Who are the Upper West Siders and why is this part of New York such a big deal? The famous Upper West Side is sandwiched between Central Park to the east and Riverside Park to the west. It borders Columbus Circle at West 59th Street to the south and Western 110th Street to the north. There are numerous bakeries, restaurants, and of course Central Park. The most well known park at 800 acres, it is New York’s largest and most historic park. This is currently the most photographed place on earth.
The upper East and West Side of New York City are among the most sought after areas of real estate in New York. The average cost of an apartment here runs about $1,899/mo for the smallest studios and into the 5th digit numbers for many larger and more detailed apartments, or condos. Because of these steep price tags many average people cannot afford to rent in this area, but that doesn’t mean the stars of some of your favorite shows can’t. Tina Fey, Ellie Kemper, Steve Martin, and the hilarious Amy Schumer are just a few of the loveably tv screen stars who call New York home.
These stars and many other New Yorkers know the importance of the future and are trying to plan for it the best they can. Approximately 40% of New Yorkers already have or are planning to purchase hybrid long term care insurance. This is because only one in three Americans were able to accurately predict the annual cost of long term care without insurance. That means that several thousands of people in the United States each year are underprepared for the cost of care needed after retirement. A study done this year stated that almost half (52%) of all Americans need long term care after the age of 65. Out of that 52% of people about one in six will end up paying for that care and spending a minimum of $100,000 out-of-pocket for those services. This is why many New Yorkers are now getting behind the new and inventive Hybrid Long Term Care Insurance plans. A Hybrid Long Term Care Insurance plan is a traditional life insurance policy with a long term care rider. Hybrid Life Insurance plans cover the cost of assisted living if you need daily care and help you to protect your nest egg from being depleted because of expenses that are due to the need of care once someone can no longer take care of themselves.
No New York wants to lose their homes or retirement savings because of the need for care. This is why they invest in hybrid long term care. Unlike in the suburbs, where a home can be bought and paid off, many New York city dwellings are only for rent and must continually be paid for each month meaning someone who has to pay out of pocket for long term care may run out of their retirement funds or Roth IRA savings. With a Hybrid Long Term Care plan New Yorkers do not have to worry about this happening. Their Hybrid Long Term Care Insurance plans protect them from the costs of paying for long term care out of their retirement or income.
People in New York want to continue living in the bustling city under the lights and with their Hybrid Long Term Care plans they know their assets and homes are safe from the costs of care that may otherwise absorb the money needed for them to afford the rent for their apartments.For example, if someone renting in the upper east side fell and needed care inside the home as a consequence of the fall then they may have to choose between affording the care or paying rent for their home and if they chose the care which is necessarily they risk the chance of losing their home. This is a great example of what is avoided with a Hybrid Long Term Care plan.
So why are Upper East Siders considering buying Hybrid Long Term Care? Because it allows them to stay in their homes, even if they end up needing long term care. The fear of the future can stop many in their tracks, but for these many Upper east Siders they are taking the necessary steps to planning a great future after retirement.
