Westwood, MA (PRWEB) May 26, 2011
Omyen Corp, the leading provider of wealth management technology, today released the Retiree Healthcare Planner (ReHP), a sophisticated proprietary tool. Based on an individual's lifestyle and health history, this tool estimates the use of different healthcare services and the estimated cost of those services based on individual preferences. These costs are presented year over year for each year of the retirement. This allows financial advisors to better prepare their clients for healthcare during retirement.
With millions of Baby Boomers retiring every year and living a lot longer than their parents, and rising cost of healthcare, securing healthcare during retirement has become a huge priority for retirees. A recent study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more. With a national median annual private nursing home room cost of $77,745 (according to Genworth's 2011 survey), the cost of long term care alone could be huge for many people.
It is extremely difficult to estimate individual specific healthcare needs. As a result, financial advisors have struggled with picking suitable products for their clients. With the help of Omyen's Retiree Healthcare Planner (ReHP), financial advisors will be able to look at the client specific healthcare needs and compare the cost of those services across different healthcare programs (Medicare, Medigap, Medicare Advantage, etc). This insight will allow financial advisors to decide on the amount and type of Long Term Care insurance, “Combo products” (Life insurance and Long Term Care insurance combined), and annuities.
At the heart of Omyen's ReHP tool is a model that projects individual specific annual healthcare needs e.g. number of doctor visits, days in the hospital, days in rehab. or nursing care, and number of prescriptions. Dr. Alan Brodsky, a Rheumatologist based in Dallas, Texas, was the main professional consultant in the development of the ReHP. Dr. Brodsky, a practicing physician of 36 years, is also involved in the development of arthritic medications by conducting clinical trials for companies such as Pfizer and Eli Lilly.
Like other Omyen market leading capabilities such as Sustainable Retirement Income Planner (SRIP), ReHP has been designed to work in an “app” format while also being integrated with the rest of Omyen's financial planning platform for financial advisors. Its intuitive user interface allows advisors to develop a personalized retiree healthcare plan for their clients and run simulations on life expectancy and healthcare utilizations, all within a few minutes.
“We consulted a number of doctors and financial advisors, researched numerous healthcare statistics from several government agencies and nonprofit organizations, and incorporated the complex rules of Medicare to develop a model that provides a reasonable representation of individual specific healthcare needs”, said Dinesh Sharma, CEO of Omyen Corp. “While no one can predict accurately how long an individual is going to live and what will be his/her future healthcare needs, we believe ReHP will provide financial advisors a compelling solution to develop a reasonable retiree healthcare plan for their clients”, added Sharma.
“This is not just about identifying the right long term care policy or an annuity. If a client wants to self-fund her retirement, the healthcare planner enables advisors to estimate the out of pocket savings required to pay for healthcare expenses.” said Michelle Goldstein, VP of Financial Planning at Omyen. "If advisors prefer to develop a healthcare savings plan instead of relying on insurance products, the year by year cash flow projections guide them on designing suitable portfolios”, added Goldstein.
A periodic review of retiree healthcare plan allows advisors and clients to proactively plan for the future health. Financial advisors who have already licensed Omyen's financial planning platform will not have to pay anything extra to get access to ReHP.
About Omyen Corp.
Omyen Corp. provides a unique set of wealth management and client acquisition technologies. Omyen's proprietary 'Discovery Led' client acquisition technology and collaborative lifetime financial planning platform allows banks, financial advisors, and insurers to cost effectively grow their business, meet compliance requirements, and efficiently service their client base. Omyen's integrated set of 'apps' include: Personal Financial Index (PFITM) to benchmark the financial health (also available at http://www.PersonalFinancialindex.com), to profile the clients (fact finder), and to grow the client's 'share of wallet'; a 'Prescriptive' Savings Plan covering savings for retirement, college education, major purchases, insurance, and legacy planning; a pragmatic 'Risk Capacity Index' (RCI), Asset Allocation, Sustainable Retirement Income Planner (SRIP), Retiree Healthcare Planner (ReHP), and various financial decision support tools. For more information, visit http://www.omyen.com.
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