HVS Financial Launches the Most Comprehensive, Accurate Long-Term Care Calculator To Help Boomers Plan for LTC Costs in Retirement
Danvers, Massachusetts (May 17, 2012) ~ It is an indisputable fact that healthcare expenses rise exponentially in the final two years of life, and the main source of these costs are assisted living facilities and nursing homes. According to the Department of Health and Human Services, 70% of individuals over 65 will need some level of long-term care (but not everyone will qualify), and the average expenditures can range from $20,000 to $150,000 per year in out-of-pocket expenses. Another significant problem is that these figures are based on today’s dollars, offering little in the way of long-term projections to help people plan for the future.
In an effort to provide financial institutions and advisors with more realistic calculations for long term care planning, HVS Financial recently added the industry’s most comprehensive and accurate long-term care cost projector to its RetireMark suite of retirement planning software tools. The LTC cost projector offers an extensive range of calculations and reporting features including:
- a forecast of when a person is most likely to need long term care
- a projection of future costs based on expected length of nursing home or assisted living stay, residency, and health issues.
According to HVS Financial’s President and CEO Ron Mastrogiovanni, “Although Baby Boomers are beginning to educate themselves about the threat of rising healthcare costs in retirement, the proverbial elephant in the room is long term care,” he explained. “These costs could exceed three quarters of a million dollars for some people. However, very few are actively planning for this event. Our mission is to offer the most accurate, effective software planning tools that provide advisors with concrete data to help clients prepare for the tremendous impact of future LTC costs.”
While planning for the final two years of life may seem excessive to some, HVS Financial believes that there is growing concern that a lifetime of saving and hard work may go to LTC facilities, rather than children or other family members. “We believe that with a little foresight and stable investments, nobody has to lose his/her lifetime savings—assets that could be passed down to devoted family members—to a hospital, nursing home, or LTC facility,” he concluded.
About HVS Financial (www.hvsfinancial.com)
HVS Financial is a software firm specializing in healthcare cost planning and health risk assessment tools and solutions. It is one of the only firms in the country that builds solutions that address healthcare and long-term care costs individuals will face during retirement.