Page 10 - Martin Downs Bulletin - August '20

Page 10, Martin Downs

financial focus

Facing Illness or revising these documents, you’ll need to consult with lifts and so on. Your tax advisor may have suggestions

your legal professional. appropriate for your situation.
By Bryce Buchanan, Taxes – You might qualify for Social Security Dealing with a chronic illness is never easy. But by
Edward Jones disability payments, which, like other Social Security considering how your illness will affect all aspects of
In light of the benefits, are taxable, so you’ll need to be aware of what your life, getting the help you need, and taking the right
coronavirus pandemic, you might owe. But you might also be eligible for some steps, you may be able to reduce the financial stress on
virtually all of us have tax breaks related to your condition. If you still itemize youself and your loved ones.
considered health-related tax deductions, you may be able to deduct some medical This article was written by Edward Jones for use by
issues. But for people expenses, as well as certain home improvements, such your local Edward Jones Financial Advisor, Edward
facing a serious, chronic as wheelchair ramps, bathtub grab bars, motorized stair Jones, Member SIPC.
illness, such as Parkinson’s
disease, multiple sclerosis, fitnEss
diabetes or cancer, health
concerns are an everyday
matter. If you’re fortunate, you may never be afflicted
with such maladies, but the future is unpredictable. Of Ask The Anytime Gal • Though COVID cases are spiking in Arkansas,
course, going through these health challenges bring contact tracing shows that only 0.3 percent of newly
physical and emotional concerns – but also financial ones. When It Comes To COVID-19, Gyms Aren’t infected people visited a gym.
How can you prepare for them? The Problem, They’re The Solution! • The fitness industry, in general, has vastly expanded
Essentially, you’ll need to consider four key areas: their safety protocols to meet stringent health guidelines.
investments, insurance, legal arrangements and taxes. By Linda Lawrence • Gyms have removed, roped off or rearranged
Let’s take a quick look at each of them: Personal health is our equipment to allow for social distancing.
Investments – You’ll likely need to draw on your best available vaccine • Staff members are wearing masks and cleaning all
investments for at least some of the expenses associated against COVID-19. Gyms, touch surfaces with approved disinfectants continuously
with your illness. So, within your portfolio, you may health studios and personal throughout the day. Hand sanitizer is readily available
want to establish a special fund devoted entirely to these trainers are essential parts and members are encouraged to use it often, along with
costs, whether they be health care, modifications to your of our collective mental and thorough hand washing on arrival and departure.
home, transportation and so on. A financial professional physical health. If we want • Wearing a mask is recommended (though not
can help you choose investments for this fund, as well to beat COVID, we need to mandatory) at most gyms. Yes, I know this is a
as make recommendations for your overall investment immediately unmask these controversial topic for some, but if you are not
strategy, including techniques for boosting your income, five truths: comfortable wearing a mask while working out, consider
such as adding investments that can provide an income Truth No. 1: Obesity a face shield. The face shield completely covers your face,
stream that kicks in when you think your costs will rise. kills. If we think COVID-19 is deadly, consider these prevents any droplets from coming into contact with your
Insurance – Depending on your health status, you may numbers from the World Health Organization: At least eyes, nose or mouth, allows you to breathe freely, lets
be able to collect Medicare earlier than the traditional 2.8 million people are dying each year as a result of being others see your face and facial expressions, and gives you
starting point at age 65. Even so, you’ll likely need to overweight or obese. Obesity increases the likelihood an unobstructed view. That’s a win, win in my book!
supplement it with additional coverage. But you may also of a COVID-19 hospitalization six-fold, because it Truth No. 5: Exercise is medicine. Time after time,
want to look beyond health insurance. For example, you causes Type 2 diabetes, cardiovascular diseases, stress, even moderate exercise has been shown to strengthen
might be able to purchase a “chronic illness rider” that depression and hypertension. our immune systems. Yet with notable exceptions, like
allows you to tap into life insurance benefits while you’re Truth No. 2: Two in three Americans are overweight Dr. David Katz, public health experts have not used this
still alive. Or you might consider adding a “long-term or obese. Two. In. Three! health crisis to emphasize the effectiveness of exercise,
care rider” to a life insurance policy; this rider offers Truth No. 3: Americans are gaining weight, and diet and sleep. Health experts should be talking about the
financial benefits if you ever require daily care that you physical activity has declined. Nutrisystem found, in a importance of personal health, not just COVID-19.
can’t provide for yourself. And some foundations, states recent survey of 2,000 members, that 76 percent have When it comes to COVID-19, the fitness industry isn’t
and drug companies offer programs that can help pay for gained up to 16 pounds during the quarantine, and the problem, it’s the solution!
some costs that your insurance won’t cover. wearable data shows that physical activity is down over About The Author
Legal arrangements – If you haven’t already done 20 percent. Linda Lawrence is the owner of Anytime Fitness in
so, you may want to establish the legal documents most Truth No. 4: Gyms are safe, and positive COVID Palm City. To submit a question for future articles, please
appropriate for your situation, such as a durable power cases are not tied to gyms. contact Linda at palmcityfl@anytimefitness.com.
of attorney for finances, which gives someone the • Research from the University of Oslo found no Anytime Fitness is an upscale, 24-hour, coed fitness club
authority to manage your financial affairs if you become COVID-19 transmissions associated with fitness centers. with personal theater systems, cutting edge equipment,
temporarily incapacitated, possibly due to flareups of • A recent survey of 135 gyms with nearly 3.5 million free classes and friendly, helpful, fitness professionals.
your chronic disease. Once you’ve recovered, you regain check-ins found 0.004 percent of positive cases reported Stop by today for a free trial membership and see the
control of your financial decisions. You might also want to as of June 30. difference! (772) 223-5515, www.anytimefitness.com
consider a health care proxy, which appoints an individual
to make medical decisions for you if you can’t. In creating

Answer for

Crossword Puzzle