“How much long-term-care insurance do I need?”

“How much long-term-care insurance do I need?,” Dow Jones

“The way to get a more accurate figure is to look closely at the sick person’s family history and current medical circumstances, and also their financial situation. This is not something you can do in a back-of-the-envelope way or even with a spreadsheet. Waterlily said it is able to help by crunching through decades of case studies to more accurately pinpoint the length of care needed, and also the range above and below that number to create a cushion. The service mostly is available through advisers, insurance companies and care facilities to help clients, rather than directly to consumers. With the help of an adviser, a family can then take the data and map out the costs of various care options against that time frame. Chen converts the future dollar amount to the value that has to be saved today, using the standard formulas of financial planners; then he can tell them how much they need to earmark and invest.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

Intriguing idea. If you want to learn more, check out the forthcoming LTC Discussion Group meeting focused on this topic. “Using Data Science to Predict Individual LTC Needs and Identify Solutions,” Thursday, June 27, 2024, 1:00 PM  2:00 PM. The Group requires pre-registration. Learn more at www.ltcdiscussiongroup.org.