Long Term Care Case Studies and Alternatives for Baby Boomers
Long Term CareLong Term CareCase Studies andCase Studies andAlternatives forAlternatives forBaby BoomersBaby Boomers
Slide TitleSlide TitleMany Americans, 65 years old and up,still remain unprepared for their longterm care needs. In recent long termcare case studies, individuals belongingto this generation would have to rely onothers for their LTC needs.
Why is this becoming a common trend inWhy is this becoming a common trend inthis age group?this age group?• Simply put, most of ourcountrys elderly do nothave the slightest ideawhen it comes to LTCservices, the insuranceprograms available tothem, and otheralternatives that areopen to them.
Components you Might Encounter:Components you Might Encounter:Benefit Amount Elimination Period
There are different features in an LTCI policy whichThere are different features in an LTCI policy whichmay or may not apply to you in the future. Here aremay or may not apply to you in the future. Here aresome sample situations:some sample situations:Alternative # 1 - Medically UnderwrittenAnnuity - As we age, we develop seriousmedical conditions. Current long term carecase studies have shown that baby boomersof this generation are expected to live longerthan their predecessors. Yet despite thelonger life expectancy, this generation is alsoexpected to develop serious medicalconditions.
Alternative #2 – Life Insurance Policy - Insurancepolicies have evolved from what it was way backthen. Now, insurance programs are turninghybrid by including long term care coverage andbenefits in an existing plan. Some insurance plansgive options to policy holders to receive LTCservices at home or at an appointed facility.Some programs also offer coverage not just forthe policy holder but also to their spouses andother family members.
Alternative #3 – FHA Loan - This loan is fundedby the Federal Housing Administration. In thisprogram, the homeowner is given an optionto convert a part of their home equity and optfor a cash-out so that this can pay for their LTCexpenses. In this type of loan, there are norequirements involved and anyone canqualify.
• The baby boomers of this generation areexpected to live longer. Yet, the sad truth is themajority remain unprepared. For this, they haveto study their alternatives for their long termcare needs, such as medically written annuities,insurance policies and FHA loans. Some of thesemay fit their needs and others may not, so itwould be best to review each and every option.Referring to other long term care case studiesmight also help.• Visithttp://www.infolongtermcare.org/long-term-care-casfor more information.