Page 11 - Hobe Spound Reflections - April '24

Hobe Sound, Page 11

FInanCIal FoCus ®

What Should You Know necessarily in your favor: Someone turning age 65 today has ones from the potential costs of long-term care. Basically,
So, you may need to protect yourself and your loved
almost a 70 percent chance of needing some type of long-term
About Long-Term Care? care services and support in their remaining years, according you’ve got two main choices: You could self-insure or you
to the U.S. Department of Health and Human Services. could transfer the risk by purchasing some type of long-term
By Sally Sima Stahl And all types of long-term care can involve considerable care insurance.
We all hope to remain financial expense. The median annual cost for a home health If you have considerable financial resources, you might
healthy and independent aide’s services is more than $60,000 per year, and it’s more find self-insuring to be attractive, rather than choosing
throughout our lives – but than $100,000 per year for a private room in a nursing home, insurance and paying policy premiums. You may wish to
life can be unpredictable. If according to Genworth, an insurance company. Furthermore, keep an emergency savings or investment account that’s
you were ever to need some contrary to many people’s expectations, Medicare usually earmarked exclusively for long-term care to help avoid
type of long-term care, would pays very little of these costs. relying on your other retirement accounts. But self-insuring
you be financially prepared? Of course, some people expect their family will be able has two main drawbacks. First, because long-term care can
L o n g - t e r m c a r e to take care of their long-term care needs. But this may not be costly, you might need to plan for a significant amount.
encompasses everything from be a viable strategy. For one thing, your family members And second, it will be quite hard to predict exactly how
the services of a home health simply may not have the skills needed to give you the type much money you’ll need, because so many variables are
aide to a stay in an assisted of care you may require. Also, by the time you might need involved – your age when you start needing care, interest
living facility to a long residence in a nursing home. You help, your grown children or other family members might rates or inflation, the cost of care in your area, the type of
may never need any of these kinds of care, but the odds aren’t not live in your area. care you’ll require, the length of time you’ll need care, and
so on.
As an alternative to self-insuring, you could purchase
long-term care insurance, which can provide benefits for
home health care, adult day care and assisted living and
nursing home facilities. However, you will need to consider
the issues attached to long-term care insurance. For one
thing, it can be expensive, though the younger you are
when you buy your policy, the more affordable it may be.
Also, long-term care policies typically require you to wait a
certain amount of time before benefits are paid. But policies
vary greatly in what they offer, so, if you are thinking of
buying this insurance, you’ll want to review options and
compare benefits and costs.
In any case, by being aware of the potential need for
long-term care, its cost and the ways of paying for it, you’ll
be able to make the appropriate decisions for your financial
situation, your needs and your loved ones.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Jones,
Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your qualified
tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

Club news

Discover Palm City’s
History With The

Martin County
INNOVATIVE CARE FOR EVERY Genealogical Society

At the Martin County Genealogical Society’s
NEUROLOGICAL CONDITION (MCGS) May meeting, local historian Sandra Thurlow
will present a history of Palm City which, she says,
“is underappreciated.” Founded in 1912, the city was
almost erased from the map in the 1970s, but now it
At Cleveland Clinic Martin Health, our team of renowned neurologists and dominates the Martin County landscape. MCGS offers
neurosurgeons specialize in comprehensive care for every neurological condition. this presentation in conjunction with Martin County
From stroke recovery and advanced epilepsy treatments to specialized spine care Historic Preservation Month, coordinated each May
and brain tumor surgery – our experts are here for you. by the Martin County Historic Preservation Board.
A Martin County resident since 1961, Sandra

Thurlow and her late husband, Tom, devoted decades
Advanced neurological care is in your community. to researching, collecting and sharing local history.
She has published five books about Martin County,
including pictorial histories of Stuart, Sewall’s Point,
Call 877.463.2010 to schedule an appointment, Jensen Beach and Eden.

Free and open to the public, the meeting will be
or visit ClevelandClinicFlorida.org/Neuro to learn more. at the Blake Library, 2351 S.E. Monterey Road in
Stuart, from 1 to 3 p.m., Friday, May 17. For more
information, go to mcgsfl.org/events.
The Martin County Genealogical Society offers
a variety of services at the Genealogy Room in the
Blake Library including an extensive research library,
access to several genealogy websites and assistance
from MCGS volunteers. For more information about
membership, activities and services go to mcgsfl.org.