It is important to note that employers are very aware of the high cost of absenteeism due to caregiving — it costs them more than $30 billion a year in lost productivity. This trend isn't lost on LTC marketers. In addition to LTC insurance plans that are designed for and include incentives to encourage seniors and boomers to purchase the coverage, some newer policies now boast added features and benefits targeted specifically to the needs and interests of younger working adults. And because many of them are more security conscious than some of their elders, they are paying attention, and they are buying the coverage. In fact, in addition to purchasing coverage for themselves, many young and middle-aged employees also purchase, or help purchase, the coverage for their parents. Important features and benefits of these newer LTC insurance plans include:

• Built-in cash benefits that can be used for paying for care given by a family member or friend.
• A spousal sharing option to help benefits last longer.
• New inflation protection options.
• A spouse security option paying an additional 60 percent of the insured's benefit with no effect on the maximum lifetime benefit if one spouse is uninsured.
• A built-in return of premium benefit if the insured dies before age 65.
• A double injury benefit that doubles the amount payable until the insured turns 65.

By designing plans that appeal to younger workers as well as to older prospects, LTC insurance companies are now helping this expanding marketplace grow even faster. As a result, long-term care insurance now represents one of the largest markets available to the insurance/financial services sector.

There are roughly 36 million seniors in our country. They are, in general, healthier and more active than their parents were. Many play golf, swim, jog and regularly take part in other athletic activities. An increasing number of them now continue to work. Yet, as they grow older, the possibility that they will need long-term care increases. Many wealthy seniors have intricate financial plans they believe will assure them a worry-free retirement. That could quickly change because many of their plans do not include long-term care insurance. And without that important protection, they may watch their hard-earned nest eggs disappear literally overnight in order to pay for their LTC expense.

As for the 78 million boomers born between 1945 and 1964, many of them are now eyeing retirement — some have already gone that route. As a group, they represent the spending majority in our country today. According to data collected by the U.S. Census and Federal Reserve in 2001 they control about 67 percent of the country's wealth, totaling $28 trillion.

Upon retirement, many boomers are entering into new business ventures. A prime example is a home-based business. Today, many boomers who have recently retired, or are about to retire, are using skills learned in a career or their previous employment to set up their own business. Not surprisingly, many of them are becoming very successful entrepreneurs. But, like seniors, few of them will have health insurance through their previous employer-sponsored group. And most certainly, very few of them will have LTC insurance. Medicare and Medicaid are in a financial mess and can no longer be considered the entitlements they once were. Some experts have predicted one or perhaps both programs may no longer be viable within 25 years.

Should that prediction come true, where will people turn to cover the increasing cost of their care should they need it, which many of them assuredly will? No doubt about it, there is a huge void that needs to be filled within the ever-growing LTC insurance marketplace.