Method, apparatus and system for financial planning incorporating calculated health costs based on actual claims & the actual cost thereof

• US 20130304618A1
• Filed: 03/13/2013
• Published: 11/14/2013
• Est. Priority Date: 05/10/2012
• Status: Active Grant

• Current Assignee: Healthview Services Incorporated
• Original Assignee: Healthview Services Incorporated
• Inventors: Mastrogiovanni, Renato
• Granted Patent: US 10,127,698 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: A61B 3/102 for optical coherence tomography [OCT]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06T 11/60 Editing figures and text; Combining figures or text

Abstract

A financial management tool that includes calculated health care costs and health-based longevity to provide information to retirees to be able to calculate the amount of money that needs to be saved to cover retirement expenditures is provided with actual claims and actual related cost data from a database to increase the cost projection reliability of the tool.

Claims

1. A financial planning system adapted to be used by a client for calculating costs in retirement in which said system incorporates calculated healthcare expenses, comprising:

a financial management tool;

a calculated healthcare expense module for providing calculated healthcare expense costs as an input to said financial management tool;

a cost adjustment factor unit coupled to said calculated healthcare expense module; and

,

a database containing actual claims and actual cost data for resolving the claims, said database providing a base cost amount to said calculated healthcare expense module in accordance with the state of retirement for said client and an identification of a client'"'"'s disease, said database also providing adjustment factor data derived from said actual claims and actual cost data to said cost adjustment factor unit, said cost adjustment factor unit being coupled to said calculated healthcare expense module for adjusting said base cost amount, whereby said calculated healthcare expense is a function of actual claims and the actual cost for resolving said claims.

2. The system of claim 1, wherein said cost adjustment factors include at least one of years since said disease was diagnosed, disease management regime, age of said client, gender of said client and cost trends.

3. The system of claim 2, wherein said database is comprised of a large sample of individual claims categorized at a state and disease level.

4. The system of claim 3, wherein said calculated healthcare expense includes categories including at least one of individual medical expense, individual prescription expense, employer based medical expense, employer based prescription expense, dental expense, all hearing expenses, vision expenses, professional physician and test expense relating to in hospital expense, in hospital prescription expense and in hospital dental expense.

5. The system of claim 4, wherein said categories of expenses are arranged by present client age, projected client retirement age, and client age at predetermined number of years after retirement age corresponding to mortality from said disease.

6. The system of claim 5, and further including categorizing said costs against a second mortality date.

7. A system for calculating retirement costs, comprising a financial management tool having calculations based on historical actual claims made against an insurance company and actual costs of resolving said claims by said insurance company.

8. The system of claim 7, and further including a module for adjusting said retirement costs based on said historical actual claims and actual costs thereof.

9. The system of claim 8, wherein said adjustment includes adjustment factors including at least one of years since a disease is diagnosed, disease management regime, age of an individual, gender of an individual and cost trends.

10. The system of claim 7, and further including inputting into said financial management tool a projected retirement date.

11. The system of claim 10, and further including inputting to said financial management tool health based life expectancy.

12. The system of claim 11, and further including supplying a financial management input to said financial management tool.

13. The system of claim 12, wherein said financial planning input includes one of expected state of residence during retirement, expected income in retirement, current savings, current rate of returns and future rates of returns.

14. The system of claim 7, wherein said financial management tool is coupled by a server to the internet and wherein the results of the financial management tool are displayed.

15. The system of claim 14, wherein the information displayed on said display is the age of said client, the age said client plans to retire, the client'"'"'s life expectancy, the healthcare inflation rate, the expected rate of return before retirement, the expected rate of return during retirement and the savings needed to cover the client'"'"'s medical expenses in retirement.

16. The system of claim 14, wherein said display includes the savings needed to cover out-of-pocket medical expenses in retirement.

17. The system of claim 7, wherein said financial management tool includes a health risk analysis module including a health profile, a health risk score and a calculator of financial implications.

18. The system of claim 17, wherein said financial implications include out-of-pocket expenses, current retirement plan income, future income, current age, retirement age, life expectancy, healthcare inflation rate, expected rate of return before retirement, expected rate of return during retirement, savings needed to cover out-of-pocket costs during retirement, state of residency and expected income in retirement.