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“Own Your Future” Minnesota

Planning for your Long-Term Care. “Own Your Future” Minnesota. Use of this presentation . 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.

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“Own Your Future” Minnesota

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  1. Planning for your Long-Term Care “Own Your Future” Minnesota Own Your Future is an interagency initiative of the Dayton-Prettner Solon Administration

  2. Use of this presentation Own Your Future 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.

  3. Own Your Future! 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

  4. What Is Your Experience With Long-Term Care? Own Your Future 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?

  5. What Will We Discuss Today? Own Your Future 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

  6. What Is Long-Term Care? Own Your Future • 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

  7. Who Needs Long-Term Care? Own Your Future • 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

  8. Minnesotans 85+ will triple by 2050 Own Your Future

  9. Where Is Long-Term Care Provided? Own Your Future • 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)

  10. Value of Caregiving vs. Medicaid Expenditures in Minnesota Source: MN Dept. of Human Services, 2010; Reported in billions of dollars Own Your Future Minnesota, an interagency initiative of the Dayton-Prettner Solon Administration State of Minnesota

  11. Long Term Care Costs In Minnesota *Not all-inclusive; additional charges for home care services Source: Genworth 2012 Cost of Care Survey, Genworth Financial Own Your Future

  12. Who Pays for Long-Term Care in Minnesota ? (2010) Source: MN Department of Human Services, 2010 Own Your Future

  13. Minnesota Boomers’ Plans to Cover Cost of Long-Term Care (2010) Source: Minnesota Boomer Survey, MN Dept of Human Services, 2010 Own Your Future

  14. Why Plan for Long-Term Care Needs? Own Your Future 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.

  15. How Can Planning Help? Own Your Future 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.

  16. What Financing Options To Consider? For more information on all of these options, visit mn.gov/ownyourfuture Own Your Future

  17. Why “Own Your Future” Minnesota? Own Your Future 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

  18. Own Your Future Components Own Your Future

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