By Julie K Taurianen, AAMS® Edward Jones Financial Advisor
Becoming disabled — One-third of all people between the ages of 30 and 64 will become disabled at some point, according to the Health Insurance Association of America. If you became disabled, even temporarily, the loss of income could prove devastating to your financial security, and that of your family’s.
To avoid this worrisome scenario, you may want to consider disability insurance. If your employer offers this coverage as an employee benefit, take it — but don’t assume it will be sufficient. Many times, an employer-sponsored disability policy will only cover a short-term disability and may have a long waiting period for benefits to kick in. Consequently you may need to purchase your own disability insurance policy to supplement your employer’s coverage.
Requiring long-term care — Unfortunately, many people eventually require some type of long-term care, whether that involves a stay in a nursing home or the assistance of a home health care aid. This type of care is expensive, and Medicare only covers part of it. Just how costly is long-term care? The national average for home health aide services is nearly $45,000 per year, and a private room in a nursing home is nearly $84,000 per year, according to a recent survey by Genworth, a financial security company. To meet long-term care costs, you could self-insure, but that might be prohibitively expensive. But failing to do anything about meeting long-term care costs could result in the need for your grown children or other family members to get involved in some fashion — and that is something you no doubt wish to avoid. Fortunately, you can find solutions. To learn about appropriate protection vehicles, consult with your financial advisor.
With some thoughtful planning, constant vigilance and timely action, you can meet all these challenges — and enjoy all the seasons of life in which you find yourself.
•••
Courtesy Edward Jones Investments – Julie K. Tauriainen, AAMS® Financial Advisor 9055 Soquel Dr. Suite D Aptos. Tel#: 831-662-4565, Toll Free 888-639-8640