Page 7 - Palm City Spotlight - January '20

Palm City Spotlight, Page 7

FinanCial FoCus

Protect Yourself Against • Someone turning age 65 today has an almost 70 above numbers suggest, you’d likely have to put away a
Long-Term Care Costs percent chance of eventually needing some type of long- lot of money before you felt you were truly protected. This
could be especially difficult, given the need to save and
term care, according to the U.S. Department of Health
and Human Services. invest for the other expenses associated with retirement.
By Bryce Buchanan, • The average cost for a private room in a nursing home • Long-term care insurance – When you purchase
Edward Jones is about $100,000 per year, while a home health aide long-term care insurance, you are essentially transferring
If you’re fortunate, you’ll costs about $50,000 per year, according to Genworth, an the risk of paying for long-term care from yourself to an
live independently and in insurance company. insurance company. Some policies pay long-term care
good health throughout your Clearly, these numbers are worth thinking about. If costs for a set number of years, while others cover you
retirement years. However, if you needed several years of long-term care, the expense for life. You can also choose optional features, such as
you ever needed some type of could seriously erode your savings and investments. And benefits that increase with inflation. And most long-term
long-term care, such as a stay keep in mind that Medicare typically pays only a small care policies have a waiting period between 0 and 90
in a nursing home, would you percentage of long-term care costs. Therefore, you may days, or longer, before benefits kick in. You’ll want to
be financially prepared? want to evaluate the following options for meeting these shop around for a policy that offers the combination of
To answer this question, expenses: features you think best meet your needs. Also, you’ll want
you may want to evaluate • Self-insure – You could “self-insure” against an insurer that has demonstrated strength and stability, as
two variables: your likelihood of needing long-term care long-term care expenses by designating some of your measured by independent rating agencies. Here’s one final
and the cost of such care. Consider the following: investment portfolio for this purpose. However, as the 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.

MLK Day - Monday, January 20

Palm City Auto

Lube & Services

The DiTerlizzi Family of Companies

Call Now for Your Celebrating Our 28th Year
AC TUNE-UP

.00
$10 off
our “full Service oil Change”
Enjoy by 2/29/20.

Complete Auto Repair

• Brakes • Diagnostics
• Tune-ups • Oil/Lube
• Air • Tires
Conditioning • Tire Repairs

DiTerlizzi family
owned since 1990

673 SW Carter Avenue, Port Saint Lucie, Florida 34983 772-223-LUBE (5823)
www.millerscentralair.com
3584 SW Armellini Ave., Palm City
See answer in this paper. Located in the “Pure” gas station