October 2019
An Education Minnesota ESI Member Benefit
Minnesota Is #1 in the Cost of Home Care. What Is Your Plan?
Minnesota tops the country (again) in the cost of home health care.

According to the nation's most comprehensive study of long term care providers, costs for extended care continue to increase. We encourage Education Minnesota members to plan now to address these future costs. Use the updated cost of care calculator to see what care could cost when you retire in 10, 20 or 30 years.
Key findings:

The fastest rising long term care costs are no longer for the most skilled care - in facility, they're now for the least complex care - at home, according to Genworth's latest 2019 Cost of Care Survey.

  • Minnesota is #1 - Normally great news, but when it come to home health aide costs, it means our great health care in Minnesota is costly. With the annual cost averaging $69,780 and care events averaging 3 years, what is your plan to fund a $209,340 need in retirement? If married, what if you and your spouse both need care?
  • The cost of homemaker services, which includes assistance with "hands-off" tasks such as cooking, cleaning and running errands, has increased 7.14 percent in the last 12 months alone.
  • The cost of a home health aide, which includes "hands-on" personal assistance with activities such as bathing, dressing and eating, has increased 4.55 percent.

Although the $51,480 national annual median cost of homemaker services is only about half the annual median cost of a nursing home, the cost of homemaker services rose almost four times as fast (7.14% vs. 1.82%). That means even assistance with simpler, everyday tasks - often the only help needed to maintain independence at home - is now more expensive than ever.

The 2019 survey covers 441 regions and is based on data collected from more than 15,000 providers making this data the most comprehensive of its kind.

Next steps:
1) Try the calculator and discover for yourself the current and future costs for the area in which you plan to retire.
2) Visit www.educatorsltc.com to learn how the long term care insurance offering from Education Minnesota ESI Member Benefits could help.
What You Don't Know About Dementia: You Can Ride the Waterslide
When it comes to dementia, we often think about all this disease takes away from a person. Our partners at Lifesprk, however, have learned there is one thing dementia can't touch - a person's spark!

Lifesprk client, Bob, is just one example of how finding someone's spark can be so crucial when caring for a loved one.

Have questions about what you read today or just looking for some long-term care planning advice? Please know, we are here whenever a need may arise.
Sponsored by Education Minnesota ESI in partnership with Educators Lifetime Solutions
You are receiving this message because you attended a prior Education Minnesota ESI workshop, where you indicated interest in long-term care insurance. EFS Advisors sponsored this workshop in conjunction with Education Minnesota ESI. You may unsubscribe by selecting the 'unsubscribe' link below at any time.

Securities offered through Advanced Advisor Group (AAG), Member Investment Advisory Services offered through Educators Financial Services (EFS), a Registered Investment Advisor. 440 Emerson St N Ste 4, Cambridge MN 55008 (877) 403-2374. Advanced Advisor Group and Educators Financial Services are affiliates under common control D/B/A EFS Advisors and are not affiliated with Education Minnesota ESI or Newman Long Term Care.   Educators Lifetime Solutions offers long-term care insurance and is affiliated with Advanced Advisor Group and Educators Financial Services.