Rotary has a seminar on finance, retirement

Jan. 30--WILLIMANTIC -- The Willimantic Rotary Club is working to continue its service to the community, this time with a financial planning seminar nearly all folks could benefit from.

The Willimantic Rotary Club hosted a special meeting this week at Windham Community Memorial Hospital.

The guest speaker was Aldo Pantano from the Connecticut Partnership for Long-Term Care, through the

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Rotary has seminar on finance, retirement

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state Office of Policy and Management.

His talk was titled " The Missing Link in Retirement Planning -- Why and When to Consider Long- Term Care Insurance."

The presentation was an effort by the Rotary Club to increase information relevant to the community at large.

" We extend a special welcome to those from outside the rotary today," Rotary Secretary Jim Beesley said. " We felt that this was more than just something that we wanted to talk about, and we wanted to make it available for members of the community as well."

Pantano reviewed what long- term care is, why it's important and how people should properly plan for it.

According to Pantano, longterm care is a wide range of services designed to manage limitations caused by chronic conditions and to minimize further deterioration of physical and mental health.

It could include elderly at- home or nursing home care, as well as care after serious injuries and debilitating conditions.

" 70 percent of us will need long- term care," Pantano said. " 40 percent of those will need long- term care under the age of 65."

Long- term care is not covered by Medicare or private insurance, resulting in expensive care, especially for retired seniors.

Medicaid will pay for longterm care, but only after the patient has depleted his or her assets to essentially nothing.

Underneath the partnership, private insurance companies sell special long- term care insurance policies.

These policies allow patients to keep their assets and meet their long- term care needs.

" When determining eligibility, the Department of Social Services will disregard or ignore any assets you have up to the amount the partnership policy has paid in benefits," Pantano said.

The lunch- time meeting was a convenient format for community members to come in and quickly learn bits of information between bites of their lunch.

"We hope this gives you a little bit to take home and hopefully make good choices for things that are coming up for you," Beesley said.

The Willimantic Rotary Club is approaching its 100th year.

The club seeks to do good in its community and around the world, whether through fundraising or through relevant events around the community.

More information about the club is available at willimanticrotary. com. More information about the Connecticut Partnership for Long- Term Care is available at bit. ly/ 2RVdU7C.

Follow Claire Galvin on Twitter -- @ CGalvinTC.

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