Increased Disposable Income = Increased Retirement Savings
HealthyCapital gives financial institutions the ability to effortlessly assist plan participants in saving more for their in-retirement healthcare. Through actuarial and claims-based calculations, the platform gives plan participants the opportunity to view personalized healthcare-cost projections; show how these costs can be reduced through wellness programs; and illustrate how investing the (cost-reduction) savings can generate substantial retirement income. This approach gives individuals the ability to create long-term financial security, live more comfortably, and reduce the burden of future healthcare costs.
Here’s a simple example: an average employee (with a chronic condition) who saves $3,000 per year in out-of-pocket costs can dedicate an extra $38 per pay period – or $1000 per year – into his/her 401(k). This is more than a 30% increase in the average annual contribution.
Plan participants can access the application directly from their investment desktop, which makes it easy and practical to monitor progress toward long-term financial goals. In another version of the application, financial advisors (as part of an advisory service) can also prepare clients for pre- and in-retirement healthcare costs through the utilization of simple, easy-to-understand, and customized data projections.