Page 11 - JupiterSpotlight - April '24

Jupiter Spotlight, Page 11
Financial Focus
What Should You Know About
Long-Term Care?
By Sally Sima Stahl
We all hope to remain
healthy and independent
throughout our lives – but life
can be unpredictable. If you
were ever to need some type
of long-term care, would you
be financially prepared?
Long-term care
encompasses everything from
the services of a home health
aide to a stay in an assisted
living facility to a long residence in a nursing home. You may
never need any of these kinds of care, but the odds aren’t
necessarily in your favor: Someone turning age 65 today has
®
almost a 70 percent chance of needing some type of long-term two main choices: You could self-insure or you could transfer
care services and support in their remaining years, according the risk by purchasing some type of long-term care insurance.
If you have considerable financial resources, you might
to the U.S. Department of Health and Human Services.
And all types of long-term care can involve considerable find self-insuring to be attractive, rather than choosing
financial expense. The median annual cost for a home health insurance and paying policy premiums. You may wish to keep
aide’s services is more than $60,000 per year, and it’s more an emergency savings or investment account that’s earmarked
than $100,000 per year for a private room in a nursing home, exclusively for long-term care to help avoid relying on your
according to Genworth, an insurance company. Furthermore, other retirement accounts. But self-insuring has two main
contrary to many people’s expectations, Medicare usually drawbacks. First, because long-term care can be costly, you
pays very little of these costs. might need to plan for a significant amount. And second, it
Of course, some people expect their family will be able will be quite hard to predict exactly how much money you’ll
to take care of their long-term care needs. But this may not need, because so many variables are involved – your age
be a viable strategy. For one thing, your family members when you start needing care, interest rates or inflation, the
simply may not have the skills needed to give you the type cost of care in your area, the type of care you’ll require, the
of care you may require. Also, by the time you might need length of time you’ll need care, and so on.
help, your grown children or other family members might As an alternative to self-insuring, you could purchase long-
not live in your area. term care insurance, which can provide benefits for home
So, you may need to protect yourself and your loved ones health care, adult day care and assisted living and nursing
from the potential costs of long-term care. Basically, you’ve got 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.
Jupiter Senior
Softball
Jupiter Senior Softball
Association (JSSA)
player Vic Troiano, has
been named recipient of
the 2023 Commissioner’s
Award.
The award by JSSA
Commissioner Paul
Storch is “For Meritorious
Service in Furthering the
Mission and Spirit of the
Jupiter Senior Softball
Association.”
In announcing the
special honor Storch cited
Troiano’s dedication and Vic Troiano, recipient of the
“unprecedented string” 2023 Commissioner’s Award
of managing winter
league teams while coordinating pickup games, serving
as an umpire and assuming a leadership role as a division
and association board member.
A member of the senior softball organization since
2010, Troiano is noted for his low-key manner as well as
his genuine honesty and humility. “Additionally, on and
off the field you will not find a JSSA member with more
spirit, soul and love in his heart,” Storch said.
Troiano said he was taken aback upon learning of the
award and feels blessed and honored. “My theme has
always been, let’s have some fun, don’t get hurt and let’s
have a competitive game, win or lose,” he said. The award
was to be officially presented later in the spring.
The year-round Jupiter Senior Softball program is open to
persons 55 and over and is sponsored by the nonprofit Jupiter
Senior Softball Association in cooperation with the Town of
Jupiter’s Parks and Recreation Department. Games are every
Monday, Wednesday and Friday morning beginning at 8:30
a.m. They have been at Maplewood Park pending completion
of renovations at Jupiter Community Park.
For information about the softball program, including
sponsorship or to register, contact Gary Newman at (917)
623-0791, or go to www.leaguelineup.com/jssa.