Presentation on theme: "Own Your Future is an interagency initiative of the Dayton-Prettner Solon Administration 1 Planning for your Long-Term Care."— Presentation transcript:
Own Your Future is an interagency initiative of the Dayton-Prettner Solon Administration 1 Planning for your Long-Term Care
This presentation has been prepared by the Own Your Future initiative It includes the Own Your Future logo. No other logo can be added to this presentation. This PowerPoint can only be presented by members of the Own Your Future Advisory Panel and staff. Copies of the PPT may be made to distribute to employees or members or networks of community organizations. Own Your Future2
Minnesota’s “Own Your Future” is a joint federal/state effort to raise awareness among Minnesotans about the importance of creating a plan for your long-term care, including how you will pay for that care. mn.gov/ownyourfuture 3
Who needed care? Where was the care received? How was it paid for? Who provided the care? How long did the person need care? How did long-term care affect the family? Own Your Future4 What Is Your Experience With Long-Term Care?
What is long-term care? The impact of your long-term needs on you and your family Why plan ahead for long-term needs? Who pays for long-term care? Where to find information to help create a plan including available financing options Own Your Future5 What Will We Discuss Today?
The help you need with daily personal care and household chores because of chronic illness, injury, disability or old age Activities of Daily Living (ADLs) ◦ Bathing, dressing, eating, using the toilet, transferring (to or from bed or chair), caring for incontinence Supervision needed because of cognitive impairment like Alzheimer’s disease Own Your Future6
People are living longer Minnesota has the second longest life expectancy in the nation 70% of people over 65 will require some long- term care* 40% of those currently receiving long-term care are adults age 18 to 64* Minnesotans 85+ will triple by 2050 *National Clearinghouse for Long-Term Care Information Own Your Future7
At home (the home of the person receiving care or a family member’s home) In the community (adult day service centers) In residential care settings (assisted living, board and care home, adult foster care home, continuing care retirement communities) In nursing homes (intermediate or skilled nursing facilities) At hospice facility (facilities specifically for those receiving hospice care/end of life care) Own Your Future9 Where Is Long-Term Care Provided?
Own Your Future Minnesota, an interagency initiative of the Dayton- Prettner Solon Administration State of Minnesota10 Source: MN Dept. of Human Services, 2010; Reported in billions of dollars
Own Your Future11 Average Daily Nursing Home Rate Private Room Average Daily Nursing Home Rate Semi- private Room Average Monthly Cost in Assisted Living Facility Adult Day Care Daily Rate Home Health Aide Average Hourly Rate Homemaker Services Average Hourly Rate $234 $85,775/ annual $210 $76,650/ annual $3,316* $39,792/ annual $75 $27,375/ annual $25 $20,000/ annual Est. $22 $20,000/ annual Est. *Not all-inclusive; additional charges for home care services Source: Genworth 2012 Cost of Care Survey, Genworth Financial
Own Your Future12 Source: MN Department of Human Services, 2010
Own Your Future13 Source: Minnesota Boomer Survey, MN Dept of Human Services, 2010
It’s difficult to predict if or how much care you will need, whether you will have family or friends who can provide some or all of your care, and how much the care may cost you. It’s easy to predict that if you need extensive long-term care or need services over a long period of time, you will have to pay for some or all out of your personal finances. Making decisions about long-term care during a crisis is the riskiest thing you can do. The outcome is usually bad—little time, few choices, no control over where you might end up for the rest of your life. Own Your Future14
You learn what service options are available in your community. You can save assets and income for other uses and preserve the quality of life for your spouse or other loved ones. You avoid emotional and financial stress on you/your family. You involve your family without depending on them to bear the entire burden alone. You ensure greater independence if you need care. You can stay at home or receive services in the community for as long as possible. Own Your Future15
Insurance OptionsSavings OptionsHome Equity Options Long-term care insurancePersonal income and savings Sell your home Partnership long-term care insurance Long-term care annuitiesHome equity loans Life insurance with long- term care rider Health savings accountsReverse mortgages Accelerated death benefitsTrusts Viatical settlements Life settlements Veterans benefits Own Your Future16 For more information on all of these options, visit mn.gov/ownyourfuture
To make people aware that everyone can create a long- term care plan Learn why it’s important to plan Resources to assist you in getting started Learn about common housing choices and services Learn about private financing options Receive tools to help you make smart, safe decisions about long-term care Find local resources for more information Own Your Future17
1. Own Your Future Initiative Urge individuals to plan for long-term care 2. Affordable Product Development Identify products for middle income individuals 3. Explore reform of MA Long-Term Care provisions to better support and incent private financing Own Your Future18