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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% chance of needing some
type of long-term care services and support 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 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 expectations, Medicare usually pays very little of these costs.
Of course, some people
expect their family will be able to take care of their long-term care needs. But
this may not be a viable strategy. For one thing, your family members simply
may not have the skills needed to give you the type of care you may require. Also, by the time you might need help, your
grown children or other family members might not live in your area.
So, you may need to protect
yourself and your loved ones from the potential costs of long-term care.
Basically, you’ve got two main choices: You could self-insure or you could transfer
the risk by purchasing some type of long-term care insurance.
If you have considerable
financial resources, you might find self-insuring to be attractive, rather than
choosing insurance and paying policy premiums. You may wish to keep an emergency savings or
investment account that’s earmarked exclusively for long-term care to help
avoid relying on your other retirement accounts. But self-insuring has two main
drawbacks. First, because 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 needing care, interest rates
or inflation, the cost of care in your area, the type of care you’ll require, the
length of time you’ll need care, and so on.
As an alternative to
self-insuring, you could purchase 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 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.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton,
FL 34205
chad.chaote@edwardjones.com
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. California Insurance License OC24309
This article was
written by Edward Jones for use by your local Edward Jones Financial Advisor.
As our loved ones age, its natural to notice some changes in their memory, thinking, and behavior. Forgetting where they placed their keys or occasionally mixing up names is often just part of growing older. However, theres a fine line between typical aging and the early symptoms of dementia. Recognizing this difference is crucial for getting help early and preserving quality of life.What you will learn: The key differences between normal aging and early signs of dementia. Seven critical symptoms of early dementia that shouldnt be overlooked. How early detection can improve care planning and quality of life. Ways in-home care supports seniors with dementia and eases family caregiving challenges. Normal Aging vs. Early Dementia Understanding whats considered normal aging is key. Age-related memory changes often involve forgetfulness that doesnt disrupt daily life. A senior might take longer to recall a word or forget why they walked into a room, but the information typically comes back. Theyre still able to manage household tasks, keep appointments, and make sound decisions. In contrast, dementia is a progressive condition that interferes with the ability to function independently. It affects memory, communication, reasoning, and judgment, and eventually requires full-time care. 7 Key Dementia Signs You Shouldnt IgnoreHere are some critical signs of early dementia:1. Frequent Memory Loss That Disrupts Daily Life: Forgetting recently learned information and relying heavily on notes or others to remember things they used to manage on their own.2. Difficulty Completing Familiar Tasks: Struggling to follow a recipe, balance a checkbook, or operate appliances theyve used for years.3. Trouble Finding Words or Following Conversations: Difficulty expressing thoughts or understanding what others are saying, often pausing, repeating themselves, or struggling to name everyday objects.4. Poor Judgment or Decision-Making: Giving away large sums of money, neglecting hygiene, or dressing inappropriately for the weather.5. Confusion About Time or Place: Getting lost in familiar places, forgetting how they got somewhere, or becoming confused about the date or season.6. Changes in Mood or Personality: Unusual irritability, depression, anxiety, or withdrawal from social activities.7. Misplacing Items and Losing the Ability to Retrace Steps: Putting items in unusual places and being unable to find them again without help.How In-Home Care Can HelpCaring for a loved one showing signs of dementia can be emotionally and physically challenging. Thats where in-home support from Always Best Care of Denver can make a meaningful difference. Our caregivers are trained to recognize the early symptoms of cognitive decline and keep families informed about changes. They can help with daily tasks, encourage mental stimulation, and provide companionship.Having a compassionate caregiver in the home gives families peace of mind, ensuring that your loved one is safe, supported, and able to maintain as much independence as possible.FAQQ: Whats the difference between normal aging and early dementia? A: Normal aging involves forgetfulness that doesnt disrupt daily life, while early dementia affects memory, communication, and judgment, impacting daily functioning.Q: How can I support a loved one with early signs of dementia?A: Seek professional evaluation early, and consider in-home care for support with daily tasks and companionship.Q: Is it possible to slow down dementia progression? A: While theres no cure, early detection and support can improve quality of life and slow down some symptoms.Schedule a Complimentary Consultation at Always Best Care of Denver!If youre concerned about memory changes in someone you care about, dont wait to take action. Contact Always Best Care of Denver at (303) 952-3060 for a care consultation. Our experienced team can help you understand your options and create a care plan tailored to your loved ones unique needs. Early support mattersand you dont have to navigate it alone.
