The Elder Economic Security Standard™ Index for Connecticut

1. The Elder Economic Security Standard™ Index for Connecticut March 6, 2009 Alison Gottlieb Gerontology Institute UMass Boston

2. Goals of the Index • To measure the cost of living for older adults in today’s economy who are “aging in place” in their own homes • To reflect local experiences in a form that invites comparisons across communities

3. Conceptual principles of the Index • Focuses on economic security • Recognizes that geographic variabilityin cost of living is important in assessing security • Focuses on limited but targeted segmentation

4. Assumptions of the Index Community living Residential independence Age 65 plus Medicare coverage Absence of paid work

5. Components of the Standard Housing Food Transportation Health Care Miscellaneous As an add-on to the Index: home and community-based long-term care

6. Statewide Index calculated for Connecticut

7. Example 1: Connecticut Statewide, 2008

8. Example 1: Connecticut Statewide, 2008 In Connecticut, the statewide averages for housing costs range from $657 to $1,483. These costs do not differ between singles and couples.

9. Example 1: Connecticut Statewide, 2008 Food costs are $234 for singles and $430 for couples. The costs do not differ by residential setting. There are economies of scale for couples v singles so the costs do not double.

10. Example 1: Connecticut Statewide, 2008 Transportation costs are $209 for singles and $368 for couples. The costs do not differ by type of residential setting. There are economies of scale for couples v singles so the costs do not double.

11. Example 1: Connecticut Statewide, 2008 Health care costs are $385 for singles and $770 for couples. The costs do not differ by residential setting. There are no economies of scale for couples v singles so the costs double among elder couples.

12. Example 1: Connecticut Statewide, 2008 Miscellaneous costs are estimated at $297 for singles and $445 for couples. The costs do not differ by residential setting.

13. The “Five Connecticuts” Concept • Demographers at the UConn State Data Center developed five groupings of Connecticut towns, based on common social and economic conditions • The Elder Economic Security Index presents five towns, one in each of these groupings

14. 5 CTs Population Distribution 2010

15. 5 CT Examples for Today Urban Periphery - Manchester Rural - Putnam Wealthy - Westport

16. Example 2: Urban Periphery - Manchester

17. Example 2: Rural - Putnam

18. Example 3: Wealthy - Westport

19. Summary of results • 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

20. A few words about long-term care • Our estimates are for home and community-based long-term care services, • not nursing home care • not settings that combine housing and services such as assisted living • Costs of home and community-based long-term care services are presented for three service packages along the continuum of care.

21. The continuum of care needs

22. Estimated annual costs for LTC

23. Estimated total costs: single older renter in the State of Connecticut