2003
Volunteer Leader Training Guide
Financing Long-Term Care
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Introduction
Few people plan for their 60s and beyond. Yet, once you reach age 65 years,
you have a 75 percent chance of needing home, community or institutional
long-term care services. You will have a better chance of protecting your
financial security if you plan for possible long-term care. One important
consideration is how you will pay for long-term care services. This slide set
will help you think about your options. You will be encouraged to discuss these
with possible future caregivers such as your adult children. Then when you need
long-term care services you will be in a better position to make sound
decisions.
Target Audience
• Boomers
• Older adults
• Adult children of older adults
Objectives
• Participants will recognize the risk of needing long-term
care.
• Participants will be able to identify and investigate
long-term care financing alternatives, including long-term care insurance.
• Participants will understand the importance of planning for
long-term care as part of their financial security plan.
• Participants will be able to investigate Medicaid spend-down
rules.
Major Teaching Points
Long-term care is many kinds of care, but most long-term care is informal
care provided by family members. Most long-term care is not medical care and
therefore not covered by Medicare. Medicaid financial help is available on a
needs-only basis. It is important to learn how the rules will affect your
situation or the situation of a loved one. It is important to think about the
trade-offs family members make when they provide long-term care to loved ones.
Investigate long-term care options before you may need assistance. The issues
are complex. Decisions made now can mean significant financial savings in the
long term.
Make a plan for how best to pay for long-term care should you need it.
Conduct critical conversations with yourself, your adult children and others
before you may need assistance. Then, the persons you are counting on for social
support and care giving will have a good understanding of what you want to
happen.
Teaching Materials and Handouts
The following starred items are used during the PowerPoint presentation.
*Financing
Long-Term Care
- A 24-item PowerPoint presentation
*Slide
Script-Option 1: Financing Long-Term Care (in PDF only) - slides plus
script for leaders’ use only
*Slide
Script-Option 2: Financing Long-Term Care
- separate script for use with slides for leader’s use only, if Option 1 does
not work
*Handout
1: Long-Term Care: Do You Know the Facts? - quiz
The following items can be given to participants for further study after the
presentation. Some are cited during the presentation, so have a copy to share
with the group.
Handout 2: Long-Term Care and Your Financial Security: Sorting Out Myths and
Facts (in PDF only) - hand out after the lesson
Handout 3: (Optional) Financing Long-Term Care: Alternatives and Considerations
(in PDF only)
Identifying Financial Security Goals for Later Life: Can We Talk? (Hand out
after the lesson. Alert learners that materials are targeted to either
individuals (self) or adult children.)
Handout 4: (Worksheet A is for individuals (yourself))
Handout 5: (Worksheet B is for adult children)
Impact Evaluation
Use the
Handout 6: after program and
Handout 7: three to six months after presentation evaluations as desired.
For AIMS reporting….
• Three to six months after the lesson is presented, ask
participants to respond to the following items and report the results to the
county Extension agent - family and consumer sciences.
After participating in the program on Financing Long-Term Care, I:
__ Investigated long-term care insurance for myself, another family member, a
person to whom I provide care giving or a friend.
__ Investigated how the Medicaid spend-down rules will affect my family or
the family of the person to whom I provide care giving.
Agents: Report the results under the Planning for the Long-Term Focus
Program in the AIMS reporting system.
See Goal 2, Objective 2 (Individuals and families will use financial planning
techniques to smooth transitions as they face unexpected events. Benchmark:
Number of participants who investigate how the Medicaid spend-down rules affect
their financial situation.)
See Goal 2, Objective 3 (Individuals and families will assess their health
care cost situation to get the most benefit from their health dollar. Benchmark:
Number of participants who investigated Medicare supplement and long-term care
insurance.)
Resources
Select Program Toolkit and scroll to Critical Conversations for Long-Term
Care. Includes a more comprehensive evaluation.
Judith R. Urich, Ph.D., CFP,
Family Resource Management Specialist
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