Summary: Long-term care financing will be an increase concern as the baby boomers begin to turn 65 and become eligible for Medicare. Estimates of the magnitude of the baby boomers' future long-term care needs vary, with estimates of the number of disabled ranging from two to four times the current number. Cost estimates are even more imprecise, due to factors such as how many will need care, the type of care they will need, and the availability of public and private sources to pay for that care. The aging baby boom generation, longer life expectancies, and evolving options for providing and financing long-term care will require substantial public and private investment. Consumer information and protection is necessary, especially if private insurance is to assume a larger role in financing long-term care. Long-term care insurance policies are not standardized by law as are Medicare supplemental (Medigap) policies, making comparisons among the policies difficult. Several checklists exist to help individuals buy a policy whose options best fits their needs. Also, the current price of the policy and whether that price is subject to future increases must be clear.
