According to information released by HealthView Services, 60 percent of baby boomers over the age of 65 feel unprepared to pay for their healthcare costs after they take retirement.
More alarming, 92 percent of those surveyed have no idea how much their post-retirement healthcare will cost.
Medicare doesn’t pay for everything, and the program may not be around when younger generations reach retirement age. So how can Americans find a way not to be bankrupted by their healthcare costs in their golden years?
HealthView thinks that it has an alternative. The company has created HealthWealthLink, which is a software platform designed to assist financial advisors as they help clients determine how to save for and pay for healthcare.
According to HealthView’s CEO, these advisors have iconic status.
“The superheroes in this situation are the advisors. Many Boomers think that Medicare will take care of their healthcare costs, but they couldn't be more wrong and they are just realizing that fact,” stated HealthView chief executive Ron Mastrogiovanni. “Boomers are looking to their financial professionals for answers and our platform is designed to give them those answers.”
HealthWealthView calculates healthcare costs and customizes them to the customer’s current medical condition, assets and income. The application then projects Medicare Part A and D costs, Medigap costs and potential long-term care expenses.
Advisors can customize the dashboard to reveal financial instruments and insurance options that will help their customers to address the expense gap. Clients will see what Social Security and pensions will pay for—and what they won’t.
“For advisors, this tool positions them as valued, trusted resources around one of the most misunderstood, complicated aspects of retirement planning. Just one decision from a client on the appropriate financial product to solve the problem more than pays for the annual software license,” Mastrogiovanni explained.
The HealthWealthView software platform is also available as an iPad app for advisors who may meet their clients outside of the office. Educational materials, client marketing tools and online training sessions are included in the total package.
Edited by Braden Becker