As Veteran's Day approaches, this is a good time to remind our active duty service members and veterans and their families of the many educational assistance benefits available to them, both during and after service. In this Practical Money Matters piece, Mr. Alderman discusses several of the more popular government-provided education benefits for military families.

By Jason Alderman

As Veteran's Day approaches, this is a good time to remind our active duty service members and veterans about the many education assistance benefits available to them through the G.I. Bill and other government programs.

Here's a rundown of a few of the more commonly used programs:

The Post 9/11 GI Bill is more flexible and generally offers more generous benefits than earlier GI Bills. It provides up to 36 months of support for education and housing to individuals with at least 90 days of active duty after September 11, 2001, or those with a service-connected disability after 30 days. An honorable discharge is required.

Approved training includes undergraduate and graduate degrees, and vocational/technical/on-the-job training, among others. You will be eligible for benefits for 15 years from your last period of active duty of at least 90 consecutive days.

This program covers 100 percent of tuition and fees for in-state students at public institutions, paid directly to the school. For those attending private or foreign schools, it will pay up to $19,198.31 per academic year (sometimes more in certain states).

If you attend a costlier private school - or a public school as a non-resident - you also may be eligible for the Yellow Ribbon Program, where schools voluntarily fund tuition expenses exceeding the highest public in-state undergraduate rate. The institution can contribute up to 50 percent of those expenses and the Veteran's Administration will match the amount.

The 9/11 GI Bill also will pay a books and supplies stipend of up to $1,000 per year, and a monthly housing allowance generally comparable to the military Basic Allowance for Housing for a military pay grade E-5 with dependents, based on the ZIP code for your school.

Another advantage of this newer GI Bill: Armed Forces members with at least six years' service can transfer some or all of their benefits to their spouse and/or children. Here are the basic rules:

• You must agree to four additional years of service. (Special rules apply if standard policy precludes you from serving four more years or you're eligible for retirement).
• Because the clock starts ticking from the date you elect to participate - and you can't enroll additional beneficiaries after leaving the military - it's best to sign up all family members right away. You can always go back and change allocation percentages or remove beneficiaries at any time until the benefits are used.
• Spouses may begin using transferred benefits right away; however children must wait until you've served the full 10 years.
• You and your spouse must use the benefits within 15 years of your leaving the military; children must use them by age 26.

Montgomery GI Bill. This older version of the GI Bill may still be available if you didn't already opt for the Post 9/11 GI Bill. You're eligible if you started active duty for the first time after June 30, 1985, served continuously for three years, are honorably discharged and had your pay reduced by $100 a month for the first 12 months. (There's a separate plan for reservists.)

For most people, this program is less generous than the Post 9/11 GI Bill. Benefits typically expire 10 years after military separation and are not transferrable to family members; plus, you pay tuition and fees upfront and are later reimbursed. The VA website has a tool to compare benefits under the two GI Bills.

To learn more about the GI Bill, visit www.gibill.va.gov. Other VA-sponsored educational financial aid programs can be found at www.gibill.va.gov/benefits/other_programs/index.html.

One Small Donation Provides Flowers for a Year

Christian Care, in cooperation with Colman Florists and Greenhouses, is offering a unique fundraising opportunity. For a one-time donation of only $20, you will receive a seasonal bouquet of flowers each month for a year and half the proceeds will go to Christian Care to provide shelter and services for the homeless and survivors of domestic violence in our community. This outstanding value means that you will have the opportunity to brighten up your home or office with flowers while you brighten up the lives of others?all year long. This opportunity only lasts from October 1 to November 30, so please act quickly.

Every month has its own theme. For example, February's bouquet is Love Bunch, July offers the Sizzling Summer Bouquet and November features the Harvest Bouquet. Each bouquet is sure to bring color, fragrance and beauty to even the darkest day. Becoming a part of this select group allows you access to other great values at Colman. For example, when you buy a half dozen roses, you will receive the second half dozen FREE! You can also opt to trade your monthly bouquet for $10 off a purchase of $35 or more. Do this twice and you've made your original investment back.

For more details, please contact Lindsey at (309)786-5734 or email lprobizanski@christiancareqc.org. Colman Florist and Greenhouses is located at 2754 12th Street, Rock Island, Illinois and in the East Village in Davenport, Iowa. You can also visit them on the web at colmanflorist.com. Monthly bouquets must be redeemed at the Colman location in the state in which you reside.

Christian Care's services are available in the Quad Cities to a growing number of homeless men and abused women and children 24 hours a day, 7 days a week. Through their two facilities?a domestic violence shelter for abused women and children and a rescue mission for homeless men?they provide safe shelter, nutritious meals, clothing, counseling, referrals and guidance to anyone in need. They serve homeless individuals, victims of domestic violence, veterans, men and women coming out of prison, and the mentally ill. Their vision is to transform the lives of those they serve by providing their residents with an opportunity to start a new, more productive life. If you know someone in need, call the Christian Care Crisis Hotline at any hour of the day or night at (309) 788-2273.

For more information about Christian Care, please go to their web site at christiancareqc.org or to Facebook at facebook.com/christiancareqc.

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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.

"Life Care Funding created a financial solution for seniors that own a life insurance policy that converts the policy into a Long-Term Care Benefit Plan; this gives the policy owner the option to use their policy while still alive to help pay for their choice of any form of senior care services," says Orestis, a former insurance industry lobbyist who recently contributed to the federal Commission on Long-Term Care's fact-finding mission.

"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: www.lifecarefunding.com/blog/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.

About Chris Orestis

Chris Orestis, nationally known senior health-care advocate and expert is CEO of Life Care Funding, which created the model for converting life insurance policies into protected Long-Term Care Benefit funds. His company has been providing care benefits to policy holders since 2007. A former life insurance industry lobbyist with a background in long-term care issues, he created the model to provide an option for middle-class people who are not wealthy enough to pay for long-term care, and not poor enough to qualify for Medicaid.