#USA #AI #Long-Term Care #San Francisco #Waterlily

Boosting Long-Term Care Planning with AI

In an exciting development for the future of healthcare planning and financial security, Waterlily has successfully closed a $7 million seed funding round led by Brewer Lane Ventures. With additional support from Genworth, Nationwide, and Edward Jones, this new funding will enable Waterlily to refine its innovative platform that utilizes artificial intelligence (AI) to forecast long-term care (LTC) needs, often decades in advance.

Waterlily’s platform is designed to ease the burden on families by predicting their long-term care requirements and the costs associated with them. As the aging population continues to grow, effective long-term care planning is becoming increasingly critical. Traditional financial tools often fall short in addressing this complexity, leaving families unprepared for the financial impacts of providing care for aging loved ones.

The CEO and co-founder of Waterlily, Lily Vittayarukskul, emphasized the potential of their technology: “Our application of AI makes the whole process seamless and more intuitive for families. We provide insights that empower them to know what they need to do today to secure their financial future and care needs tomorrow.”

The company’s algorithms analyze over 500 million data points, using information such as personal health histories and existing insurance policies to create a tailored care plan. This plan can forecast when care will be necessary, estimate its duration, and provide financial guidance to mitigate the often-overlooked gaps in health insurance and Medicare coverage that do not fully address long-term care expenses.

Among the early investors is John Kim, a founding partner at Brewer Lane Ventures, who noted the critical gap in the market that Waterlily aims to fill: “Waterlily is addressing one of the single most critical gaps in financial security and is well-positioned to help millions of families needing better tools to manage the financial challenges of aging.”

The launch of Waterlily’s platform comes at a time when knowledge about the nuances of long-term care funding is scarce. According to recent statistics, a significant portion of the American population remains unaware that their healthcare insurance plans might not cover essential long-term care services, leaving them vulnerable during critical times.

The $2.2 million pre-seed funding Waterlily secured earlier was instrumental in laying the groundwork for the platform’s development. With its recent success, the firm is poised to expand its offerings. The funds raised will facilitate further innovations in AI-driven solutions and refine the models that enhance the predictive tools used by financial planners and family advisors.

As we look towards the future, Waterlily’s commitment to improving long-term care preparedness shines through. The development of proactive planning tools reflects a shift in the paradigm, moving from reactive measures to proactive financial strategies in response to life-altering events.

Conclusion

The financial implications of aging and long-term care are significant, and Waterlily stands at the forefront of providing much-needed solutions. With a robust strategy for leveraging advanced technologies, the company's mission is clear: to enhance families’ financial wellbeing and empower them with the foresight necessary to navigate the complexities of long-term care. As they scale their operations, we can expect Waterlily to play a crucial role in shaping the future of healthcare planning.

For families grappling with the uncertainties surrounding long-term care, Waterlily's innovative approach may very well provide the clarity and direction needed to secure a stable financial future.