What Every Adult Child Should Know:Financial Information and Related Documents for Family Caregivers

Edie Felts-Podoll and Clif BarberUW Cooperative Extension Family Living Programs

PATHWAYS TO FINANCIAL SUCCESS CONFERENCE Wisconsin Dells, WI

June 16-17, 2011

Outline

• Population aging and impacts on families• UW Extension response: Curricula designed to

help family caregivers• Brief History and Overview of Curriculum:

“What Every Adult Child Should Know” (WEACSK)

• Teaching example (from Adams County)• Tips and Resources

The “Age Wave”

Population Aging in The United States

Increase in Percentage and Number of Persons in the U.S. Age 65+

Percentage of Americans Age 65 Expected to Survive to Age 90

Population Aging in WisconsinPercentage of Persons Age 65+ by County: 2010-2035

Wisconsin’s Age Wave

See Packet Handout

How Will Population Aging Impact Wisconsin Families?

Impact: Increase in Family Caregiving• Based on a 2009 national survey, it is estimated

that 43.5 million people in the U. S. currently provide some level of care for an adult age 50 or older. Two-thirds of these caregivers are female, and three-quarters are White (National Alliance for Caregiving and AARP, 2009).

• The number of families involved in caregiving will increase as the Baby Boom generation ages.

Educational and Informational Needs of Family Caregivers

In a 2009 national caregiving survey, nearly eight in ten caregivers wanted more information on such topics communicating more effectively with the care recipient and other family members, balancing work and eldercare, and managing legal and financial issues (National Alliance for Caregiving and AARP, 2009).

UW Extension – Family Living Programs

Helping Families With Caregiving

Curricula Designed to Help Family Caregivers

• Powerful Tools for Caregivers• Adult Children and Aging Parents:

Conversations Between Generations• Caregiving Relationships• Protecting Your Retirement and Other

Financial Information: What Every Adult Child Should Know

• Who Gets Grandma’s Yellow Pie Plate?

FYI Public Websitehttp://fyi.uwex.edu/familycaregivereducation/

“What Every Adult Child Should Know”

The goal of this program is to help caregivers protect their assets and prepare for retirement while providing care. The information will also assist with financial discussions that might take place as families make important decisions about the care receiver’s future.

History• Developed by Celia Ray

Hayhoe, Ph.D., CFP®, Virginia Cooperative Extension

• Funding provided by the National Endowment for Financial Education

Organization of Program Manual

• Chapter 1 deals with understanding where you and the care receiver stand financially and what resources are available to pay for care.

• Chapter 2 outlines why it is essential to plan ahead by having in place all the legal documents a care receiver needs.

• Chapter 3 summarizes the financial decisions family caregivers need to consider.

Manual Content (continued)• Chapter 4 discusses the types of care available

and the programs that cover the cost of different types of care.

• Chapter 5 deals with how you can pay for care using long-term care insurance, Veterans benefits, Medicare, Medigap insurance, and Medicaid.

• Chapter 6 explains communication techniques families can use when discussing these difficult issues.

Video

Contains vignettes of communication challenges that typically come up when dealing with caregiving issues as well as techniques for discussing these issues among a family. Scenes offer examples of talking about caregiving issues with the family or appropriate third parties, such as a financial planner, attorney, or case worker who can help conversations remain objective and less emotional.

CD-ROMHas a PDF version of the binder, but is designed for use by groups or individuals with computer access. In addition to toe PDF of the binder, it contains a leader’s guide, PowerPoint slides for each chapter, and an evaluation sheet. It also contains worksheets that can be customized to the needs of each particular group. If individuals want to use a computer to complete the forms, the CD-ROM contains interactive forms in Microsoft Word and Excel formats.

FYI Websitehttp://fyi.uwex.edu/familycaregivereducation/what-every-child-should-know/

FYI Website Resources• Program Overview. Overview of program materials,

including the chapter organization of the manual and accompanying media materials.

• Wisconsin Versions of Selected Forms. Sections amended for use in Wisconsin by UWExtension.

• For Class Leaders. This page contains a packet of sample teaching materials prepared by Edie FeltS-Podoll. Packet includes an example of a teaching outline, a worksheet designed to engage participants in the need for planning, Powerpoint slides, a story of an average rural family (to promote discussion), a publicity flyer, a sample news release, and HCE/Community Leader's Planning Guide, and an evaluation form.

Wisconsin Versions of Forms and Documents

Educational Use:Teaching example from Adams County

• Video segment #2 and Discussion• Worksheet: “What You Want Your Family to

Know”• Story of an average rural family (George and

Deana)• Choosing document examples• Lasting impression (Video segment #1 – no

one wants this to happen in their family)

Worksheet

Story of an Average Rural Family: George & Deana

How To Formulate a Process to Distribute Program Materials

• HCE Leader’s Planning Guide• News release• Poster

Playing with the acronym: What Every Adult Child Should Ask

WEACSK = We All Should ASK

“Wisconsin-ized” Documents and FormsThe documents and forms printed on yellow paper (in the 3-ring binders) have been amended for use in Wisconsin. They can be inserted into the program manual at the pages indicated on the FYI website.

Date Reviewed By Whom Updated(√ )

Remain the Same (√ )

For/Name: __________________________ Care Receiver _______ Caregiver _______ Date: ______________