Techniques for illustrating and analyzing long term health care expenses

1. A computer-executable method for financial retirement planning that provides a comparative evaluation of a plurality of health care funding alternatives, so as to enable an individual to select one or more funding alternatives appropriate to their particular set of circumstances; the method comprising the steps of:

(a) calculating, at a computer, an overall retirement cash flow for an individual, a couple, and/or a family representing funds available during retirement;

(b) determining an amount representing an affordable long-term health care insurance premium, based upon the retirement cash flow calculated in step (a); and

(c) generating a comparison of projected retirement finances for display on at least one of a visual display and a hard-copy printout, wherein the step of generating a comparison further includes the steps of:

(a) determining one or more financial projections assuming that long-term health care will not be required;

(b) determining one or more financial projections if long-term health care is required, but the individual is not covered by insurance; and

(c) determining one or more financial projections if long-term health care is required, and the individual is covered by insurance.

2. The method of claim 1 wherein the financial projections include a level of attainable retirement spending as a function of time.

3. The method of claim 2 wherein the financial projections include a level of attainable retirement spending per week, month, and/or year.

4. The method of claim 2 wherein the financial projections include at least two of a low-cost estimate, an average cost estimate, and a high-cost estimate for the expenses of long-term health care.

5. The method of claim 2 wherein the financial projections include at least two of a low-cost estimate, an average cost estimate, and a high-cost estimate for the expenses of a long-term health care insurance policy.

6. The method of claim 2 wherein the financial projections include at least two of a low-cost estimate, an average cost estimate, and a high-cost estimate for the expenses of a long-term health care insurance policy and the expenses of long-term health care.

7. A computer system for executing a financial retirement planning program that provides a comparative evaluation of a plurality of health care funding alternatives, so as to enable an individual to select one or more funding alternatives to their particular set of circumstances, the system including:

(a) a processing mechanism for:

(i) calculating an overall retirement cash flow for an individual, a couple, and/or a family representing funds available during retirement;

(ii) determining an amount representing an affordable long-term health care insurance premium, based upon the retirement cash flow calculated in (i);

(iii) determining one or more financial projections assuming that long-term health care will not be required;

(iv) determining one or more financial projections if long-term health care is required, but the individual is not covered by insurance; and

(v) determining one or more financial projections if long-term health care is required, and the individual is covered by insurance; and

(b) a display formatting mechanism for generating a formatted display indicative of a comparison of projected retirement finances for each of a plurality of long-term health care scenarios, wherein the formatted display is suitable for display on at least one of a visual display device and a hard-copy printout; the long-term health care scenarios including at least two of:

(i) the individual not obtaining long-term health care insurance, but subsequently not requiring any long-term health care;

(ii) the individual not obtaining long-term health care insurance, but subsequently requiring long-term health care and paying for such long-term health care on an out-of-pocket basis; and

(iii) the individual obtaining long-term health care insurance.

8. The computer system of claim 7 wherein the financial projections include a level of attainable retirement spending as a function of time.

9. The computer system of claim 8 wherein the financial projections include a level of attainable retirement spending per week, month, and/or year.

10. The computer system of claim 8 wherein the financial projections include at least two of a low-cost estimate, an average cost estimate, and a high-cost estimate for the expenses of long-term health care.

11. The computer system of claim 8 wherein the financial projections include at least two of a low-cost estimate, an average cost estimate, and a high-cost estimate for the expenses of a long-term health care insurance policy.

12. The computer system of claim 8 wherein the financial projections include at least two of a low-cost estimate, an average cost estimate, and a high-cost estimate for the expenses of a long-term health care insurance policy and the expenses of long-term health care.