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If the ruling requires significant changes, Fidelity may update its estimate, Patel said. Although its focus is expanding health care access to people under age 65, the law also is intended to benefit many retirees by gradually closing what's known as the `doughnut hole' coverage gap in the Medicare drug benefit. But longer-term, retirees' cost savings aren't expected to offset other factors driving expenses up, such as new medical technologies, greater use of health care services, and more diagnostic tests. Fidelity's findings illustrate the importance of factoring in health care alongside housing, food and other expenses in retirement planning. If medical costs continue to rise faster than personal incomes, many retirees will have to adjust their household budgets so they can cover medical costs, Patel says. "It's a fixed liability for the majority of folks, and it doesn't vary up or down like food or clothing costs can," he says.
[Associated
Press;
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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