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
Our July 15 "hike" is going to be a kayaking adventure on Bde Maka Ska (formerly Lake Calhoun) and Lake of the Isles! If you don't have a kayak (or paddleboard), Wheel Fun Rentals, located next to the new concession stand rents single kayaks at $15 an hour and double kayaks at $25. The second hour is free if we rent before noon. Life jackets are provided with the rental.
Laura Ericksen will lead the discussion of How Stella Learned to Talk by Christina Hunger, a true story by a speech-language pathologist who taught her dog, Stella, to communicate using buttons associated with different words.
Our August 5 hike will be a reprise of our hike last summer at William O'Brien State Park. This is a beautiful park with a winding trail and a great view of the countryside. The hike is about 5.5 to 6 miles and we'll go at a moderate pace with frequent water breaks. After the hike, we will eat lunch at Rustic Roots Winery, a half mile north of the park.
Kathy Cramer will lead the discussion of The Bookbinder by Pip Williams, a book set in 1914 Oxford chronicling the life of Peggy who works in the University bindery, but craves a life beyond binding books but to being a scholar herself.
Enjoy a two-hour cruise on the Jonathan Padelford, leaving from the Harriet Island dock in St. Paul, boarding time at 5:30 p.m. We will have a brief program on board by Patrick Nunnally from the River Life Program of the Institute on the Environment.
August 31 is the due date for annual reports and updates. Annual Reports, Toolkits, web page updates, operating document updates and archives collections are all due each year on this date.
Autumn is a wonderful season in Minnesota so plan to join UMRA at the Andersen Horticultural Library at the Minnesota Landscape Arboretum. Kristen Mastel, head librarian and curator, will reveal its treasure trove of publications and artifacts relating to plant history, horticulture, and natural history. After the tour, those who are interested may stay to eat lunch together, sitting outside if the weather is nice. Later, you are invited to a one-hour tram tour of the entire Arboretum that includes natural areas of flowering shrubs, bogs, and forests, family garden and landscaping showpieces, and the red barn farm
After a summer break the UMRA Photo Club will next meet September 10, 2024 in the meeting room of the Hennepin County St. Anthony Branch Library. For those interested in lunch, meet at the Great Dragon at 11:30 am. For September the THEME will be Curves
We will continue to discuss the pros and cons of Medicare Advantage. You will also hear about notable non-health plan and non-broker resources.