Tips to Maximize Money as we age

Americans are living longer these days from an average 47 years in

1900 to more than 78 years as of 2010. We are also experiencing a deluge of adults reaching retirement age now that includes 10,000 Baby Boomers turning 65 every day.

By 2030, when the last of the baby boomers have turned 65, nearly one in five Americans will be retirement age, according to the Pew Research Center's population projections. Money will be a big problem for many of them, especially if boomers develop health problems that affect their ability to live independently, says insurance expert and CEO of Life Care Funding Chris Orestis.

"With 30 percent of the Medicaid population consuming 87 percent of

Medicaid dollars on long-term care services, we can see that's not going to be sustainable," Orestis says. "More individuals will be forced to find their own resources to pay for those needs. That's why states such as California, Florida, New York and Texas are embracing legislation requiring seniors to be notified that they can convert their life insurance policy for 30 to 60 percent of its death benefit value. The money can be put into an irrevocable fund designated specifically for any form of care they choose."

Orestis details more ways in which seniors might handle long-term care and other budgetary issues:

* Senior discounts really add up!

Here's a list of establishments to check out: Senior Discounts. Restaurants, supermarkets, department stores, travel deals and other merchants give various senior discounts with minimum age requirements ranging from 55 to 62. Some of these places are worth making habits, with 15 percent off the bill at Applebee's, 30 percent off at Banana Republic and 60 percent off at Food Lion on Mondays! Don't forget your free cup of coffee at Dunkin' Donuts if you're 55 or older, and don't be shy - at many of these places you'll have to ask for the discount.

* Long-term care is a matter of survival, so use your best options.

The practice of converting a life insurance policy into a Life Care Benefit has been an accepted method of payment for private duty in-home care, assisted living, skilled nursing, memory care and hospice care for years. Instead of abandoning a policy when they can no longer afford the premiums, policy owners have the option to take the present-day value of the policy while they are still alive and convert it into a Long Term Care Benefit Plan. By converting the policy, a senior will remain in private pay longer and be able to choose the form of care that they want but will be Medicaid-eligible when the benefit is spent down.

* Your "last act" may be decades away, so plan accordingly.

It makes sense to finally enjoy your money after a lifetime of savings, but be smart about it. Take time to organize your paperwork and create a master file that holds things such as insurance policies, investments, property, wills and trusts, etc. so you have your financial picture in one place. Also, live smart today and hold off on that new car if you don't need a new one. If your current car is paid off and you sit tight for an additional two years, you'll save $7,200 on a new car with $300 monthly payments. Refinancing your home may also be a very good idea, since rates are still hovering around their all-time lows. Get at least three quotes, compare rates, terms and potential penalties to make sure you're getting the best deal. Also, live healthy and buy more fruits and vegetables and less junk food to lessen the chance you'll need long-term care in the future.

Chris Orestis is a nationally known senior health-care advocate and expert is CEO of Life Care Funding.

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ACCI Customer Service 1-800-708-1335

Keep warm and save money during a cold winter 

The Energy Department expects the price of natural gas to increase a whopping 13 percent over last year's rates, to the tune of about $679. Homeowners using electricity to warm their abodes can expect a 2 percent increase in heating costs.

If this news isn't enough to make you shiver, experts predict this winter will be colder than it has been over the last two years. In addition to stockpiling blankets and tea bags, consider these tips to stay warm this winter without overheating your energy bill.

1. Patch Leaks
No matter how high you crank up that thermostat, your house will never be warm enough if your doors and windows aren't properly sealed. Take the time to test air loss throughout your home and properly seal the areas prone to leakage, including baseboards, attic hatches and electrical outlets. The Department of Energy's article on detecting air leaks can help you cover all your bases.

2. Get Audited
Most energy companies offer free home audits that offer expert-level understanding of where your home is losing heat. If you're lucky, a few strips of duct tape may be all you need to repair leaky ductwork. It's probably a good idea to schedule an audit after you make the effort to patch air leaks to determine if you missed anything.

3. Insulate the Attic
A well-insulated attic to save you up to 50 percent on your heating bill, so evaluate the insulation levels in your attic and replenish accordingly. Additionally, check the air seal around attic access points

as these are often overlooked and can result in significant heat loss. For more information on how to properly insulate your attic, read these tips from the experts at This Old House.

4. Create a Schedule
 If you haven't purchased a programmable thermostat, this year is definitely the time to invest. You can save up to 10 percent on these devices by purchasing discount gift cards to Lowe's or Home Depot. Once you find a device you like, create a schedule you can stick to and remember to adjust it when you leave for extended periods of time.

