Can I Afford My Drugs?

Its widely thought that home ownership is a key to building wealth but is it? And should you consistently make sacrifices to buy your own home?            Lets start with the first question: Is owning a home essential to building wealth? It would probably be more accurate to say that home ownership can be helpful in building wealth. Building home equity essentially, the difference between the size of your homes value and what you still owe is certainly valuable. Plus, the bigger your equity, the less you might have to take out in a new mortgage if you ever want to buy a different home.            Now for the next question: How much should you sacrifice to buy your own home? This isnt an easy question to answer because buying a home isnt just a financial issue its also an emotional one. Many people simply like the feeling of owning a home. If you fall into this category, you might be willing to make many sacrifices to join the ranks of homeowners.            However, if youre relatively young and you are part of a single or even a dual-income household, you may well find that your other priorities are more important than home ownership, at least for the moment. These priorities can include paying off student loans, reducing other debts, paying for child care, meeting health care costs and even saving for retirement. With all these expenses, you might not be able to take on a big mortgage, along with real estate taxes, homeowners insurance and the inevitable but costly repairs that come with owning a home.            In addition to the danger of becoming house poor by paying too high a percentage of your income on your mortgage, you could face another issue by sinking too much money into your home and thats liquidity. A home is much more illiquid than savings or investment accounts, so if you needed money in a hurry, and most of yours was tied up in your home, you might be in a jam. You could tap into your home equity through a loan or a line of credit, but thats basically taking on even more debt, though these loans and credit lines typically offer lower interest rates than other forms of borrowing.             So, heres the bottom line: You dont need to feel that you are missing out on a chance to build wealth by not buying a home immediately especially if you would feel extremely stretched by the mortgage payments, given how expensive homes are today. You wont hurt yourself and, in fact, youll likely help yourself by taking care of your most pressing priorities first.             Of course, this doesnt mean that you can never become a homeowner. If you would still like to own a home someday, you could start saving for a down payment, keeping the money in a liquid, low-risk account. Just as importantly, though, you should plan on how owning a home can fit into your budget and how it will affect your cash flow. If you can manage it, you may indeed find that theres no place like home.Chad Choate III, AAMS 828 3rd Avenue West Bradenton, FL 34205 941-462-2445 chad.chaote@edwardjones.com This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones-Member SIPC

Considering senior living as the best option for you or a loved one? If youre just beginning, the search can often feel daunting. And knowing where to look for possible financial resources can seem like a mystery.Its often helpful to approach this as a step-by-step process. Answering the following questions can help get you off to the right start: What lifestyle, amenities and services are you looking for? Is help needed for physical or cognitive issues? If yes, at what level? Which of the 4 basic types of senior living listed below would provide the best fit? What is the cost of senior living? What options may be available to pay for senior living? Basic categories of senior livingFollowing are 4 types of communities available: Independent Living: Private residences for older adults to continue living independently and enjoy the activities, amenities and services offered. Assisted Living: Private residences and assistance with the activities of daily living, such as bathing and dressing. Amenities and other social activities included. Long-Term or Skilled Nursing Care: Full-time care by a trained staff for those requiring medical care for rehabilitation or for long-term chronic conditions. Memory Care: Specialized care for those with Alzheimers or dementia, included as part of assisted living, long-term care or in a stand-alone community. The cost of senior livingPrices vary among communities, services offered and locations. Talk to an associate at a specific community to confirm costs. Be sure to clarify what services are included or can be contracted for an additional fee.How to pay for senior livingEach type of senior living may have varying costs and different payment sources available.When you visit a community, theyll provide you with more detailed information about financial options. We also invite you to download our free guide The Dollars and Sense Guide to Senior Living.The following list offers an overview of a few of the