Page 24 - August 2020 Issue.indd

When Facing concerns – but also financial ones. How point at age 65. Even so, you’ll likely
can you prepare for them? need to supplement it with additional
Illness, Take coverage. But you may also want to look
Essentially, you’ll need to consider four
Control of Finances key areas: investments, insurance, legal beyond health insurance. For example,
you might be able to purchase a “chronic
arrangements and taxes. Let’s take a
illness rider” that allows you to tap into
Submitted by Ann Jacobs, quick look at each of them:
life insurance benefits while you’re still

Financial Advisor Investments – You’ll likely need to draw alive. Or you might consider adding a
Edward Jones - Denton on your investments for at least some “long-term care rider” to a life insurance
443-496-1755 of the expenses associated with your policy; this rider off ers fi nancial benefi ts
illness. So, within your portfolio, you if you ever require daily care that you
In light of the may want to establish a special fund can’t provide for yourself. And some
coronavirus devoted entirely to these costs, whether foundations, states and drug companies
p a ndemic, they be health care, modifications to offer programs that can help pay for
virtually all of your home, transportation and so on. some costs that your insurance won’t
us have consid- A financial professional can help you cover.
ered health- choose investments for this fund, as
related issues. well as make recommendations for your Legal arrangements – If you haven’t
But for people overall investment strategy, including already done so, you may want to estab-
facing a serious, chronic illness, such as techniques for boosting your income, lish the legal documents most appropri-
Parkinson’s disease, multiple sclerosis, such as adding investments that can ate for your situation, such as a durable
diabetes or cancer, health concerns are provide an income stream that kicks in power of attorney for fi nances, which
an everyday matter. If you’re fortunate, when you think your costs will rise. gives someone the authority to manage
you may never be afflicted with such your financial affairs if you become
maladies, but the future is unpredictable. Insurance – Depending on your health temporarily incapacitated, possibly due
Of course, going through these health status, you may be able to collect Medi- to flare-ups of your chronic disease.
challenges bring physical and emotional care earlier than the traditional starting Once you’ve recovered, you regain

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