January 2016 Workshop
Tue, January 26 2016, 1:30pm
Campus Club ABC
Financing health care costs, long-term care, and how estate planning is involved
Our second of three workshops on managing finances in retirement will emphasize managing health care costs. The workshop will follow the luncheon meeting January 26 at approximately 1:30 p.m. in Campus Club ABC.
The presenter is Professor Andrew Whitman, J.D., Ph.D., C.F.P., professor of insurance in the Carlson School of Management. He has invited several panel members to comment on their personal experience on these issues. The workshop will address the following topics:
1. Medicare and insurance supplements lack coverage for activities of daily living and long term care. Out-of-pocket health care costs in retirement vary greatly across families. Costs that can mount up include co-payments, deductibles, excluded treatment costs, Part B and Part D premiums, and out-of-pocket costs for prescription drugs. The discussion will focus on finding the best Medicare plan, added Medicare costs for higher incomes, and the value of accelerating income to the next year as part of overall tax planning. Health insurance exchanges offer the opportunity to secure health insurance for spouses and dependents not on Medicare.
2. Dealing with long-term care facilities
Making the best use of independent living, assisted living, custodial care, and memory units requires family planning.
3. Issues involved with long-term care (LTC) insurance and estate planning
The implications of LTC products will be addressed—older LTC products have greatly increasing premiums, while newer LTC products are complicated, expensive, and often have life insurance components. Estate planning, tax implications, healthcare directives, property powers of attorney, and trusts will be discussed.
References include 30 Ways to Cut Health Care Costs, New Strategy for Paying for Long-Term Care, a Special Report on Long-Term Care on website http://LongTermCare.gov.
Upcoming Events
We are fortunate to have UMRA member and former Minnesota Landscape Arboretum director Peter Moe to lead this approximately 3.7-mile hike at the Arboretum on Monday, May 6. Plan to have lunch together after the hike at the Eatery café inside the Oswald Visitor Center.
This session will continue the discussion begun in the May 8, 2023 session. See that article for details.
If you currently live in your own home or apartment, have you looked ahead to when you might want to consider a senior living option? Do you have any idea what those options might be? How much they cost? What they provide? UMRA’s May 14 workshop will provide an overview of the world of senior living and the basic information you need.
You’re invited to join the final Family History Interest Group meeting for 2023–24. This will be an opportunity to ask questions related to family history, share insights, talk about recent projects, and suggest topics for next year.
Stephanie Daily will lead the discussion of Fuzz: When Nature Breaks the Law by best-selling author Mary Roach when the UMRA Book Club meets via Zoom at 2 p.m. on Friday, May 17.
The May 20 hike will start at the Historic Lift Bridge in Stillwater and go along the river to the new bridge, cross over and then back on the Wisconsin side, a total of approximately 5 miles. Most of the route is paved. We will eat lunch after at Brian's Bar and Grill in Stillwater. Car pooling will be available.
Climatologist and meteorologist Mark Seeley joined the U of M faculty in 1978 and has been a weekly commentator on Minnesota Public Radio since 1992. We are honored to welcome him as our guest speaker for UMRA’s May Luncheon Forum and 2024 Annual Meeting. He is always entertaining and informative.
UMRA’s Fourth Friday Book Club welcomes back, for the second time, author Julie Schumacher, U of M Regents professor of creative writing and English, for a conversation about her novel The Shakespeare Requirement.
We are in for a treat on June 3! Lynn Anderson, will lead us on trails at two parks near her Monticello home. Bring a bag lunch and we will gather in Lynn's yard along the Mississippi River for eating and socializing after the hike.
Get out to the ballpark with fellow UMRA members for the annual U of M Day at Target Field as the Minnesota Twins take on the Oakland Athletics on June 14 at 7:10 p.m.
Please join us at 9:30 on June 17, 2024 for a walk around Lake Como in St. Paul before attending the UMRA Summer Social and Picnic starting at 11 at the Como Pavilion. A perfect opportunity to get in a walk before we gather to celebrate summer.
Picnic under the covered, open-air Como pavilion, gaze at the water, spy some birds, catch up with friends and former colleagues, and meet new members. We’ll have lunch with plenty of time for visiting and then compete in teams as we are challenged by our Quiz master(s)!
Healthy aging, mindfulness, fighting ageism, and more will be the focus of the third annual Age-Friendly University Day to be held on the U of M Twin Cities campus.