As a result of a class action settlement, insurance company Genworth offered its LTCI policyholders six continuation options in addition to their original plan. Coromandel Wealth Management had a client who had to decide which option made the most economic sense for them.  Unsure about the likely costs of the options as compared to the cost and duration of care needed, they turned to Waterlily to help them assist the client in making an informed decision.

The clients, located 1,000 miles from their financial advisor George Gagliardi, used the Waterlily link sent to them to enter their medical, demographic, financial, and family history data into the platform in less than five minutes. Waterlily’s database of over 20 years of data from nearly 50,000 families, combined with its proprietary analytic software, generated likely LTC scenarios for both the husband and wife.  

With these predictions in hand, George and his clients were able to have a guided conversation around their specific likely long-term care needs instead of using national averages. George employed Waterlily to model the ROI and LTC expense coverage of each Genworth option the clients had before them. Combining Waterlily’s outputs with some spreadsheet analysis for stress testing, it quickly became clear that of the seven different options in front of them, the policy option with the most coverage would likely have the highest ROI for the clients’ long-term care needs.