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Reports explore two financing options

The Own Your Future initiative has produced key reports as it continues its work on options to finance long-term care.

The Minnesota Medicare Home Care Benefit report (PDF) discusses embedding a home care benefit in all Medicare Advantage and Medigap policies sold in Minnesota. By embedding a home care benefit in all these policies, Medicare beneficiaries would have coverage for nonmedical home care and personal care. This would complement the medical home health care now provided through Medicare.

The Merged Term Life with Long-Term Care Insurance for Life Stage Protection report (PDF) looks at a new product that would merge term life insurance with long-term care insurance, converting protection from one life stage to another as needed by the individual.

In February 2014 the Own Your Future Advisory Panel completed the report Financing Options to Help Minnesotans Pay for Long-Term Care (PDF). The report lists overarching recommendations on how to help middle-income households pay for long-term care costs and how to promote greater use of existing financing products as well as strategies to encourage new approaches to the financing of long-term care.

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Minnesota Own Your Future
September 27, 2012 Length: 1:14 Direct Link
Own Your Future aims to make Minnesotans aware of the importance of planning now to identify personal and financial options to meet their future long-term needs and to increase the number of Minnesotans who have taken action to address and provide for their future long-term needs.

How much will my care cost?

You may need to turn to paid caregivers if you have no one to support you or the people that support you are no longer able to provide for all your needs. This type of long-term care can be expensive.

Learn about the average cost of care

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