$URVIVAL [CONTINUED FROM PAGE 65]
over to the bank — you still own
your home and may sell it or pass it
on to heirs. The only stipulation is
the reverse mortgage must be paid
off when you vacate the property
(such as selling the house or mov-
ing into a retirement home). Re-
verse mortgages can be tricky, so do
your homework. MOAA’s fi nancial
partner, Pentagon Federal Credit
Union, has helpful information on
reverse mortgages at www.penfed
.org/productsandrates/mortgages/
reversemortgage.asp. (Note their
reverse mortgages currently are
available only in the District of Co-
lumbia, Maryland, and Virginia.)
‰ rising costs of LTC: In some
areas of the country, the cost of in-
home care or a good-quality retire-
ment home now exceeds $100,000
annually. Even if you have done an
excellent job saving money, costs of
this magnitude can wipe out the nest
egg you have spent a lifetime build-
ing. LTC insurance is one way to
help protect your assets from being
completely depleted from the high
costs of nursing homes, assisted-
living facilities, or continuing care
retirement communities.
Many people are under the mis-
taken belief that Medicare provides
signifi cant LTC benefi ts, but they
actually are very limited, and most
MOAA members will not qualify for
Medicaid benefi ts based on higher
income levels. LTC insurance is a
somewhat complex insurance prod-
uct with several moving pieces, so
make sure you do your homework
prior to selecting coverage. You can
get more information on an MOAA-
sponsored LTC insurance plan by
calling (800) 698-7943 or visiting
www.moaainsurance.com.
No matter your stage of life or
career, be proactive, and don’t let the
current economic downturn derail
your long-term fi nancial plans. MO
NOVEMBER 2009 MILITARY OFFICER 81
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