Hello,
I am a 50 year old single man with no dependents who has a decent job with decent medical insurance, a defined benefit pension, 401k, some LTD coverage, and some money in the bank. I live in the Boston area.
I was recently diagnosed with follicular lymphoma, and am currently in treatment. It's a kind of cancer that typically responds well to treatment, but almost always recurs. Median life expectancy has traditionally been about 8 to 10 years for this disease, but there is evidence that newer therapies are pushing that number up substantially.
I guess I have a number of questions about financial planning in my situation. I believe that my job is secure at this time. I've been with the company for close to 20 years. But in today's economy that's no guarantee. I guess I want to position myself in the best way possible considering potential contingencies (what if I lose my job at some point; what if I am no longer able to work due to my illness at some point). I have no idea if I would be eligible for Medicare or any other kind of assistance. I wonder if there is anything I can do to protect the availability of medical insurance at a reasonable cost in the event that one of the contingencies abover were to occur. Or whether Massachusetts' new law mandating medical insurance for all could potentially work to my favor in the event of one of these contigencies.
Also, at the moment I am considering purchasing a condominium (I currently rent). I am wondering how much condo I should buy. Is there any reason to believe that a home purchase would be a protected or allowed asset if I need to apply for financial assistance at some point in the future?
I realize this is a lot of questions. I should probably talk to a financial planner, but I don't know how to find a FP who is knowledgeable about these issues.
Would appreciate advice on any of this.
Thanks, Joe
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