Financial advisors will have access to health-care-cost planning tools through a partnership between the Insured Retirement Institute and HealthView Services, IRI announced Tuesday.
HealthView Services provides HealthView Prime, a retirement health-care-cost planning tool customized for financial advisors. IRI member firms will now have access to this service. The tool is designed to help financial advisors guide clients as they plan for escalating health-care costs during their retirement.
An average couple’s health-care costs during retirement may soon exceed the amount of Social Security benefits the couple receives, according to IRI.
“Incorporating future health-care costs into American’s retirement plans is essential to helping financially prepare for their later years,” says Cathy Weatherford, IRI president and CEO.
“Retirement health-care costs are the elephant in the room when it comes to retirement planning,” says Ron Mastrogiovanni, founder and CEO of HealthView Services. “Driven by health-care-cost inflation, the elephant will get bigger and crowd out other issues.”
Advisors will be charged based on their use of the HealthView Prime data.
According to the Financial Advisor magazine Retirement Planning Survey 2014 of nearly 1,800 advisors, 63 percent of advisors are providing at least limited advice on health care as part of their retirement planning for clients. Another 12.7 percent are providing extensive advice.