Then the phone rang. On the other end was a nurse saying that Harold had been in an accident and that Iris should get to the hospital right away. She did, but it was too late. Her best friend was gone in the blink of an eye, and the life Iris had known for 53 years was over.

Those individuals who have experienced the loss of a spouse understand how it is among the most stressful events in one’s life. Unfortunately, the grief associated with the loss is only the beginning of stress felt by widows and widowers.

For Iris, the stress really hit when she went to the bank and discovered that her name was not on their accounts. She could not even pull money out of the bank for groceries one day. Since Harold had done all the finances for 50 years, Iris realized she was not only unaware of where and what money they had, but she had no income (except his Social Security), and no credit.

It became clear to Iris that they should have met with a financial planner in advance of Harold’s death. Fortunately, a friend from church suggested she meet Nick Cieri, a financial planner at SmithBarney in Timonium. Since Nick had years of experience helping people with family issues and crises even prior to joining Smith Barney, the friend thought that he would have the compassion and insight to handle a recent widow with care.

Though it is strongly suggested that couples seek advice before a crisis, he welcomed working with Iris, understanding the vulnerable position in which she had been left.

He not only provided peace of mind, but helped her feel less overwhelmed and helpless by making sense of the piles of statements and bills. Nick also helped establish credit in her name while making or updating investment and insurance recommendations.

Though Iris suffered a tragic loss, she was able to find a friend, who with his compassion and assistance, felt very much like family.

MOST IMPORTANT: Because you may not collect for decades to come, be sure to buy from a company that has been around for some time and is financially stable. You may want to look up, from an independent rating agency, the financial strength ratings of a company you’re considering.

GENERAL GUIDELINE: Keep the premium for your long-term care insurance policy to seven percent of your income, or less. For example, if your monthly income is $4,000, the long-term care insurance premium should not be more than $280 per month. (This is what the National Association of Insurance Commissioners recommends in its Model Regulation for Long-Term Care Insurance.) Another expert advises that the income to use in this calculation isn’t your current income, but your expected income in retirement, since that’s the income from which you’ll be paying premiums for most of the policy’s existence.

Other ways of saving:
1. Find out if long-term care benefits are available through a group policy from your employer. Employers might subsidize the cost, lowering what you must pay.

2. Check whether you can add long-term care benefits as a rider on an existing life insurance or annuity policy. These “combination” arrangements can save because the insurance company gains operational savings that it can pass along to you.

3. Buy a policy with the longest waiting period you can afford. For example, choosing a 90-day period instead of a 30-day period can cut the premium by 30%. However, if you do need long-term care services, you should save some money to pay these costs until the waiting period ends.

4. If both spouses of a married couple are considering buying long-term care policies, look into buying one joint policy for both of you. Such a policy pays when either one needs care and can pay for both, if necessary, up to its benefit limits.

5. If you’re still looking to trim the premium further, consider buying a policy that will pay most, but not all, of the average nursing home costs in your area. For example, if a nursing home room now costs $120 per day, buy a policy that pays $100 per day. However, be sure to buy an inflation-protection provision.

6. Check with several companies and agents, comparing both benefits and costs. As with other types of insurance (and many other purchases), comparison shopping can save you money. Just be sure you’re comparing policies with similar provisions and companies with comparable financial strength and service records.

Reprinted with Permission from the Insurance Information Institute, Inc. Visit http://www.iii.org/ for more information.

What is a Life Settlement and Who Qualifies?

A life settlement is the sale of a life insurance policy, an assignable asset, where the insured is generally 65 years of age or older and does not have a terminal or chronic illness. In a life settlement transaction, the owner of the policy always receives more for the policy than the issuing insurance company will pay for the surrender of the policy.

With the emergence of the life settlement market, owners of unneeded, unaffordable or underperforming policies on senior insurers have more options for an exit strategy. In the past, they continued to pay premiums, surrendered the policy for the value determined by the issuing insurance company or simply allowed the policy to lapse. “The life settlement market now allows senior policy owners to receive a true fair market value for their life insurance asset,” said Joe Young, Principal of Chesapeake Financial Settlements.

