The software platform, also available as an iPad application, provides financial institutions, independent advisers and health care firms with a tool to serve clients planning for retirement and those already in retirement. HealthWealthLink is a combination of financial planning and health-risk assessment software that helps clients determine how much health care expense they can expect in retirement and how to pay for it.
The system calculates health care cost projections throughout a client’s entire retirement, tailored to the consumer’s health, wealth and income situation. A personalized report gives longevity projections, as well as costs for Medicare Part A, D and Medigap (also known as Medicare supplemental insurance), and long-term care expense projections.
The system’s features include:
- Health care calculator and Medicare calculator;
- Social Security and pension income calculators as a potential source of health care cost funding;
- Customized dashboard of investment and insurance funding sources, such as mutual funds, annuities, life insurance and long-term care insurance, among others;
- Interactive illustration system that allows for running “what if” scenarios to show clients how an initial investment in a financial product may reduce the health care cost burden; and
- Personalized client reports that are presented in clear language that help the client make educated, stress-free decisions.
“Many Boomers think that Medicare will take care of their health care costs in retirement, but they could not be more wrong and are just realizing that fact. Boomers are looking to their financial professionals for answers, and our platform is designed to give them those answers,” said Ron Mastrogiovanni, chief executive of HVS.
For information about how to purchase HealthWealthLink, contact Mastrogiovanni at 617-875-9313.