5. Condense Your Space
By closing windows and doors to unused rooms, it will take less time and ultimately less energy to heat the areas you use most. You can go so far as to place a towel at the base of closed doors to better lock in the heat. Make sure ceiling fans in heated rooms are reversed and on low to better circulate warm air.

6. Try a Space Heater
Space heaters offer supplemental heat without increasing your heating bill. According to Consumer Reports, you can buy top-rated heaters for as little as $40 while keeping your thermostat set to as low as 60 degrees. Safety is paramount, so read up on user and expert reviews before purchasing a unit and place it on ceramic tile instead of carpet or table tops.

7. Bundle Up
Nothing says cozy like a good down comforter, heavy blanket and flannel sheets. When in doubt, keep the thermostat low and stock up on warm bedding and toasty attire.

Have a money saving tip that you'd like to share? Send it to us for possible publication in this newsletter at:

become a millionaire, but the first step is thinking like one.

Siebold says if you want to make more money, start by adopting these six beliefs of the wealthy:

Use non-linear thinking to earn more money-

Most of us are taught to trade hours for dollars, which is the reason the average person makes little money. The rich earn their fortunes tapping their creativity and coming up with new ideas that serve people and solve problems. It's not how many hours you can work or the amount of midnight oil you can burn; it's about training your mind to think about old problems in new ways.

Use logical and emotional thinking-

The middle class blends emotional thinking in their decision making process, which clouds their judgment. The rich use left brain, logic-based, emotionless thinking to make decisions in regards to earning, investing and saving money. They use emotion to motivate themselves to take action. Both forms of thinking have value. The secret is to know when to use which, and avoid blending the two.

See money as abundant and infinite-

Money is createdthrough ideas that solve problems, and since ideas are infinite, the amount of money you can earn is infinite. The masses see a world filled with seemingly unsolvable problems. The rich see these new, complex problems as the opportunity of a lifetime to become even wealthier by solving them. The more numerous and complex problems society faces, the more opportunity all of us have to become rich.

Expect to be rich-

The masses have a lottery mentality and have been brainwashed to believe the only chance they have to get rich is by picking the right numbers or playing slot machines. The rich expect to earn more money every year and aren't surprised as millions of dollars flood their bank accounts. The rich have trained themselves to expect big things to happen, and as a result they are bold, aggressive and fearless in their pursuit of wealth.

Vaccinate yourself from Either/Or Syndrome

Most us of have been told we can't have it all, and we must choose between having a balanced life and being rich. The rich know you can have whatever you want, and through leverage you can earn more while working less.

Self-Education is the secret-

Formal education will make you a living, but self-education will make you a fortune. The rich are obsessed with learning and personal development. They know their mind is the hub of their financial empire, and while the masses seek entertainment, the wealthy are reading, listening to audio programs, attending seminars, and networking with powerful people who can help raise their level of awareness.

Steve Siebold's book is available at www.howrichpeoplethinkbook.com

To someone raising a family this may sound like a silly question but to someone who is young and healthy, the cost of health insurance may seem like an unnecessary monthly expense. No one plans to get sick or hurt, but most people need medical care at some point. Health insurance covers these costs and protects you from very high expenses.

Health coverage when you need care

Health insurance is a contract between you and your insurance company. You buy a plan, and the company agrees to pay part of your medical costs when you get sick or hurt. There are other important benefits of health insurance. Plans available in the Marketplace (and most other plans) provide free preventive care, like vaccines, screenings, and check-ups. They also cover some costs for prescription drugs.

Health insurance protects you from high, unexpected costs

Did you know the average cost of a 3-day hospital stay is $30,000? Or that fixing a broken leg can cost up to $7500? Having health coverage can help protect you from high, unexpected costs like these.

How insurance protects you

Insurance coverage protects you from high medical costs 2 ways:

• Out-of-pocket maximum This is the total amount you'll have to pay if you get sick. For example, if your plan has a $3000 out-of-pocket maximum, once you pay $3000 in deductibles, coinsurance, and copayments the plan will pay for any covered care above that amount for the rest of the year.
• No yearly or lifetime limits Health plans in the Marketplace can't put dollar limits on how much they will spend each year or over your lifetime to cover essential health benefits. After you've reached your out-of-pocket maximum, your insurance company must pay for all of your covered medical care with no limit.

People without health coverage are exposed to these costs. This can sometimes lead people without coverage into deep debt or even into bankruptcy.