These transactions involve policyholders with longer life expectancies, generally males that are at least 65 and females that are over 70. Life settlements are opportunities for individuals who have outlived their beneficiaries, have a change in their health or financial status since policy issue or have term policies that are near the deadline for the conversion option.

Many types of insurance policies, including universal-life, whole-life and corporate-owned policies qualify for life settlements, even term policies with conversion privileges. And recently, investors are buying policies with face amounts as low as $50,000.

What Is Involved in the Transaction?

Seniors can have their policies appraised at no cost or risk. The process simply involves completing an application that includes authorizations to allow the broker to request the insured’s medical records and policy information. No medical exam is required and the entire policy appraisal process usually takes 90 – 120 days.

What Can I Do After a Life Settlement Transaction?

The amount one gets depends on several factors, such as age, the face value of the insurance policy and the amount of the premium that investors will have to pay to keep the policy in force, says Norman Hood, an independent insurance broker in Rushville, Ill.

The cash proceeds from the settlement of a policy can be used for any purpose. But for seniors facing long-term care expenses, the ability to discover up to thousands of dollars in what was previously viewed as an unneeded asset, can have a significant impact on their long-term care planning.

Keep in mind that although life-insurance benefits are tax-free, money obtained through a life settlement is not. Any money in excess of the premiums paid is subject to tax.

Information in this article was provided by Chesapeake Financial Settlements, LLC, a life settlement broker based in Rockville, MD. This article was also adapted from Kiplinger’s Retirement Report.

According to a study conducted by Harris Interactive, 37% of Americans aged 62-75 ranked fear of fraud ahead of concern for health crises and terrorism. An estimated five to ten percent of all health care expenses are due to health care fraud. Medicare alone lost more than $16 billion to fraud, abuse, and errors in 2004.

Health care fraud is an intentional deception which often results in an unauthorized Medicare or Medicaid benefit. Providers engaging in fraud will frequently bill for services or supplies that are not provided.

Any practice that is inconsistent with sound medical or business practices is considered abuse. Charging excessive amounts for services, filing claims for unnecessary services, or billing improperly are all incidents of abuse.

SMP is combating these abuses by enlisting the assistance of trained volunteers to work with beneficiaries to prevent, discover, and end fraud. The heart of the SMP program is education. Beneficiaries receive essential information about the prevalence of fraud and abuse and how to stop it.

Nationwide, SMP has over 45,000 trained volunteers and counselors. The program has already reached more than 1.8 million seniors in their communities and has played a role in the recovery or savings of over $103 million.

On the local level, the Virginia Association of Area Agencies on Aging (V4A) administers the SMP program. The association spearheads state-wide SMP outreach initiatives and utilizes the network of 24 Area Agencies on Aging to distribute educational information throughout the state. During a six month period in 2005, the V4A held over 370 educational events throughout the state, reaching nearly 15,000 beneficiaries.

This important effort not only helps seniors avoid losing money or benefits, but it also helps them to avoid the potential illnesses, injuries, and frustrations that can result from working with dishonest providers or utilizing bad equipment. In order to spot fraud and abuse before it occurs, consumers must be vigilant and informed.

Knowing what to look for and how to report suspected violations is the first step toward ending the abuses that are damaging our health care system. Informed consumers are a powerful defense against unnecessary spending and unscrupulous providers.

Medicare or Medicaid beneficiaries who suspect that they have been the victim of fraud or abuse should call 1-800-938-8885 (in Virginia only).

While Sam and Peggy knew the coverage was important, it always seemed to come back to the cost and the fact that they could not afford it. Sam had seen his parents go through their life savings and go on Medicaid when his dad had a series of strokes back in the late 80s. He did not want that to happen to their life savings, but what could he do?

