# Presentation: 815945

## “Growing Older, Planning for the Future:Summit on the Issues of Aging”Sponsored by Congressman Michael C. Burgess, M.D.

**“****Growing Older, Planning for the Future:****Summit on the Issues of Aging”****Sponsored by Congressman ****Michael C. Burgess, M.D.**

**Planning for Future Medical Costs****Rod Perkins****Genworth Financial**

## Discussion Topics

**The Health Care Issues and Expenses Associated with Aging**
**Options for Planning and Preparing**
**Steps You Can Take and Resources Available to You**

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Health Care vs. Long Term Care

**Health Care**
- Treatment and prevention of specific health conditions
- Often associated with “acute” care

**Long Term Care**
- Ongoing care after an injury or illness is stabilized, or care due to slowly deteriorating health (“chronic” care)
- Help with Activities of Daily Living such as dressing, eating, and bathing
- Help provided in your home, or a variety of settings or facilities

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Health Issues Give Rise To LTC Needs

**Dementia**
**Stroke**
**Cardiovascular**
**Musculoskeletal**
**Brain**

**Fracture**
**Cancer**
**Respiratory**
**Other**

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Funding Options

**Health Care**

**Health Insurance – Covers medical expenses such as doctor visits, hospital, and prescriptions**

**Medicare – US Government Program provides basic hospital, medical, and prescription drug insurance to Americans over age 65**
**Medicare Supplement Insurance and Medicare Advantage – Provides a supplement to Medicare Benefits**
**Medicaid – State and Federal government welfare program that provides health care to people with very low income and assets**

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Funding Options

**Long Term Care**

**Health Insurance – Does not pay for most LTC including custodial care**

**Medicare – Does not pay for most LTC.  Requires approximately $118/day in coinsurance starting on day 21 – coverage ends on day 100.  No coverage for assisted living or adult day care.**

**Medicaid – Only available after depletion of assets, limits choice as to available care**

**Personal Savings – If you have considerable savings and investments**
**Family – If your family can help financially or as caregivers**
**Private Long Term Care Insurance**

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Long Term Care Realities

- Most Americans (75%) admit to having made no long term care plan for themselves or a spouse
- Four out of ten Americans will use a nursing home at some point after reaching age 65, and 60% will require some form of long term care
- 40% of those currently receiving long term care services are between the ages of 18 and 64
- Factors contributing to the risk of needing LTC include age, gender, lifestyle, and family history

***LTC is one of the greatest personal and financial risks Americans have not planned for***

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## The Cost of Long Term Care

- The average annual cost for a private room in a nursing home is $74,806 (Dallas - $55,023, Austin - $71,740, Houston - $64,678, San Antonio - $64,612, Rest of TX - $48,446)  *(Genworth Financial 2007 Cost of Care Survey)*
- Women typically need care for longer (on average 3.7 years) than men (on average 2.2 years).
- Care may be required in a variety of settings, including:
- Assisted Living Facilities:  ($32,573/year)
- Home Care:	($32.37/hour for Certified Home Care Services, and $17.46/hour for Homemaker Services)
- Other models such as Adult Day Care are becoming more prevalent

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## The Importance Of Having A Plan

- The cost of LTC services often exceeds what the average person can afford to pay from income and other assets.  With a plan you may be able to:
**Save your assets and income for other uses**
**Have greater choice over where and how you receive services (such as being able to stay in your home longer)**
**Reduce emotional and financial stress on you and your family and involve your family in the planning process**

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Long Term Care Insurance

- LTC Insurance helps pay for the long term care services you might need as a result of a chronic disease, serious accident, sudden illness, or cognitive impairment such as Alzheimer’s
- Long term care services may be provided by a health care professional such as a nurse, home health aide, or other personal care providers such as a family member or personal care attendants
- Varying amounts of care can take place in a variety of locations ranging from a few hours of care per week at home to round-the-clock care in a nursing home

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Government Programs To Help You

- LTCI Partnerships
**Combine Public and Private resources to help individuals prepare and plan for their long term care**
**Provide Medicaid asset protection equal to the benefits utilized from a qualified long term care insurance policy**
- HHS Own Your Future Campaign
**A joint federal-state initiative to educate the American public about the importance of planning for future LTC needs**
**Letter from Governor Perry sent to Texans ages 45 to 65 (11/06)**
**A “Long Term Care Planning Tool Kit”**

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## The Good News: What You Can Do Now

- Assess your need for LTC – Talk to you doctor
- Decide where you want to receive care – Find out what is available in your area
- Talk to your family about care-giving and funding options
- Review your current coverage – understand limitations
- Determine how you will fund your LTC (Private LTCI, self-funding, government programs)
- If you are employed, ask your employer about Group LTCI
- Investigate housing considerations (home modification, movement to a more suitable environment)

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## Planning Information And Resources

- Visit the National Clearinghouse for LTC information at  _[www.longtermcare.gov](http://www.longtermcare.gov/)_
- Obtain a copy of the HHS “Own Your Future Long-Term Care Planning Kit” at _[www.aoa.gov/ownyourfuture](http://www.aoa.gov/ownyourfuture)__ or 877-PLAN-LTC_
- Contact the Texas Department of Aging and Disability Services at _[www.dads.state.tx.us/services](http://www.dads.state.tx.us/services)__  for services for older Texans_
- Compare private long term care insurance companies and obtain an LTCI Shoppers Guide from the Texas Department of Insurance at _[www.tdi.state.tx.us](http://www.tdi.state.tx.us/)__ _
- Contact the HHS Administration on Aging’s Eldercare Locator at (1-800-677-1116) for senior services and resources
- Obtain “A Guide to Long Term Care Insurance” provided by America’s Health Insurance Plans at _[www.ahip.org](http://www.ahip.org/)__  _

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month

## THANK YOU!

**Notes:**
Notes:

We were actively involved in this campaign from the start; meeting with DHHS and helping plan our approach.
The VA campaign response rates come from Sam Shipley at HHS; He will provide full data by state as they finalize #’s
Genworth pieces were sent to Governor’s office for review.... Favorable feedback from the offices we heard from...in fact House of Representative Eric Cantor from VA is curious in a piece leveraging his views as a potential follow up in his area.
Genworth Pieces are still mailing for this campaign; We will have a good read on results at end of this  month