SOMA Living April 2024

FINANCIAL FOCUS

LONG TERM CARE OPTIONS

Understanding long-term care is crucial. We all wish for health and independence, but the unpredictable nature of life might lead us to require long-term care, posing a significant financial question. Long-term care includes services ranging from home health aides to nursing home stays. The chances of needing such care are high, with nearly 70% of those turning 65 today likely needing it in the future. Costs are steep, with home health aide services averaging over $60,000 annually and nursing home stays exceeding $100,000. Medicare often covers little of these expenses. Relying on family for care is not always feasible due to skill and proximity limitations. To manage potential costs, you have two main strategies: self-insure or purchase long-term care insurance. Self-insuring, suitable for those with significant financial resources, involves setting aside funds specifically for long-term care. However, predicting the exact amount needed is challenging due to various factors. Alternatively, long-term care insurance covers a range of services but can be costly and requires thorough comparison of policies for benefits and costs.

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Gary T. Jones 973.821.4900 • g.jones@EdwardJones.com

With over 25 years of experience, I work with individuals and businesses to help you achieve your financial goals. As a longtime resident of SOMA, I am proud to serve the local community. To learn more about the content of this article or schedule an appointment to talk about your goals, please contact me in my Maplewood office.

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APRIL 2024 | SOMA LIVING 19

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