August 2011 - OutreachNC Magazine

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26 OutreachNC • August 2011 There are a few things you can do to specifically ward off memory loss. Most importantly, EXERCISE YOUR BRAIN! HOW TO PLAY SUDOKU: • Every row of 9 numbers must include all digits 1 through 9 • Every column of 9 numbers must include all digits 1 through 9 • Every 3 by 3 subsection of the 9 by 9 square must include all digits 1 through 9 Grey Matter See Grey Matter Puzzle Answers on Page 28 WORD SCRAMBLE Rearrange the letters in each word below to spell the names of words pertaining to National Dog Day. DRBEE STBE DFEIRN MNAALI MPCONAOIN HCTFE Across 1. Takes off 6. Gillette product 11. Hug 13. Styled with Brylcreem 15. Pigeons’ housing 16. Animal fat 17. Barely get, with “out” 18. More disgusting (slang) 20. ___ v. Wade 21. Actress Sorvino 23. Safari sight 24. Oil source 25. Cavern, in poetry 27. ___ and outs 28. Feasts 29. Thong 31. Carbon residue (pl.) 32. Mass of developing tadpoles 34. Sing like Bing 36. Malady 39. Bake, as eggs 40. Action film staple 41. Pound sounds 43. High school dance 44. Jalopy 46. Anger, with “up” 47. “Baloney!” 48. Summertime (2 wd) 50. ___-Atlantic 51. Picture 53. Hawser 55. Child’s movable walking assist (pl.) 56. Internet seller 57. Eye sores 58. Doesn’t ignore Down 1. Tobacco use 2. Turns to show other side 3. “___ we having fun yet?” 4. R-rated, maybe 5. Use elbow grease on 6. Isuzu model 7. Gulf V.I.P. 8. Blast 9. Fragrant 10. What a cobbler does 11. Swelling 12. Print using metal plate and acid 13. Nuisances 14. Considers 19. Extra large 22. Painting, for one (2 wd) 24. Panasonic rival 26. Overthrow, e.g. 28. Soft 30. Carbonium, e.g. 31. “Do the Right Thing” pizzeria owner 33. Folded like a fan 34. Colored lithographs 35. Mob disbursement law (2 wd) 37. Vilely 38. Slats 39. Bit of parsley 40. Impulses 42. Exodus commemoration 44. Habits 45. Former capital of Japan 48. Acute 49. Q-Tip 52. Chipper 54. Deception www.OutreachNC.com
An alternative to traditional LTC insurance Fortunately, many seniors have saved a nest egg for retirement, some of those dollars specifically set aside for late-in-life health care needs. And deservedly so, as the most recent reported cost of Assisted Living facilities in North Carolina is $32,000 per year and average Nursing Home costs are $72,000 per year. Current statistics provided by the U.S. Dept. of Health and Human Services reveal that about 70 percent of individuals over age 65 will require some type of long-term care (LTC) services during their lifetime and over 40 percent will receive care in a nursing home. Men are averaging a 2.2-year stay and women about a 3.7-year stay. Take these figures and calculate an expected rise in health care costs and ten years from now, each of us may be looking at a potential total LTC health care bill of $200,000 or more. Despite the fact that someone might tell us we have a 70 percent chance of needing LTC services, as an individual, our chance of needing LTC will be either 0 percent or 100 percent. We will either need assistive long-term care, or we won’t. For this reason, one of the biggest objections to purchasing any type of LTC coverage is the aspect of, “What if I pay premiums for years and never use the coverage? Then I’ve lost all my money.” Well now, for those that have set aside savings for a possible LTC event, there is a solution. Due to the Pension Protection Act of 2006 and taking effect in January 2010, a significant advantage is available to an account owner, who chooses to reposition a portion of their financial assets into this relatively new product. It is an annuity that offers expanded coverage for LTC costs. This annuity offers a fixed, tax-deferred rate of return (currently in the two to three percent range) and should the need for LTC occur, the policy offers a benefit to double, triple or quadruple the initial deposit depending upon the insurance carrier and the amount of time the policy is owned. Possibly the most beneficial aspect of this product is when LTC services are never needed; the account holder (or their beneficiary) simply receives their initial deposit back, plus interest. Most people who are purchasing these types of policies are ones who have indeed saved for the potential LTC event. They are taking deposits from their savings (possibly a Money Market or Certificate of Deposit/CD) and repositioning those dollars into an annuity with LTC benefits. There is a minimum deposit into these types of annuities, typically $25,000 to $50,000 depending on the insurance carrier. Another popular funding option for the LTC annuity is through a 1035 rollover provision. The “1035 exchange” of cash value in a current annuity, rolled to the new annuity, allows cash value to be preserved and placed into a new LTC annuity without tax implications or loss in value. The account holder still has an annuity, but now with the added benefit of www.OutreachNC.com OutreachNC • August 2011 27 doubling or tripling their dollars in case they are needed for LTC health care. Granted it takes significant dollar amounts to fund the LTC annuity, but many people have already set aside dollars for possible health care costs. By repositioning assets into a LTC Annuity, if long-term care is needed, your dollars have the potential to increase significantly, but just as importantly, when LTC is not needed, you don’t risk losing your hard-earned money. Donner, CRPC, is a Chartered Retirement Planning Counselor, has a Bachelor of Science in Nursing, is licensed in LTC and is NAIC Partnership Certified. She can be reached at (919) 460-6076 or beth@diversifiedplanning.com . Please note that the information given here should not be construed as tax advice and that you should consult your own personal tax advisor for your particular situation. Do you need help caring for a spouse or parent? Personal Care | Private Duty Household Chores Companionship Respite Care No Contracts Long-Term Care Elizabeth Donner, CRPC Our caregivers are experienced, self-employed, independent contractors. We interview each applicant and do reference, education & background checks. 910.725.0340 www.VillageCaregivers.com
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August 2011 - OutreachNC Magazine

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