Page 18 - Southern Exposure- April '24

Page 18, Southern Exposure

fiNANCiAl foCuS ®

What Should You Know About Long-Term Care?

By Sally Sima Stahl

We all hope to remain For one thing, it can be expensive, though the younger Edward Jones is a licensed insurance producer in
healthy and independent you are when you buy your policy, the more affordable all states and Washington, D.C., through Edward D.
throughout our lives – but it may be. Also, long-term care policies typically require Jones & Co., L.P., and in California, New Mexico and
life can be unpredictable. If you to wait a certain amount of time before benefits are Massachusetts through Edward Jones Insurance Agency
you were ever to need some paid. But policies vary greatly in what they offer, so, if of California, L.L.C.; Edward Jones Insurance Agency of
type of long-term care, you are thinking of buying this insurance, you’ll want to New Mexico, L.L.C.; and Edward Jones Insurance Agency
would you be financially review options and compare benefits and costs. of Massachusetts, L.L.C.
prepared? In any case, by being aware of the potential need for Edward Jones, its employees and financial advisors
L o ng -t e r m c a r e long-term care, its cost and the ways of paying for it, cannot provide tax advice. You should consult your
encompasses everything you’ll be able to make the appropriate decisions for your qualified tax advisor regarding your situation.
from the services of a home financial situation, your needs and your loved ones. Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
health aide to a stay in an This article was written by Edward Jones for use by 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
assisted living facility to a long residence in a nursing your local Edward Jones Financial Advisor, Edward
home. You may never need any of these kinds of care, Jones, Member SIPC.
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 care services and support It’s the Law!
in their remaining years, according to the U.S. Department
of Health and Human Services.
And all types of long-term care can involve considerable
financial expense. The median annual cost for a home
health aide’s services is more than $60,000 per year, and Did You Know That, In Florida…
it’s more than $100,000 per year for a private room in
a nursing home, according to Genworth, an insurance
company. Furthermore, contrary to many people’s By Adam S. Gumson, Esq.
expectations, Medicare usually pays very little of these
costs. A certificate of trust consideration (such as money, goods, services or
Of course, some people expect their family will be is a legal document that promises).
able to take care of their long-term care needs. But this serves as a concise Having a will does not negate the need for probate.
may not be a viable strategy. For one thing, your family and reliable means of The will is actually the direction as to what happens
members simply may not have the skills needed to give confirming the existence in probate and identifies the preferred personal
you the type of care you may require. Also, by the time of the trust and the names representative and beneficiaries.
you might need help, your grown children or other family of the trustees without There is no state inheritance tax. However, when
members might not live in your area. disclosing the names of someone dies, a final federal income tax return should
So, you may need to protect yourself and your loved beneficiaries or other be filed on behalf of the decedent (i.e., the person who
ones from the potential costs of long-term care. Basically, private details of the dies) or on behalf of the estate.
you’ve got two main choices: You could self-insure or trust. It is often sent to Jupiter Law Center is a private neighborhood law
you could transfer the risk by purchasing some type of financial institutions or firm located in the RiverPlace Professional Center,
long-term care insurance. government entities in lieu of providing the entire trust 1003 W. Indiantown Road, Suite 210, Jupiter, FL,
If you have considerable financial resources, you to confirm that the trust is still valid and operational. (561) 744-4600, jupiterlawcenter.com. The firm
might find self-insuring to be attractive, rather than A contract is a legally binding agreement between provides peace of mind by solving problems with
choosing insurance and paying policy premiums. You two or more parties that outlines the material terms and integrity and compassion in the areas of estate and
may wish to keep an emergency savings or investment conditions governing their relationship. It is commonly business planning, probate, guardianship and trust
account that’s earmarked exclusively for long-term care referred to as “a meeting of the minds” and typically administration, probate and guardianship for personal
to help avoid relying on your other retirement accounts. involves an offer made by one party, the acceptance injury firms, family law and real estate.
But self-insuring has two main drawbacks. First, because of that offer by another party and an exchange of
long-term care can be costly, you might need to plan for
a significant amount. And second, it will be quite hard to
predict exactly how much money you’ll need, because so
many variables are involved – your age when you start True Treasures
needing care, interest rates or inflation, the cost of care
in your area, the type of care you’ll require, the length of Consigned Furniture
time you’ll need care, and so on.
As an alternative to self-insuring, you could purchase & Home Décor
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 TrueTreasuresInc.com
consider the issues attached to long-term care insurance.
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