How AI Is Transforming Long-Term Care Planning | Lily Vittayarukskul (Waterlily)

Long-Term Care Planning, AI Projections & Waterlily Explained | Financial Planning: Explained This week on Financial Planning: Explained, host Michael Menninger, CFP® welcomes Lily Vittayarukskul, Co-Founder and CEO of Waterlily, to discuss long-term care planning, artificial intelligence, and how families can better prepare for future care needs. Waterlily uses AI to project future long-term care needs and help individuals build a more personalized care plan. By analyzing data and potential care scenarios, Waterlily helps families, financial planners, and individuals better understand the possible costs, timing, and impact of long-term care. In this episode, Lily and Mike discuss her background as a NASA data scientist and what led her into the world of long-term care planning. They also explore the software Lily developed, how it uses artificial intelligence to project future care needs, and why planning ahead can be so important for individuals and families. Whether you’re approaching retirement, caring for aging parents, helping clients plan for long-term care, or simply trying to better understand future healthcare costs, this episode provides helpful insight into long-term care planning, AI-driven projections, personalized care planning, and financial planning for future care needs. Topics Covered: Long-term care planning explained How AI can project long-term care needs Waterlily and personalized care planning Future healthcare and care costs Planning for aging parents Long-term care insurance considerations Financial planning for long-term care NASA data science and healthcare planning Using technology to plan for future care Retirement planning and care needs Family caregiving and long-term care decisions ​For more information on Menninger & Associates Financial Planning visit https://maaplanning.com. Meet Mike Menninger, CFP the host of Financial Planning: Explained https://maaplanning.com/who-we-are/ou... 0:00 - 1:30 Introduction 1:31 - 2:45 Guest Background 2:46 - 4:00 Personal Story Impact 4:01 - 6:00 Long Term Care Planning Gap 6:01 - 7:10 Family Support Shift 7:11 - 9:00 Caregiving Reality 9:01 - 10:15 Family Care Limits 10:16 - 11:30 Emotional Burden 11:31 - 12:45 Financial Planning Challenges 12:46 - 14:00 Data Driven Approach 14:01 - 15:15 Cost Concerns 15:16 - 16:30 Funding Strategies 16:31 - 18:30 The Model Overview 18:31 - 20:15 Data Input Process 20:16 - 21:30 Care Phases Explained 21:31 - 22:45 Prediction Results 22:46 - 24:00 Cost Projections 24:01 - 25:00 Asset Planning 25:01 - 26:30 ROI Comparison 26:31 - 27:20 Policy Optimization 27:21 - 28:50 Target Users 28:51 - 30:15 Platform Access 30:16 - 31:40 Data Privacy 31:41 - 33:40 Model Accuracy 33:41 - 35:30 Conclusion #financialplanning #longtermcare #estateplanning