Insurance Options for Baby Boomers

Baby boomer insurance options? I’ll bet there is one you haven’t thought about.

Auto, life, travel, earthquake, key man, income loss, disability; the list of insurance options for baby boomers is nearly endless. But there is one more insurance a smart boomer would do well to add to their list.

We boomers are a practical lot. We know old age is on the horizon and we’ve seen (through the care of our parents) the disabilities that old age can bring, both physical and mental. We can’t stop the aging process, and we expect to be in this world longer, much longer than our ancestors, so we may need care, costly care. The answer: long term care insurance.


Besides routine insurance like auto, house, travel, and life, boomers now have the option for a more age-related insurance called “long term care insurance.” This insurance has been designed specifically for the huge number of boomers who are moving into the latter stages of their lives.

Long term care insurance is designed to assist the boomer who may wind up with a disease or an injury necessitating daily assistance, beyond a hospital stay. This insurance will also help cover the costs of a patient’s daily needs that come naturally with old age or mental illness, like Alzheimer’s disease.

The insurance industry has a title for these daily needs: “Activities of Daily Living” or ADLs (bathing, dressing, getting in and out of bed, eating, etc.). Once a patient is no longer able to do at least TWO of these activities on their own, they are deemed as needing long term care, or “custodial care.”

But long term care insurance isn’t just for hospital stays. This insurance covers the additional care provided at an assisted living center, a nursing home, or at a patient’s home.

Benefit periods and payout amounts vary greatly from policy to policy. Terms of coverage and when coverage will begin will also vary. Something that is constant, however, is that most policies will require a doctor’s certificate verifying that long term care is required. In addition, most long term care insurance plans pay for expenses as reimbursements only.

Should you, as a baby boomer, buy long term care insurance?

Consider these facts before making your decision. Not all boomers can rely on the notion that a loved one or relative will be there for us when our bodily systems are failing. And the cost of a nursing home stay is astronomical. Long term care insurance may be the only way to survive the financial burden.

For more information on long term care insurance try this site: