking advantage of our mother financially?

      Answer - Unfortunately, this is a situation that we see too much of. There are two resources that we use when we encounter a situation like this. One is Adult Protective Services, which can be found in your county. They can intervene when an elderly person is being abused, physically or financially. The other is a state Ombudsman for Seniors...

    2. Is there any financial assistance program that would give my money to remodel her bathroom for our elderly father?

      Answer - There are several resources available to help home owners remodel to accommodate disabled persons. The US Department of Housing and Urban Development (HUD) offers grants and low-interest remodeling to disabled homeowners in lower-income brackets. In this case, the disabled person is a family member...

    3. Will I need to pay taxes on the sale of the home that was willed to me?

      Answer - The original cost basis of the home is the price the owner paid for it. If you inherit the home, you receive a “step-up in basis”. This means the cost basis of the home to you is its fair market value at the date of death. For example, if the home was originally bought for $20,000, that is its cost ost basis...

    4. Where can I get assistance purchasing a recliner for my mother with diabetes?

      Answer - Medicare or Medicaid will not pay for a recliner or adjustable bed. If it is medically necessary, they may pay for an electronic hospital bed. Your mother’s doctor needs to prescribe the bed and provide a Certificate of Medical Necessity. Even if Medicare approves payment, durable medical equipment t...

    5. Will my VA benefits change depending on the cost of living to the stave I'm moving to?

      Answer - VA Benefits come from the federal government. They do not depend on which state you live in or cost of living differentials in different areas of the country.