Home should be a haven, but for someone living with dementia, it can quickly turn into a maze of confusion and hazards. At Always Best Care of Denver, we know that a few thoughtful tweaks-big or small-can make all the difference. So, how can we transform a regular home into a dementia-friendly home? Grab a cup of tea, and lets roll up our sleeves!What you will learn: The key reasons why home modifications for dementia are essential for safety, comfort, and independence. Simple, practical ways to adapt each room. Useful safety tips, technology aids, and supportive equipment that help prevent accidents and ease daily life for loved ones with dementia. Why Home Modifications for Dementia MatterDementia changes how people see, remember, and interact with their environment. Simple tasks become tricky, and familiar spaces can suddenly feel foreign. Smart home modifications for dementia can: Reduce falls and injuries. Boost independence. Ease anxiety and confusion. Prevent wandering and accidents. 3 Key Principles of a Dementia-Friendly HomeLight It Up Double the usual lighting levels; aging eyes need more light! Use daylight as much as possible; keep curtains open and windows clear. Add motion-sensor lights in hallways and bathrooms for nighttime trips. Color and Contrast Use contrasting colors for walls, floors, and furniture to help with depth perception. Avoid busy patterns; they can confuse or even frighten someone with dementia. Try colored tape or labels for steps, switches, and taps. Declutter and Simplify Keep walkways clear; no tripping over shoes or stray rugs! Store daily-use items in easy-to-reach, labeled spots. Remove or lock away hazardous items like cleaning products, knives, and medications. Room-by-Room Home Modifications for DementiaKitchen Safety Tips Install stoves with auto shut-off features or remove stove knobs. Keep sharp objects and cleaning supplies locked away. Use clear labels on cupboards and drawers. Regularly clean out the fridge; no one wants a science experiment gone wrong! Bathroom Modifications Add grab rails and slip-resistant mats. Install a raised toilet seat and a color-contrasted toilet seat for easy spotting. Use lever taps and label hot and cold clearly. Remove electric blankets and hot water bottles. Bedroom Safety Place non-slip mats beside the bed (but make sure theyre not a trip hazard). Install nightlights or motion-sensor lights for late-night wandering. Remove mirrors or limit them. Living Areas Arrange furniture for easy navigation; think wide, open paths. Use photos of loved ones and familiar objects to create a sense of belonging. Keep commonly used items, like the TV remote or favorite blanket, within arms reach. Top 10 Dementia Safety Tips Lock away hazardous items (cleaners, knives, meds). Use contrasting colors for steps and switches. Install grab rails and slip-resistant flooring. Add motion-sensor lights throughout the house. Label doors, cupboards, and drawers. Remove or secure loose rugs and cords. Keep emergency numbers on every phone. Limit mirrors and reflective surfaces. Use door alarms to prevent wandering. Regularly assess the home for new hazards. Technology Aids and Equipment Door alarms and GPS trackers for wandering prevention. Smart home systems for automating lights and heating. Memory aids like whiteboards or digital reminders. Accessible phones with large buttons and photo dialing. Frequently Asked Questions About Home Safety Modifications for People With Dementia How do I start dementia proofing a home? Begin with a walk-through, looking for trip hazards, poor lighting, and unsecured dangerous items. Tackle the most urgent risks first, then work room by room. Whats the best lighting for dementia patients at home? Bright, even lighting is key! Use natural daylight when possible and add motion-sensor lights in dark areas. Avoid glare and harsh shadows. How can I prevent wandering at home? Install door alarms, use locks on exit doors, and consider GPS devices. Keep doors to unsafe areas locked, but allow easy access to safe spaces. Are labels and signage really helpful? Absolutely! Clear, simple labels (words or pictures) on doors, cupboards, and drawers help jog memory and reduce frustration. What should I avoid in a dementia-friendly home? Busy patterns, clutter, loose rugs, and anything sharp or toxic. Also, steer clear of complicated gadgets and confusing layouts.Transform Your Home Into a Safe Haven | Start Your Dementia-Friendly Makeover Today!Making home modifications for dementia isnt just about safety-its about helping our loved ones feel confident, comfortable, and cared for. At Always Best Care of Denver, we believe a few thoughtful changes can turn a house back into a home. Remember, its not about perfection; its about progress. Ready to roll up your sleeves and create a dementia-friendly home? Were right here with you every step of the way. Contact Always Best Care of Denver at (303) 952-3060 to learn more and schedule your free consultation.
