Marketing for Long-Term Care

It is a commonplace of popular demographic discourse that the millions of baby boomers in the United States--those born in the 15 years or so after the end of World War II--are gradually nearing retirement age. By 2010 there will emerge a rather significant population "bubble" consisting of persons over the age of 65. Already there are some 76 million persons in the country over the age of 50 (BISYS, 2001).

Apart from their sheer numbers, aging baby boomers bring to their prospective golden years a higher level of knowledge and, as a group, a relatively larger pool of assets than previous generations of aging persons (Koco, 2001; BISYS, 2001). For people in all demographic groups, accidents, illnesses, and the inexorable process of aging may force confrontation with the prospect of experiencing and/or paying for LTC. As the term implies, long-term care refers to a whole range of life-sustaining services that are delivered to clients over an extended period of time. LTC may be situated in the client's home or in facilities such as nursing homes or hospitals that are

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ts in check" (Barnes, Frolik, & Whitman, 2003, p. 59). For all of these reasons, the demand for LTC insurance has grown in recent years and continues to grow (BYSIS, 2001), even though the extent of coverage varies with premium amount. One important caution is that premiums for LTC insurance rise with the insured's age. As well, the extent of coverage varies from company to company and policy to policy: The younger you are, the lower the premium for long-term-care insurance will be. But even for people in their 40s, the annual rate can easily be several hundred dollars. Choosing a policy that offers the opportunity to share the benefits may be one way for you to get more bang for your buck (Hoffman, 2002). But whether LTC is covered by insurance, personal funds, or Medicaid, the fact is that the services it entails have to be paid for and the facilities that provide such services identified, especially since Americans are living longer and are more likely to require LTC at some point the longer they do live. Facilities that provide LTC are regulated at the state level, and state authorities function as regulatory liaisons where federal rule enforcement is concerned. For example, in Texas, the Department of Human Services overse
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Approximate Word count = 1929
Approximate Pages = 8 (250 words per page)

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