financial resources that may be available, as well as options you might not have yet considered. Private money Personal funds are typically used to pay for independent living, the majority of assisted living and a smaller amount of long-term care. Some states do accept Medicaid for certain assisted living costs.Personal resources could include: Cash Checking and savings accounts Salaries, if youre still working Social Security payments Dividends distributed Investment accounts Retirement or pension plans Long-Term Care Insurance Depending on the policy, long-term insurance may cover the cost of home care, adult day care, assisted living, memory care and long-term care. These policies are sold by private insurance companies and other businesses or as additional insurance offered by employers.The cost of a policy is based on the age of the person at the time of purchase, amount of insurance, time period covered, deductible and any special options. Veterans Benefits Veterans or their surviving spouses may be eligible to receive monthly benefits to help cover the costs of senior living if they meet certain income and personal care qualifications. Known as Aid and Attendance, this federal benefit is offered through The Department of Veteran Affairs. It can help pay for care in the home, assisted living or a long-term care community. Life insurance conversions Your life insurance policy may be transferred to a financial account that provides monthly benefits to help pay for home care, assisted living, long-term care and hospice. These funds wont count as an asset in the Medicaid spend down process, described below. Your home Seniors may have equity built up in their home, which can provide a source of funds. If youre moving into a senior living community, selling your home may provide the money you need.Other financial options that your home may offer include: Access to cash through a home equity loan A line of credit based on your homes equity Reverse mortgage which also considers a homes equity. This funding is only available if one of the owners remains living in the home. Renting out your home. If your home is paid for, the rent received could be applied toward senior living expenses. Medicare Medicare is a federal health insurance program and will only pay for long-term care if you require rehabilitative care at home or in a nursing home, for a limited period of time and if you meet certain restrictions. It doesnt pay for general personal care, assistance with the activities of daily living, or room and board. Medicaid Medicaid will pay for long-term nursing facility care but in order to be eligible, you need to qualify for having limited financial resources. If you do have assets, however, you would need to spend them down in order to qualify. As a joint federal and state program, states may offer some assistance with assisted living costs.Considerations when calculating the cost of senior livingPeople often assume its less expensive to remain at home instead of moving to a community. But that may not be true. Look at the big picture when considering the costs of home vs senior living. If your home would need expensive renovations to make it accessible or if you would need to contract for services to come into your home, the costs may be more comparable than you might have thought.But dont forget to account for the non-financial benefits and advantages. If the safety and quality of life for you or your loved one can be achieved more successfully in a senior living community, youll want to consider the tradeoff of any monetary savings.

As we age, taking medications often becomes a part of everyday life. Whether it's for managing chronic conditions like high blood pressure, diabetes, or arthritis, these medications are necessary to keep us healthy. But for many seniors, the cost of prescriptions can be a major concern. With a fixed income, paying for medications can sometimes feel like a financial burden.One solution that has been helping seniors save money is something called Cost-Plus Pharmacy.  Let us explain what Cost-Plus Pharmacies are, how they work, and how they can make a big difference in lowering medication costs for seniors.What is a Cost-Plus Pharmacy?A Cost-Plus Pharmacy is a type of pharmacy that operates a little differently from the typical drugstore you might be familiar with. In most pharmacies, the cost of medications is marked upsometimes by a lot. This markup helps the pharmacy make a profit, but it also means youre paying more for your prescriptions than the pharmacy actually paid for the drugs.On the other hand, a Cost-Plus Pharmacy sells medications at a price thats closer to what they paid for them, plus a small, reasonable markup. The idea is to be more transparent and fair about pricing. This can help lower the price you pay for your medications, which is great news for seniors, especially those who take multiple medications.How Does a Cost-Plus Pharmacy Work?To keep things simple, think of it this way: lets say a pharmacy buys a medication for $10. A traditional pharmacy might sell that same medication to you for $20, marking it up by $10 in order to make a profit. But in a Cost-Plus Pharmacy, instead of doubling the price, the pharmacy may only add a small amountmaybe $2 or $3.So, instead of paying $20 for that medication, youd only pay $12 or $13. That small difference can make a big impact when youre taking multiple medications each month.One of the best things about Cost-Plus Pharmacies is that theyre open about their pricing. They usually show customers exactly how much they paid for each medication and how much they are adding as a markup. This transparency helps you understand exactly what youre paying for, making it easier to see that you're getting a fair deal.Why Is This Important for Seniors?Many seniors take several medications to manage chronic health conditions. The cost of these medications can quickly add up, and its not always easy to find affordable options. For those on a fixed income, like many seniors, paying for medications can become a financial struggle.For example, according to the Centers for Medicare & Medicaid Services (CMS), the average senior spends about $1,200 per year on prescription drugs. That number can be even higher for those who take multiple medications regularly.Medicare Part D can help with some of these costs, but it doesnt cover everything. Plus, there are gaps in coverage, like the "donut hole," where seniors must pay full price for their medications after reaching a certain spending limit. This leaves many seniors paying high out-of-pocket costs for their prescriptions.Cost-Plus Pharmacies, such as Blueberry Pharmacy, aims to fix this problem. By offering lower prices on medications, these pharmacies can help seniors save money, making it easier to afford the medications they need without breaking the bank.How Can Cost-Plus Pharmacies Save Seniors Money?There are several ways that Cost-Plus Pharmacies help seniors save on their medications.1. Lower Prescription PricesThe biggest advantage of a Cost-Plus Pharmacy is that medications are sold at a lower price than what youd find at a traditional pharmacy. Rather than charging extra fees or high markups, these pharmacies focus on offering a fair price. For example, a medication that may cost $50 at a typical pharmacy could be priced at $35 or less at a Cost-Plus Pharmacy. Thats a savings of $15 on just one medication! If you need several medications, these savings can really add up over time.2. No Hidden FeesAt many regular pharmacies, you might find that your prescription comes with extra chargesdelivery fees, processing fees, or other hidden costs. These fees can make your final bill higher than you expected. Cost-Plus Pharmacies are often more transparent about their pricing. Theyll give you an exact breakdown of the cost, so you know what you're paying for. This way, you avoid any unpleasant surprises when its time to check out.3. Affordable Generic MedicationsGeneric medications are often much cheaper than brand-name drugs, but not all pharmacies carry affordable generics. Many Cost-Plus Pharmacies focus on offering a wide range of generic medications at lower prices. For seniors, choosing generic drugs is one of the easiest ways to save money without sacrificing quality. Cost-Plus Pharmacies make it easier to access these more affordable options.4. Special Programs for SeniorsSome Cost-Plus Pharmacies offer special programs to help seniors save even more money. For example, they may have senior discount programs or loyalty cards that give you even deeper discounts. Some pharmacies also offer free home delivery, which can be a huge help for seniors who may have trouble going to the pharmacy in person.5. Fewer Prescription ErrorsPrescription mistakes can be costlynot just in terms of money, but also in terms of health. If a pharmacy gives you the wrong medication or makes an error on your prescription, you may need to go back to correct it, which can add more time and money to the process. Because Cost-Plus Pharmacies tend to offer more personalized service and fewer customers, they often have fewer mistakes and are able to fill prescriptions more accurately. This can save you both time and money in the long run.As the cost of prescription medications continues to rise, finding ways to save money on those medications is more important than ever. For seniors, a Cost-Plus Pharmacy such as Blueberry Pharmacy can be a great option to lower prescription costs without sacrificing quality or service.By offering lower, more transparent pricing, Cost-Plus Pharmacies are helping seniors save money on the medications they need. Whether youre looking for a more affordable pharmacy in your area or you want to try an online option, these pharmacies can make a real difference in your healthcare expenses.If youre a senior or care for one, its worth looking into a Cost-Plus Pharmacy such as Blueberry Pharmacy. With a little research or by contacting us directly, you could be saving money on your prescriptions every month, making it easier to stay healthy without stressing about the cost. Reach out to us today!