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. Given the significant cost of healthcare during retirement and different options to choose from, a retirement income plan is incomplete without the healthcare plan.

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 are 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), annuities, and income generating portfolios.

The ReHP app is available online to licensed users. Advisors interested in licensing Omyen's apps based "Wealth Planner" will find ReHP already integrated with Sustainable Retirement Income Planner (SRIP) and other apps. Licensing and online demonstration inquiries may be sent to marketing@omyen.com. Click here to learn more about Omyen's market leading innovations.