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Minnesotans still stumped about paying for long-term care

If you lost your ability to care for yourself because of disability or old age, how ready are you and your family to meet your needs?

Half of people responding to the Own Your Future annual survey at the 2016 Minnesota State Fair said they are not prepared to deal with the help most of them and their loved ones are expected to need some time after age 65. 
More information is available in a news release.

State Fair survey shows uncertainty about long-term care cost

Half of people responding to the Own Your Future annual survey at the 2016 Minnesota State Fair said they are not prepared to deal with the help most of them and their loved ones are expected to need some time after age 65. Half of respondents also said their biggest concern about retirement is losing health and needing care, followed by not having enough money (40 percent) and being a burden to family (11 percent). 

The State Fair survey, completed by 2,553 people in 2016, is intended to provide a snapshot of Minnesotans' current thinking on their retirement and long-term care planning. DHS and other agencies use the survey results to help determine how concerns and behavior are changing over time regarding retirement and long-term care planning and how these trends could influence policy, public information and outreach efforts so they are more effective.

More information is available in a summary of the survey results (PDF).

The complete copy of the press release can be found at https://mn.gov/dhs/media/news/

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.

Timeline to Retirement available

You can request a copy of the Own Your Future planning guide online. In addition, Own Your Future has updated a booklet called Timeline to Retirement (PDF) that provides an easy-to-use checklist for how individuals can prepare for their retirement by taking regular small steps throughout their working life.

To order hard copies, email ownyourfuture@state.mn.us and provide a mailing address and the number of copies you would like to receive. Staff is also available to present the information on long-term care planning and the Timeline to groups and to provide general information about key considerations for retirement planning. Send an email to Own Your Future if you are interested in having a speaker on this topic for your group.

Upcoming Own Your Future events

The Own Your Future Advisory Panel has nothing scheduled at this time.

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