Perhaps you've heard the expression: Life is what happens when youre busy making other plans. Its certainly true about an unexpected job loss. And it may cause stress over your financial situation. Here are a handful of steps you can take shortly after the loss of employment to help put yourself in the best financial position. Some of these are time-sensitive, so the sooner you act, the better.File for unemployment While unemployment insurance typically covers less than half of your previous paycheck, it can provide some financial relief generally up to 26 weeks. Since filing a claim can be time-consuming, file immediately so payments begin as soon as possible. There are eligibility requirements, including your unemployment being involuntary and through no fault of your own, and meeting your states time worked and wage requirements. You can learn more about your states unemployment insurance program online. Adjust your budget and spending You'll likely require some changes to your budget, at least temporarily. Try to focus on the essentials, like housing, utilities and food, and see where you can cut costs or find cheaper alternatives on nonessentials, like coffee shops and entertainment. If youre saving for longer-term goals, like retirement or college, you may want to pause those contributions temporarily. Evaluate other sources of income In addition to any severance and unemployment payments, you can consider cashing in emergency or other savings and investment accounts. You could look for part-time work, which generally does not affect your unemployment insurance income as long as you're earning less than your unemployment benefits. Other possibilities are cashing in the value of insurance policies or annuities outside of surrender charge periods, accessing retirement accounts early, selling investments without taxable gains and borrowing money. Be aware that some of these options come with tax implications and fees. A financial advisor can help you navigate the trade-offs. Understand your HSA and FSA options Youll want to get the maximum benefit from your flexible spending account (FSA) and health savings account (HSA). The funds in an FSA are subject to a use-it-or-lose-it rule, generally within 60 days from termination. Consult your Summary Plan Description to understand how your FSA works and how to use your funds. Your HSA is yours to keep after leaving a company, and theres no deadline to use the funds. While you typically cant pay health insurance premiums from an HSA, there are exceptions for COBRA premiums and some other health insurance premiums if youre receiving federal or state unemployment benefits. Your plan administrator can help guide you. Ensure you have health insurance coverage Find out if your health benefits continue for any period and what is included. You generally can extend your employer's coverage up to 18 months under COBRA, though it's often expensive because you are liable for all monthly premiums. Joining your spouses or partners workplace plan could be an option, but you may only have 30 days to enroll. You can also look for coverage through the Health Insurance Marketplace, a function of the Affordable Care Act (ACA), where lower-income households may qualify for subsidies. Learn more about ACA coverage at healthcare.gov.Whether your next step is moving into early retirement or finding new employment, working through these steps may help you feel more confident in your financial position and more prepared to take on whatever comes next. Chad Choate III, AAMS828 3rd Avenue WestBradenton, FL 34205941-462-2445chad.chaote@edwardjones.com This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Experience and BackgroundI am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals.As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that.Whether you're planning for retirement, saving for college for children or grandchildren, or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service.But we're not alone. Thousands of people and advanced technology support our office so that we can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals.I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program.I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.