In his meetings with all of the insurance agents, it all seemed to go the same way: sales pitch, explain the policy, quote, it is too expensive, end of appointment. Sam could see that the agents knew the ins and outs of the policies, were acting in his best interest, and were trying to come up with viable solutions to his insurance needs. But something was just not right. None of them really took the time to understand Sam and Peggy’s finances and how long-term care insurance could fit in.

After a financial planning consultation with Colin Meeks, a Certified Financial Planner, Sam and Peggy were much more informed and educated about their complete financial well-being. Sam and Peggy were in a “gray area” for purchasing long-term care insurance. They had too many assets to rely on Medicaid, but they were not wealthy enough to self-insure the risk. They were also spending all of their income on necessities, so there was little left over for other expenses. It turns out that they were in the same boat as many other retirees.

After reviewing all of their assets, Sam and Peggy were able to rearrange some of their investments into higher paying accounts. These accounts would then generate enough additional income to pay for a good long-term care insurance policy from a solid company. During the process, they realized that they were too spread out, had too many accounts, were paying unnecessary taxes and fees on their investments, and were taking substantially more risk than they were comfortable with. With some slight adjustments, they made some sensible changes. They were able to increase their income, reduce their taxes, and insure they never run out of money.

In the end, Sam and Peggy were very happy with the outcome. Sam compared the experience with going to the doctor: “A doctor wouldn’t just write you a prescription without doing a complete examination, would he? Our financial planner did the same thing – He did a complete examination, evaluated our options, and presented several solutions that really made sense.”

Defining the Program
Medicare’s Prescription Drug Plan (Medicare Part D) is a new insurance program that will help seniors pay for their prescription drugs. Everyone who is currently enrolled in Medicare is eligible for drug coverage. If you are not enrolled in Medicare Part A or Medicare Part B, you will have to enroll in one of these programs before you can sign up for a prescription drug plan. Enrollment is entirely optional. However, you will benefit from making decisions early about whether or not you want coverage, since costs will increase significantly over time.

Understanding the Coverage
The new prescription drug coverage is an insurance plan. After enrolling, you will pay monthly premiums and a yearly deductible. Average monthly premiums are expected to be $35 per month. The deductible is the amount you will have to pay out-of-pocket before the insurance plan begins to pay and will average around $250 a year. After the deductible is met, Medicare will cover 75% of the next $2,000 of covered drug costs. You must then pay 100% of your drug costs until you have spent a total of $3,600 on prescriptions in one year. This period is commonly known as the coverage gap or “donut hole.” Once the $3,600 threshold has been met, Medicare will pay 95% of all drug costs for the remainder of the year.

Deciding if It is Right for You
The first step in the decision-making process is to calculate what you spend every month on prescription drugs. You can then determine your yearly drug costs. Many critics and potential enrollees have expressed a fear of the “donut hole” noted above, arguing that the gap in coverage is too large. However, Alan Dubow, Executive Director of Capital Health Solutions, points out that, “Based on a plan with a $35 monthly premium, if an individual spends more than $810 annually on prescription drugs, they will save money with this coverage, even if they end up in the gap.”

Even if your current costs are relatively low, you need to consider future drug needs. To estimate future needs, consider your personal and family medical history. Regardless of your current health, the likelihood of facing health problems that can be treated with prescription drugs increases significantly with age.

Additionally, you should consider the fact that costs for Medicare’s Prescription Drug Plan will increase over time. If you are eligible during the initial enrollment period and opt not to enroll, you will pay significantly more if you join at a later date. Medicare’s late enrollment penalty is 1% of the monthly premium for every month that you delay. This means that if you wait two years to sign up for coverage, you will pay 24% more per month. This is not a one-time penalty; the higher amount will become your permanent premium. The only way to avoid this penalty is by signing up during the initial enrollment period or transferring into the Medicare plan later from a plan that has “creditable coverage.”

