Page 14 - Martin Downs Bulletin - January '20

Page 14, Martin Downs

finanCial foCus

Protect Yourself Against • Long-term care insurance – When you purchase combines long-term care benefits with those offered by a
long-term care insurance, you are essentially transferring
traditional life insurance policy. So, if you were to buy a
Long-Term Care Costs the risk of paying for long-term care from yourself to an hybrid policy and you never needed long-term care, your
insurance company. Some policies pay long-term care policy would pay a death benefit to the beneficiary you’ve
By Bryce Buchanan, costs for a set number of years, while others cover you named. Conversely, if you ever do need long-term care,
Edward Jones for life. You can also choose optional features, such as your policy will pay benefits toward those expenses. And
If you’re fortunate, benefits that increase with inflation. And most long-term the amount of money available for long-term care can
you’ll live independently care policies have a waiting period between 0 and 90 exceed the death benefit significantly. Hybrid policies can
and in good hea lth days, or longer, before benefits kick in. You’ll want to vary greatly in several ways, so, again, you’ll need to do
throughout your retirement shop around for a policy that offers the combination of some research before choosing appropriate coverage.
years. However, if you ever features you think best meet your needs. Also, you’ll want Ultimately, you may decide you’re willing to take the
needed some type of long- an insurer that has demonstrated strength and stability, as chance of never needing any type of long-term care. But if
term care, such as a stay in measured by independent rating agencies. Here’s one final you think that’s a risk you’d rather not take, then explore
a nursing home, would you point to keep in mind: Long-term care premiums get more all your coverage options carefully. There’s no one right
be financially prepared? expensive as you get older, so if you’re interested in this answer for everyone – but there’s almost certainly one for
To answer this question, type of coverage, don’t wait too long to compare policies. you.
you may want to evaluate two variables: your likelihood • Hybrid policy – A “hybrid” policy, such as life This article was written by Edward Jones for use by
of needing long-term care and the cost of such care. insurance with a long-term care/chronic illness rider, your local Edward Jones financial advisor.
Consider the following:
• Someone turning age 65 today has an almost 70
percent chance of eventually needing some type of long- CELEBRATING ANOTHER SUCCESSFUL YEAR!
term care, according to the U.S. Department of Health
and Human Services. Listed at $550,000 Listed at $640,000
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• The average cost for a private room in a nursing
home is about $100,000 per year, while a home health D D
aide costs about $50,000 per year, according to Genworth,
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an insurance company. L L L
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Clearly, these numbers are worth thinking about. If O O
you needed several years of long-term care, the expense S S
could seriously erode your savings and investments. And
keep in mind that Medicare typically pays only a small
percentage of long-term care costs. Therefore, you may
want to evaluate the following options for meeting these 3757 SE Doubleton Drive 1758 SW Crane Creek Circle
expenses:
• Self-insure – You could “self-insure” against Listed at $325,000 Listed at $499,000
long-term care expenses by designating some of your
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investment portfolio for this purpose. However, as the
above numbers suggest, you’d likely have to put away a D D
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lot of money before you felt you were truly protected. This L L L L
could be especially difficult, given the need to save and O O
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invest for the other expenses associated with retirement.
First Quarter
January 2 6672 SE Pacific Drive 4413 SE Coventry Lane
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Third Quarter D
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New Moon O L L L
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. Wills and Trusts D D
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ANTHONY LAVARGNA
ANTHONY LAVARGNA
Member of the Florida Bar
Licensed in the United States 330 NE Edgewater Drive #203 3412 SE Putnam Court
District Court, Southern and
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CARRIE LAVARGNA
Accredited Estate Planner (AEP)
Board Certified
Real Estate Attorney 5165 SE Lost Lake Way 944 SE Willoughby Trace
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