The Long Term Care Costs goal card allows you to enter the expected LTC costs for each client within a plan. You can find this card within the Goals section of the Profile, which is where a client's financial goals are entered. By default, Goals is also the 6th step of the initial data entry process for newly created clients:
LTC Cost Data Entry
By default, LTC costs will be set to the national average for in-home care, and will occur in the last two years of each client's plan. You can adjust both the cost and timing for each client to best suit your needs.
You can update the default values for Long Term Care within the Client Settings > Client Presets tab of the Advisor Portal.
Cost estimate
RightCapital allows you to choose between a number of national averages for LTC, including in-home care, assisted living, and nursing home care. You can also choose the 'customized amount' option to enter your own annual dollar amount for one or both clients.
The national averages in RightCapital are based on published Long Term Care Cost research by Genworth Financial. You can choose between the following options:
In-home care national average- $68,640
Assisted living national average- $64,200
Nursing home national average- $116,800
We review and update these averages on an annual basis.
Timing
LTC expenses can occur anywhere from 1 to 10 years from the end of each client's plan. A client's end of plan is determined by the 'Planning Horizon' input, which is entered into the Client and Co-client cards within the Profile > Family section.
To remove long term care costs for a client, you can select the 'No long term care' option within the timing dropdown.
Additional Information