If you have coverage through a former employer, private company, or Medigap plan, you will need to determine if it is creditable coverage. Creditable coverage is prescription coverage that is as good as, or better than, the new Medicare plan. Your current carrier is required to notify you as to whether or not your current coverage is creditable. If they do not contact you, call them to discuss your coverage. None of the current Medigap plans are considered creditable coverage. If you do have creditable coverage, you can opt to keep your current coverage and switch to a Medicare plan at a later date with no late enrollment penalty.

Enrolling in a Plan
If you decide to join Medicare’s Prescription Drug Plan, the next step is finding the plan that is right for you. Coverage will be delivered by a wide variety of national and regional Medicare-approved insurance companies. To find a plan that is offered in your area, contact Medicare for information or review the 2006 Medicare and You handbook that you will receive in the mail.

In order to find a plan in your area that covers the prescriptions you need, review the formulary, or list of covered drugs, for each plan you are considering. Monthly premiums, deductibles, covered prescriptions, and participating pharmacies will vary depending on the plan you choose. Starting on October 15, 2005, you can compare prescription drug plans on Medicare’s website or by calling their toll-free number. If you need individualized assistance with choosing the right plan, contact your local Senior Health Insurance Program (SHIP).

If you have a limited income, you may qualify for Medicare’s “Extra Help” program. Eligible individuals must have a yearly income of less than $15,000 for single people or $20,000 for married couples. If you have not received information regarding Extra Help but believe you are eligible, you should contact the Social Security Administration. You can also apply for Extra Help at your local Medicaid office.

The initial enrollment period for Medicare’s Prescription Drug Plan is from November 15, 2005 to May 15, 2006. If you enroll by December 31, 2005, your coverage will begin on January 1, 2006. If you are currently eligible but do not enroll before May 15, 2006, you will likely pay a higher premium if you join later. After the initial enrollment period, there will be an open enrollment period every year during which new enrollees may join the plan and existing participants can switch plans.

Because of the strict deadlines and significant late enrollment penalties, now is the time to review what Medicare’s Prescription Drug Plan has to offer. Whether or not you decide to enroll, you will undoubtedly benefit from carefully considering all of your options today.

According to Mrs. Paul’s daughter, Barbara Kitt, “the policy made all the difference in the world.” Over the course of several years, Bernice used her policy three times. The first two times she used the policy for short recovery periods after surgery.

A few years later, Bernice fell several times and was admitted to the hospital with broken ribs. At the time, her daughter Barbara was in the hospital as well. Her daughter, Joan, who was now covering the insurance premiums, lived in California. Joan called Phyllis to explain that her mother was in the hospital and would need help when she came home.

Phyllis called a nurse’s aide who had worked for Bernice previously. When talking to Joan, Phyllis suggested that a nurse or social worker who provided care coordination should be hired to assess what Bernice really needed. The social worker sent a nurse out to talk to Bernice in her apartment and assess what her actual living situation was. The nurse then went with Bernice to see her physician, so that he would understand the problems she was having in a home environment.

Following these assessments, Bernice received daily home care assistance. Her long-term care insurance policy provided benefits to cover the cost of care provided by a nurse’s aide for almost two years. Because of her policy, Bernice was able to remain independent and live at home until she died in October 2003.

According to Barbara, the home care benefits proved to be extremely helpful to the entire family: “The care the policy provided for made the difference between my mother being independent and being able to remain in her apartment or having to be uprooted and moved to an assisted living facility. Being able to stay at home really made her life happier.”

Alan and Katharine Jung are truly a model for ideal retirement living. Not only have their retirement living decisions been well thought-out and proactive, but they have also embraced the new opportunities that retirement offers and are fully enjoying what they refer to as a “new season in their life.” The couple can certainly offer helpful advice to others concerning retirement living decisions-right down to the downsizing checklist Katharine devised.

They did just that during a recent presentation for their fellow residents and prospective residents at Carroll Lutheran Village, a continuing care retirement community in Westminster, MD. Their presentation was part of a program about retirement living decisions, which included various senior -serving professionals.

