This story was published about a month ago just after the new health care legislation was signed into law. Note that Fidelity bases its anticipated costs on people retiring at age 65 and does NOT include long term care costs, either in the community or a nursing home.
Have you called your financial advisor yet? Isn't it time to seriously consider long term care insurance? Do not be fooled into thinking that you can only use a New York State Partnership policy, which is excellent for many folks, but long term care insurance is not one-size-fits-all. If your financial adivsor is not licensed to sell long term care insurance or is captive, meaning only a few options are available, find an independent long term care advisor like Susan Suben, who will review all your options with you. (Advisors who are captive to brokerage firms can often only sell certain policies while an independent agent will be able to search the universe of plan options.)
If you cannot qualify for long term care coverage – remember, there is a medical underwriting component and it gets tougher every year – see an elder law attorney now to see what your options are for paying for care in the future. Community care options abound in New York. But you have to look into options while you are healthy and you have to be willing to accept assistance. If you wait for crisis and then attempt to "plan" you are not planning at all.
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