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Own Your Future, an initiative to encourage Minnesotans to plan to pay for their long-term care, moves to another step this week with a public meeting on long-term care financing options for middle-income citizens.
The meeting is set for 9 a.m. to noon Friday, Oct. 18, in Room 2360 of the Elmer L. Andersen Human Services Building, 540 Cedar St., St. Paul. It is being convened by a subgroup of the Own Your Future Advisory Panel charged with making recommendations on insurance, financial or related products that should be available to middle-income households to pay for long-term care costs.
Open for comment at the meeting is a report the subgroup has developed with long-term care financing options the subgroup will consider in making final recommendations to the full Advisory Panel. The options paper and other information is available on the Own Your Future website, http://mn.gov/ownyourfuture. Members of the general public and stakeholders from the insurance and financial services industry and providers of services to older adults and people with disabilities are invited to comment on ideas that have been generated
“Making affordable, suitable financial products available is key to helping Minnesotans plan for the long-term care most of us will need as we grow older,” said Human Services Commissioner Lucinda Jesson. “Planning to pay for these services is critical to ensuring we have choices as we age.”
Identification and development of long-term care financial products for middle-income Minnesotans is the second of three phases of the Own Your Future initiative. In the first phase, with funding from the federal government, Own Your Future conducted public awareness activities. These included a letter to Minnesota households from Governor Mark Dayton and Lt. Governor Yvonne Prettner Solon, a public website and information materials distributed at the Minnesota State Fair and other venues.
The third phase of the Own Your Future campaign will focus on evaluation of possible changes to Medicaid to better align with and encourage private payment for long-term care.