Protect your family from long-term care costs

   With luck, you can remain physically and financially independent throughout your life.
   But if you lost some of this freedom, could you become a financial burden on your family?
   This question could come up if you ever need some type of long-term care, because it can easily cost $100,000 per year for a private room in a nursing home, according to Genworth, an insurance company.
   If you aren’t prepared for these costs, your family members – such as your grown children – might have to step in at great cost to themselves.
   To prevent this from happening, you could “self-insure” against the expense of long-term care by devoting a portion of your investment portfolio specifically to this purpose – but that could take a lot of money.
   Your other choice would be to purchase a long-term care protection vehicle.
   A financial professional can help you choose one that’s appropriate for your needs.
   Preserving your financial independence and that of your family should be a key financial goal.
   You can work toward this by recognizing the potential cost of long-term care and taking steps to deal with it.
   This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC. 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.   

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