Good Day Alabama: April 19, 2016

Good Day Alabama: April 19, 2016

Here's what you saw on Good Day Alabama:

JEH JEH LIVE - Jubilee Joe's Cajun and Seafood Restaurant brings the taste and sounds of New Orleans to Venue 31 located in Pelham on Saturday, April 23rd from 1-10pm for the 9th Annual Jubilee Joe's Crawfish Boil. Bring your Cajun appetite for a fun family event. Thousands of pounds of fresh Louisiana Crawfish are brought live and boiled on the spot. Other famous Louisiana dishes will also be available to fill your craving! Get ready to dance the Zydeco to talented Cajun and Brass bands. The headliner is the American alternative rock band-Everclear. There is entertainment for the entire family including a large kids corner with activities including a Crawfish Race. Patrons will also have a chance to win $500 when they enter the Crawfish Eating Contest. A portion of the festival proceeds will benefit Hand in Paw that provides animal assisted therapy. General Admission tickets are $22. VIP Tickets are $45 includes general admission and all you can eat crawfish. 12 and under are free. For more information on the event please visit www.jubileejoescrawfishboil.com.

BETH K - Dietary supplements are a $20 billion a year industry. But here are two big questions consumers should ask when buying dietary supplements: 
• Will dietary supplements make you healthier? 
• Does the supplement contain the ingredients it says it does? 
A 2012 report from the Inspector General found that 20% of supplements for weight loss or immune system report made illegal claims.  Recalls of supplements for containing dangerous substances are high and investigators often find that some dietary supplements are contaminated with toxic ingredients. And, a little over a year ago, the New York Attorney General's office ordered GNC, Target, Walgreens, and WalMart to remove a number of store-brand supplements from their shelves because they did not contain the active ingredients listed on the supplement. In other words, consumers were not getting what they paid for. How can this happen? While many consumers believe that over the counter supplements are regulated, the reality is, they are not. Supplement companies have only lax rules and can get away with a lot – including selling you products that don't even contain what the label states. How can you protect yourself? Enter the USP – the United States Pharmacopeia. The USP is an independent group that supplement companies can voluntarily ask to come in and inspect their supplements. The doctor who founded the USP almost 100 years ago also founded the Good Housekeeping Seal of Approval! So look for the letters "USP" on supplements and this mark. But what does USP mean? According to its website: 
-Contains the ingredients listed on the label, in the declared potency and amounts.
-Does not contain harmful levels of specified contaminants
-Will break down and release into the body within a specified amount of time
-Has been made according to FDA current Good Manufacturing Practices using sanitary and well-controlled procedures
Be aware that "USP" does not mean that the supplement will work for you or that you will actually be healthier by taking it. Most supplements do not have scientific evidence to support the benefits they claim! Also, note that if your supplement has not been approved by the USP, it is not necessarily bad - you just have no assurance that it meets these standards.

MONEY TUESDAY - Stewart Welch joined us with a look at healthcare planning for retirement- the new paradigm. He says a decade or so ago, there wasn't a lot of discussion about how healthcare costs could ruin a perfectly good retirement planning strategy.  What has changed is the massive numbers of Baby Boomers headed for the retirement exits along with steeply rising healthcare costs.  In today's world, projected healthcare costs during retirement deserve to be a line item in your planning…and a big item of focus.  Healthcare costs have risen sharply over the years, in part due to advances in medicine.  As a result, those eighty million Baby Boomers are living longer which adds financial pressure on virtually all financial systems including estimates that out-of-pocket costs for healthcare could exceed $250,000 during your retirement years. What are the best ways to fund this enormous expense item?
• Play the statistics and self-fund.  If you have minimal assets and income, you'll quickly qualify for Medicaid which will fund 100 percent of nursing care costs.  If you have assets, 'playing the statistics' means calculating your potential out-of-pocket costs based on the average nursing home stay should you be unlucky enough to end up there.  Based on research by Boston College's Center for Retirement Research, there is only a 27 percent chance that a man age 65 will need nursing home care.  If he does, the average stay is only ten months.  Assuming $200 per day costs, you'd only need about $60,000.  For a woman age sixty-five, the odds of ending up in a nursing home are 44 percent with the average stay being sixteen months.  Convert that to dollars and total costs would be about $100,000.  Of course, here you're playing the averages…meaning half of the people stay longer and half shorter.  My own experience dealing with real cases is that most people opt to 'stay at home' versus going into a nursing home and this would likely cause costs to rise, perhaps sharply.
• Fund expected costs with insurance.  Traditionally many people have chosen to buy long-term care insurance as a way to fully or partially fund future in-home or nursing care.  The problem that I've seen is that the insurance companies significantly underestimated their future expense obligations and experienced heavy losses.  Many got out of the business while others have significantly raised premiums on their policyholders.  My own personal experience is that my carrier, Met Life, has raised premiums some 58% and has indicated they plan to continue raising premiums as state-by-state insurance commissioners will allow.  Premiums could become unaffordable.
• Use new hybrid insurance products.  In response to the fallout in the traditional long-term care insurance industry, insurance companies have developed new products that combine some element of a life insurance policy - often with a large lump-sum, up-front deposit - with a long-term care benefit.  There are a number of variations but generally, if you never tap the policy for long-term care benefits, your beneficiaries receive life insurance death benefits.  
The rising costs of healthcare presents a complex financial puzzle for retirees or those people planning their retirement.  Stewart strongly recommends that you meet with your financial professional for assistance in navigating this financial minefield.

GUMBO GALA - This year marks the 11th anniversary of Gumbo Gala, an annual cook-off event benefiting Episcopal Place, presented by InSinkErator. The event started as a backyard party in Caldwell Park for the residents of Episcopal Place but soon grew more popular than anyone ever imagined. After out-growing Caldwell Park, the event moved to Sloss Furnaces in 2011 and then to Regions Field in 2015, where we will return this year. With 60 teams and thousands of participants, Gumbo Gala is the largest gumbo competition along the Gulf Coast. Cook teams will compete for 15 awards and cash prizes in the Professional and Back Yard Cooks divisions as they serve up delicious gumbo for judges and guests to sample. Guests will also enjoy live music, artisans and craftsman - handmade soaps, locally sourced beeswax candles, and straight-from-the-farm candies made from goat's milk - and a Kids Zone at wonderful Regions Field, home of the Birmingham Barons.  It runs Saturday from 11am until 3pm.  Admission is $12 in advance, $15 at the gate, and free for children 12 and under. Proceeds from the event will be used to provide supportive services to the low-income seniors and adults with disabilities who live in Episcopal Place's affordable housing community. For more information about Episcopal Place and Gumbo Gala, visit www.episcopalplace.org.

Tomorrow on Good Day Alabama, Jeh Jeh takes us to check out the latest Parade of Homes for some new ideas for your home! Planning some trips this summer? We get some travel pointers to help you out! The children's doctor join us to take your questions about your children's health. How much impact can your children's nutrition have on their health, their mental abilities, their entire lives. We find out! Join us for this and much more tomorrow on Good Day!