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Father tried to save 14-year-old son in Virginia lake before they both drowned
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A family’s Memorial Day weekend spent at a Virginia lake quickly turned tragic after a father and his teenage son both drowned.
According to the Luisa County Sheriff’s Office, a 14-year-old boy was struggling in Virginia’s Lake Anna on Saturday when witnesses called emergency responders for help. While responders were on their way to the scene, the boy’s 42-year-old father jumped in to try and save his son, police said.
“It was reported that witnesses observed the father struggling, just before losing sight of him as well,” the sheriff’s office said in a press release. “Several people went into the water in an attempt to locate them but were unsuccessful.”
Upon arrival, emergency officials were able to locate and recover the bodies of the father and son, who were from out-of-state and whose names were not disclosed. They were pronounced dead on the scene.
The area in which the father and son had been was near an isolated cove on the same side of the lake as the North Anna Nuclear Generating Station, CBS affiliate WTVR reported. That side of the body of water is known as the “hot side.”
“The cold side is the public side; anybody can get in to. The hot side is the private side where you have to be an owner or a guest. Never heard about anybody dying on the hot side, you always hear about somebody dying on the cold side, more frequently,” one man told the station.
Lake Anna is a roughly 17-mile-long lake that has about 200 miles of shoreline, according to the county. The “cold side” of the lake is roughly 9,000 acres while the other part of the lake is about 4,000 acres, with both sides divided by three dikes.
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4 important long-term care decisions to make before age 60, experts say
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Nearly three-fourths of adults 65 or older will need some sort of long-term care at some point during their remaining years, statistics show. But, unfortunately, this care can come with jaw-droppingly high prices — it costs, for example, over $100,000 per year on average for a private room in a nursing home — and Medicare isn’t much help.
For these reasons, it’s important to plan ahead for the costs. Before you hit 60, you should have some important long-term care decisions made — including how you’ll cover the costs of that care.
Learn more about your long-term care coverage options online now.
4 important long-term care decisions to make before age 60, experts say
Are you closing in on age 60? Here are the questions you need to answer fast:
What products you’ll need
There are lots of options when it comes to paying for long-term care. While you can use retirement accounts to cover the cost, that can reduce your nest egg significantly — and fast.
You’ll likely want to consider annuities, life insurance riders, health savings accounts, or a long-term care insurance policy instead. The latter is specifically geared toward long-term care needs.
There are other options, too, according to Chris Orestis, president at Retirement Genius.
“If they own a life insurance policy they could cash it out through a life settlement and use the funds for care,” Orestsis says. “Or they can consider a reverse mortgage, home equity loan, or senior bridge loan to draw down on their home’s value to pay for care.”
Start your search for the right long-term care insurance policy here.
What facilities you might consider using
You should also decide what services and facilities you want to use as you age. For one, the cost of in-home care, assisted living communities and nursing home facilities vary widely.
On top of this, long-term care insurance policies typically stipulate which services you can use, so if you’re going this route, you’ll want to be sure your policy covers the right options.
“Some long-term care solutions limit home health care vs. facility care or offer reimbursement benefits vs. cash indemnity-style benefits,” says Joseph Gaj, director of insurance at Wealth Enhancement Group. “It’s important to pick the product type that fits your needs best.”
When you can pull the trigger
Once you decide how you’re going to pay for your long-term care needs, the next step is to determine when you can pull the trigger on setting up or purchasing that solution. With long-term care insurance policies, for instance, the earlier you can act, the better.
“The younger and healthier a person is when they apply, the easier to obtain and the less expensive long-term care insurance will be,” says Brian Gordon, a long-term care advisor and president at Gordon Associates.
That’s because long-term care policies require medical underwriting. And the older you get, the more likely you are to have health problems — and need to file a claim.
“The sweet spot to buy a long-term care policy is age 60, assuming someone is at standard health or better,” Orestis says. “Almost 80% of long-term care coverage is purchased by people between the ages of 50 to 69.”
What company you’ll use
If you do opt for a long-term care insurance policy, you should start doing your research. Not only can this help you find the best policy and provider for your needs, but it could save you cash.
“Look for companies that give discounts,” says Rhonda Vry-Bills, an instructor with Certification for Long Term Care. These often include partner discounts (for getting a policy with your spouse) and discounts for maintaining good health, she says.
You should also consider a company’s financial solvency and check its rating with rating companies like A.M. Best, Standard & Poor’s, or Moody’s Investors Service. You want to be sure they’ll be around to cover claims — even decades down the road.
The bottom line
And, it’s important that you try not to go at it alone. If you want the best coverage, premiums and provider, talk to a professional. They can help you determine the right moves for your needs and money.
“Work with a long-term care specialist,” Bills says. “They will assist you in shopping out all strategies — not just one company or one strategy.”
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