Putting themselves in a position to fully enjoy their senior years has always been on the agenda for these two planners. As Alan relates, “We were kind of in a unique situation in that we always knew that our home-office combination would be the cornerstone of our retirement financially. We always had the mindset in place that is necessary to leave your home. Too many people are tied to their homes, but we really weren’t. We had plenty of time to prepare for the move.” After Alan retired from his dental practice in 1991, the couple began preparing for moving from their spacious home to a one-bedroom apartment, which necessitated a radical downsizing of their possessions.

“Downsizing can be a painful procedure for some people,” admits Katharine. However, Katharine and Alan helped ease the stress of downsizing by utilizing an ingenious inventory checklist. This gave all three of the Jung’s children an opportunity to discuss items with their spouses and decide what they wanted. It also allowed the Jungs to dispose of any unwanted items. Despite the hard work and difficulties involved in the moving process, the Jungs found it to be a rewarding experience: “The process was truly a liberating experience for us, because we came to the understanding of how relatively unimportant ‘things’ are in our life.”

Reducing their baggage allowed the couple to completely change their lifestyle. They moved to a waterfront apartment in Baltimore, which they speak of fondly as “a wonderful place, in a great, urban environment.” Unfortunately, though, the living arrangement wasn’t as secure as the Jungs would have liked. Alan explains, “The landlord and his wife were people that I knew, and we had grown up in the same neighborhood. We were happy living with them, but they were getting older, and I began to wonder from time to time what would happen to us if they died. I just didn’t feel secure for the long haul in that environment, so I began to think of other options. My primary motive was to get Katharine into a position so that I could feel secure that if something happened to me she would be set.”

Alan talked about his apprehensions with Katharine and discovered that she was concerned for his future as well. After discussing it, the couple decided that it was important to ensure that their children did not have to make any retirement-related decisions for them. “I knew what it was like to have to make decisions for aging parents, and I didn’t want our children to have to go through that. These are difficult decisions and can be heart-rending and often the right choice is not really clear. So we thought it was best to eliminate all their potential worries, take care of ourselves, and let them get on with their lives,” recalls Alan.

After some preliminary research, the couple realized that a continuing care retirement community (CCRC) could offer them “the best of all worlds, since it offered comfort, safety, security, and freedom of movement at the Residential Living level. A seamless transfer between various levels of health care would be there too, if the need ever arose.” They started investigating CCRCs on-line and visited several communities in the Baltimore area. When they went to visit Carroll Lutheran Village, they knew they had found their home amidst the beautiful grounds and welcoming residents.

“What’s not to like about this place?,” asks Alan. “We have lived here for two and a half years now, and we couldn’t be happier. Everything we could possibly need or want is right here.” In fact, the two are very involved in the community. Katharine serves on the Hospitality Committee, which is an integral part of the Resident Association. The committee helps new residents settle in by providing them with dinner arrangements and introductions. As Katharine points out, “We want to make sure that we acquaint new residents not only with the physical campus, but also with the people and our way of life here. It’s incredibly important to help people adjust to the move because it can be very traumatic for some people.”

Katharine will have the opportunity to welcome countless new residents once the Village’s new expansion, Wakefield Overlook, is completed. Wakefield Overlook is a premier, full-service community that will include 82 modern apartments, 60 Village homes, and a Mission Square featuring a Wellness Center and Hospitality Center. The expansion project began in the spring of 2004 and, once completed, will nearly double the size of the Village. The project will add countless amenities to the community, including a 25-meter pool, a whirlpool, a spa, an exercise room, and several common areas.

Although Katharine and Alan have no plans to move from their current apartment in the Village, they are looking forward to enjoying the new facilities and to meeting new neighbors. Katharine relates, “The new Overlook is going to be an entirely different complex, and it will have a great community feel. All of the amenities will be available to all of us, and I’m really looking forward to the swimming pool.”

