Page 8 - Jupiter West - January '20

Page 8, Jupiter West
Financial Focus Champagne ~ ‘Not Just

Protect Yourself Against
Long-Term Care Costs For New Year’s!’

By Sally Sima Stahl By Laura Berrio, friends to check out a local Champagne bar, the Battery
If you’re fortunate, you’ll Freelance Writer/Blogger Park Book Exchange and Champagne Bar.
live independently and in Champagne has This Champagne bar absolutely delivered on
good health throughout your crossed over into the creating the experience. We enjoyed a bottle of
retirement years. However, if mainstream. I used to Taittinger, Reims Champagne while nibbling on
you ever needed some type of only drink Champagne macaroons. We were seated in a beautiful bar,
long-term care, such as a stay on New Year’s Eve, or at surrounded by two floors of literature with jazz music
in a nursing home, would you special events requiring performed live in the background. What was going
be financially prepared? a toast. Now, I am to be a quick stop to check out this establishment,
To answer this question, seeing a nice variety turned into a two hour, laid back afternoon, enjoying
you may want to evaluate two of Champagnes by the Champagne and catching up with friends.
variables: your likelihood of glass offered at my To keep prices affordable, Champagne bars offer a
needing long-term care and the cost of such care. Consider favorite restaurants. variety of Champagne by the glass, half bottle or bottle.
the following: Champagne bars are the new “in vogue” place If you are looking for a unique, fun, experience this
• Someone turning age 65 today has an almost 70 to try new bubbly! They create a sophisticated, yet weekend, check out the local Champagne bars in your
percent chance of eventually needing some type of long- affordable, experience for the Champagne lover. The area and let me know what your new Champagnes are!
term care, according to the U.S. Department of Health idea behind the Champagne bar is to create a relaxed, ~ Cheers
and Human Services. less pretentious setting to enjoy Champagne. ~ Keep the conversation going and the bubbly
• The average cost for a private room in a nursing home I recently traveled to Asheville, N.C. and joined flowing!
is about $100,000 per year, while a home health aide
costs about $50,000 per year, according to Genworth, an
insurance company. 27 Year old Networking Group has 47
Clearly, these numbers are worth thinking about. If you
needed several years of long-term care, the expense could members that want to refer business to you!
seriously erode your savings and investments. And keep in
mind that Medicare typically pays only a small percentage Where: Abacoa Golf Club
of long-term care costs. Therefore, you may want to evaluate
the following options for meeting these expenses: When: Wednesday morning from 7:30 am - 8:45 am
• Self-insure – You could “self-insure” against long-term Who: Visit our website to see if your category is available.
care expenses by designating some of your investment
portfolio for this purpose. However, as the above numbers
suggest, you’d likely have to put away a lot of money before
you felt you were truly protected. This could be especially Interested? Join us for a complimentary breakfast to nd out more.
difficult, given the need to save and invest for the other Call Marc Weinberg at 561-262-4724
expenses associated with retirement.
• Long-term care insurance – When you purchase long-
term care insurance, you are essentially transferring the risk The Palm Beach’s premier exclusive networking
of paying for long-term care from yourself to an insurance organization for extraordinary business owners. www.pbbainc.org
company. Some policies pay long-term care costs for a set
number of years, while others cover you for life. You can also
choose optional features, such as benefits that increase with
inflation. And most long-term care policies have a waiting
period between 0 and 90 days, or longer, before benefits kick
in. You’ll want to shop around for a policy that offers the
combination of features you think best meet your needs. Also,
you’ll want an insurer that has demonstrated strength and
stability, as measured by independent rating agencies. Here’s
one final point to keep in mind: Long-term care premiums get
more expensive as you get older, so if you’re interested in this
type of coverage, don’t wait too long to compare policies.
• Hybrid policy – A “hybrid” policy, such as life
insurance with a long-term care/chronic illness rider,
combines long-term care benefits with those offered by a
traditional life insurance policy. So, if you were to buy a
hybrid policy and you never needed long-term care, your
policy would pay a death benefit to the beneficiary you’ve
named. Conversely, if you ever do need long-term care,
your policy will pay benefits toward those expenses. And
the amount of money available for long-term care can
exceed the death benefit significantly. Hybrid policies can
vary greatly in several ways, so, again, you’ll need to do
some research before choosing appropriate coverage.
Ultimately, you may decide you’re willing to take the
chance of never needing any type of long-term care. But if
you think that’s a risk you’d rather not take, then explore all
your coverage options carefully. There’s no one right answer
for everyone – but there’s almost certainly one for you.
This article was written by Edward Jones for use by
your local Edward Jones financial advisor. Edward Jones,
its employees and financial advisors cannot provide tax or
legal advice. You should consult your attorney or qualified
tax advisor regarding your situation.
Call me for a free portfolio review at (561) 748-7600,
Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste. 106,
Jupiter, FL 33458.

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