1. Presentation of Findings Elder Economic Security Initiative™ Stacy SandersEllen Bruce Field ManagerAssociate Director Elder Economic Security InitiativeGerontology Institute Wider Opportunities for WomenUniversity of Massachusetts – Boston 202-464-1596617-287-7315 ssanders@wowonline.orgssanders@wowonline.org Ellen.Bruce@umb.eduEllen.Bruce@umb.edu

2. Elder Economic Security Initiative™ Findings Today’s Goals: To provide an overview of findings of the Connecticut Elder Index To provide an overview of the policy analysis findings of “Elder Living on the Edge”

3. Elder Economic Security Standard Index™ Components of the Index: Housing Food Transportation Health Care Miscellaneous Add-On to the Index: Home and Community-Based Long Term Care Packages

4. Connecticut Statewide Index Elder PersonElder Couple Monthly Costs Owner, no mortgage Renter, 1 bedroom Owner with mortgage Owner, no mortgage Renter, 1 bedroom Owner with mortgage Housing$657$909$1,483$657$909$1,483 Food$234 $430 Transportation$209 $368 Health Care$385 $770 Miscellaneous$297 $445 Index per month $1,782$2,034$2,608$2,670$2,922$3,496 Index per year$21,383$24,408$31,296$32,039$35,064$41,952

5. The “Five Connecticuts” Concept Demographers at the University of Connecticut State Data Center (CtSDC) developed five groupings of Connecticut towns, based on common social and economic conditions, including:  Income  Poverty  Population Density

6. The “Five Connecticuts” Concept The Elder Economic Security Standard™Index presents five towns, one in each of these groupings:  Urban Core  Urban Periphery  Suburban  Wealthy  Rural

7. Example: Urban Periphery (Manchester) Elder PersonElder Couple Monthly Costs Owner, no mortgage Renter, 1 bedroom Owner with mortgage Owner, no mortgage Renter, 1 bedroom Owner with mortgage Housing$612$806$1,234$612$806$1,234 Food$274 $503 Transportation$210 $370 Health Care$385 $770 Miscellaneous$296 $451 Index per month $1,776$1,971$2,398$2,705$2,900$3,327 Index per year$21,314$23,646$28,779$32,463$34,795$39,928

8. Example: Rural (Putnam) Elder PersonElder Couple Monthly Costs Owner, no mortgage Renter, 1 bedroom Owner with mortgage Owner, no mortgage Renter, 1 bedroom Owner with mortgage Housing$507$681$1,130$507$681$1,130 Food$234 $430 Transportation$242 $426 Health Care$385 $770 Miscellaneous$273 $427 Index per month $1,641$1,815$2,264$2,559$2,733$3,182 Index per year$19,690$21,780$27,167$30,709$32,799$38,186

9. Example: Wealthy (Westport) Elder PersonElder Couple Monthly Costs Owner, no mortgage Renter, 1 bedroom Owner with mortgage Owner, no mortgage Renter, 1 bedroom Owner with mortgage Housing$1,157$1,314$3,109$1,157$1,314$3,109 Food$280 $515 Transportation$200 $353 Health Care$385 $770 Miscellaneous$404 $559 Index per month $2,427$2,584$4,379$3,354$3,511$5,306 Index per year$29,122$31,007$52,551$40,245$42,130$63,674

10. Summary of Index Findings Costs are lowest for people who live in their own homes with mortgage paid off Costs are highest for people who are still paying off a mortgage For singles, housing is the highest cost and health care is the second most sizable cost For couples, health care can be the highest cost

11. Add-On: Annual Long Term Care Costs Level of need:Cost at private pay rate: Low (6 hours) $7,502 Medium (16 hours)$19,994 High with adult day care (36 hours) $38,790 High without adult day care (36 hours) $44,518

12. Add-On: Annual Long Term Care Costs Level of need:Annual Expense: None $24,710 Low$32,213 Medium$44,705 High with adult day care$63,500 High without adult day care$69,228 Annual Statewide Index + Add-On Long Term Care =

13. Elders Living on the Edge: Policy Findings FINDING: FINDING: Social Security payments alone fail to provide economic security. Furthermore, even those with retirement incomes that include individual retirement accounts, private savings and pensions may fall short of economic security.

14. Elders Living on the Edge: Policy Findings Though never intended to be the sole source of income in retirement, nearly 20% of Connecticut elders and 40% of Connecticut’s older women rely almost entirely on Social Security.

15. Elders Living on the Edge: Policy Findings

16. FINDING: FINDING: Across all of the representative communities of the five Connecticuts, housing is the greatest determinant of elder economic security.

17. Elders Living on the Edge: Policy Findings More than one in five (22%) older Connecticut residents are paying off mortgages. These elders will spend nearly two and half times more on housing than older homeowners without a mortgage. Typical monthly rent for a 1-bedroom apartment varies across Connecticut, from $681 in Putnam (Rural) to $1314 in Westport (Wealthy).

18. Elders Living on the Edge: Program Modeling Evaluating the Impact of Support Programs: Consider incomes common in a given community. Examine the individual and cumulative impact of the program’s benefits on overall economic security. Using the Index as a benchmark for evaluation!

19. Elders Living on the Edge: Case Study # 1

20. Elder woman receives… Food Assistance: SNAP/Food Stamps Rx Assistance: Low Income Subsidy of Medicare Part D Medical Assistance: Medicare Savings Program (QMB) Energy Assistance: CEAP Housing Assistance: HUD Voucher Program, RAP or Elderly-RAP

21. Elders Living on the Edge: Case Study #1

22. Elders Living on the Edge: Policy Findings FINDING: FINDING: Housing, income and medical assistance are the public supports most effective in filling the gap between incomes and the cost of living for older adults.

23. Elders Living on the Edge: Concluding Remarks Today’s economic crisis creates a renewed opportunity to raise awareness about these issues and promote positive change for elders across Connecticut. We make this framework and these tools available to support the great work you’re already doing and to inspire new and innovative thinking! THANK YOU! We look forward to working with you!