To individuals who may be considering a move, Katharine and Alan suggest, “Don’t Wait!” Katharine advises, “You have no real picture of how wonderful the freedom of living in a retirement community is until you’ve moved. It’s like living in any place, except you have the freedom to come and go as you please. You have all types of amenities available to you and no responsibility for home or ground maintenance.”

With all their plans settled, this couple now spends most of their time volunteering to improve their community and spending time with their children and grandchildren. From the beginning, they had a plan for the future and seeing that plan come to fruition has been very rewarding. Of the completed moves and their new lifestyle, Alan concludes, “Katharine and I have been truly blessed in this new season of our lives.” Katharine adds, “It is very important that people try to look forward to what they have to enjoy later in life.” Katharine and Alan Jung continue to do just that-look forward to their future.

“I always knew I was going to be in some kind of helping profession.” This is how Mrs. Hofstein explains her work as the administrator of the first apartment house for mentally ill adults on Long Island. The aptly named Hofstein House is still in operation today. Hofstein House provides independent apartments to 50 mentally ill adults, allowing them to retain their independence while providing them with the convenience of a social worker on-site, who offers counseling and assistance with locating a job.

Establishing and operating this facility wasn’t Mrs. Hofstein’s first stint with serving the needy though; she left her home in London to become a part of a Jewish relief unit in Europe during WW II. After a training program, she spent two years in Europe: “We were sent to Europe where we went through Holland. We got to Rotterdam the day it was liberated and we worked in Rotterdam for a while and then we went to Bergen-Belsoen when it was liberated. I was the child welfare officer in charge of all the children in the camp. This involved taking care of 83 children from the concentrations camps, who were all orphans.” While her work in Europe was emotionally challenging, it was certainly rewarding to help these children who so desperately needed her. However, one of the most unexpected rewards of her time in Europe was the opportunity to meet her future husband, an American solider from New York.

At the end of the war, Mrs. Hofstein returned to the states with her husband and started a daycare center in Brooklyn, where she worked until she became the Mental Health Association Director in Nassau, a job she held for 25 years. She retired from the position, and left her work at Hofstein house 3 years ago at the age of 77, but she still visits frequently and is continually involved in the operation of the facility. Of the challenging nature of her work, Mrs. Hofstein relates, “We were responsible for several hundred mentally ill adults, which can certainly be stressful. But it’s work that needs to be done, so you do it; at the time you don’t think about the stress of it. I loved my work, and I missed it for a time when I retired.”

Mrs. Hofstein quickly learned that retirement would offer much-deserved opportunities to relax and enjoy herself. After initially looking into a facility in Long Island, Mrs. Hofstein really began to enjoy the idea of living in a retirement community: “I got caught up in the idea of not having to cook and clean. If you’re still able-bodied, and my husband and I were at the time, it’s easy to want to stay in your own home, but I think it’s important for people to look ahead and realize there’s going to come a time when they don’t want to cook anymore. The idea of going shopping or making dinner every night absolutely appalls me now.”

When Sadie and her husband discussed their potential move with their son, he suggested that they move to a life-care community in the Philadelphia area, so they would be closer to him. Although the couple initially resisted the idea, they visited communities in Philadelphia and liked Martins Run so much that they decided to make the move. For the Hofsteins, Martins Run really met all their criteria: “We wanted to be in a Jewish community, and this is, but it was really the sense of warmth we got from the people that convinced us this was the right place. There’s no question that the people who work here are warm and friendly, but it is essentially the other residents, who were so welcoming.”

In fact, the “O.K.” sign outside her door is a program that was devised by, and is entirely operated by, residents. Mrs. Hofstein explains, “You put out the sign anytime after 4 o’clock in the morning and one person on each corridor is responsible for picking up those signs and putting them back on your door. If they don’t see the signs, they call you or knock on your door. If there’s no reply, they will call the central office. They’ve found people who have fallen in the middle of the night. It’s a very useful system.” It also is a clear demonstration of the compassionate, communal atmosphere at Martins Run.

