The Middle Village Property Owners/Residents Association (MVPORA) held their monthly meeting at St Margarets Parish Hall on Monday, Mar. 10 where long-term planning for future health care needs was discussed in detail.
At the meeting the mostly senior crowd heard GIS Investments and Insurance Director of Life Insurance Sales Reece Padavan urge residents to have a strategy for their long-term health care needs and to have a roadmap so they can avoid the potentially crushing costs than can come with nursing home stays and physical rehabilitation services.
Padavan began his presentation by relating the importance of financial planning for older people after they have retire. He stressed the need to have a roadmap for the next phase in their lives and reminded the group people are living longer, and therefore need to plan for their future medical needs.
“One of the biggest things affecting our country is a lot of people are outliving their money,” Padavan said. He added that longterm care planning is important not only for yourself, but for your family as well.
Creating a plan for long-term medical needs can take some stress away from the anxiety of the unknown and relieve family members of the responsibility of a possibly crippling financial burden, Padavan indicated.
“With long-term care, what I would like you to take away is have a plan,” he said. “Sit down with your advisor or banker and make a plan.”
Americans are now living longer and, concurrently, rehabilitation and retirement communities are becoming more expensive; Padavan stated this means more senior citizens may need long-term care.
According to Padavan, 70 percent of adults age 65 or older will at some point be in need, but only three percent actually plan for their longterm care.
“The average cost for a nursing home in Brooklyn, Queens and Long Island is around $12,000 a month,” Padavan said. “It’s probably the most financially distressing cost for older people.”
Padavan explained that many people don’t buy long-term care insurance because it’s expensive, they think they won’t need it, or don’t see the value because most plans can’t provide any liquid cash value or death benefit to spouses or children.
He encouraged those concerned about their long-term care to find out more from their local bank or speak with a financial consultant.
“If you’re like most Americans, you don’t have a plan,” he said.
Other news
The community heard an update on the knifepoint robberies in Ridgewood. MVPORA President Sal Candela told the group an arrest was made in connection with these crimes.
Candela said it was announced Mar. 10 at the Glendale/104th Precinct Civilian Observation Patrol meeting that Bryant Aguilar has been arrested and charged with four counts of robbery. (See story on Page 6 for further details). Aguilar is alleged to have acted alone and robbed several area women at threat of knifepoint.
According to Candela there may still be a two-man team on the streets committing similar crimes,
“This is the guy robbing women at knifepoint, (police) are still looking for the joint team,” Candela said.
Candela also advised that MVPORA is looking for new officers. Regarding energy, he informed those who use oil to heat their homes that New York State has a tax credit in place for homeowners that switch to a synthetic biofuel, which costs the same price per gallon but is more ecofriendly.
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The Middle Village Property Owners Residents Association meets on the second Monday of every month at St. Margarets Parish Hall, located at 66-05 79th Pl. in Middle Village.