It is the benevolent conduct of the other residents that has helped Mrs. Hofstein through the past year. Unfortunately, a short time after their move, Mrs. Hofstein’s husband became ill and died suddenly. Throughout this challenging time, Mrs. Hofstein has managed to keep a positive attitude, partially due to the support she receives from other community members: “Considering my husband died relatively suddenly, it should have been a terrible year, but it hasn’t been. I mean, I have made friends here. The environment is conducive to making friends; there’s no question about that.”

Mrs. Hofstein and the other residents are able to easily make new friends because of the variety of programs offered at the community. She relates that she has always been a “participator:” “I go to many things. I like the music programs here, as well as the writing class. I also go line dancing. Of course, there are always community outings too-to the opera or the theater. This is an active place.” For a woman who has worked so hard, this stress-free lifestyle is still a novelty. “I only have to get up in the morning and say, ‘what shall I do today to amuse myself?,’ relates Mrs. Hofstein. Secure in the fact that she will be provided for should a need for care arise, Mrs. Hofstein is free to fully enjoy herself.

After providing for so many others in need, Sadie has finally settled into the new-found role of care recipient, one which she fits her quite nicely. In fact, she strongly recommends that others follow in her footsteps: “I’ve talked to a number of would-be residents who are my age and older and they’re always not ready. The truth is most of them are over-ripe. I often think people do leave their homes too late. It’s best if you come to a facility when you’re still able to enjoy what all it has to offer.” Not only did her move prove to be terrific decision for herself but also for her children. She admits, “Martins Run is great because I am not totally dependent on my son. That works for him too. I like that aspect of it. There’s a good feeling about not having to be dependent on your children.”

After devoting so much of her life to social and volunteer work, Mrs. Hofstein has been thrilled with the opportunity to make new friends and expand her busy social schedule at Martins Run. “You will find that the folks my age who live on the outside often have limited social lives. Once people make the move, very few of them are sorry. The bottom line for most people is: will they make friends here? The rest of it’s all garbage. It doesn’t matter really–the food, the housekeeping, etc. — it’s are you able to form relationships here. For most, the answer is ‘yes.’” Mrs. Hofstein has certainly developed strong bonds with her fellow residents and her social calendar is booked for weeks in advance, with classes, outings, discussion groups, and card games.

As the sign outside her door relates Mrs. Hofstein is certainly ‘o.k.,’ in fact she is flourishing in her new home, which has become a place to relax and reward herself for a lifetime of hard work and good deeds, a legacy which is represented by the nearby Hofstein House plaque.

Their first step was to take a very realistic look at their financial situation. “We were not at all happy to see that the decline in the stock market did not leave us with enough assets to move to a community of our choice,” expressed Marie.

While looking at retirement communities in the Guide to Retirement Living, Marie saw an advertisement from a local company, AVI – Money for Life. The ad read, “Need Money to Pay for a Retirement Community? We buy life insurance from seniors.” Life Settlements, the sale of a senior’s life insurance policy in exchange for a lump sum cash payment, seemed like the perfect solution to Marie.

Says Marie, “Len and I talked it over and decided to contact AVI. Stewart Shannon, the owner, and Maggie Ryan, our representative, were very helpful in explaining the process to us. They told us that seniors over 65 with a moderate decline in their health are eligible, and since Len is 78 and I am 72, we qualified. Also, it was just a short application to fill out and no medical exams were necessary. We especially liked that there was no cost or obligation. AVI would evaluate our policy and let us know how much cash we could receive. Both Len and I had separate policies, and we decided to go ahead and have AVI appraise both of them. Within a few short weeks, AVI had cash offers for us to evaluate. We discussed it and decided to sell both of them to help us pay for a retirement community. We thought it was great. We never realized we could sell our life insurance when we needed the cash immediately. We are currently busy visiting retirement communities. We now have the money to pay for our care and won’t have to burden our children. Now we are sure to find the perfect community for us.”