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In today’s fiscal environment it is extremely helpful for families (parents and adult children) to have identified their later life financial goals, decided which goals are most important, and discussed where they agree and disagree. Keep in mind it is natural for family members to hold different perceptions across the generations as to the importance of later life goals such as:

**Control**Privacy**Financial Security**Self Sufficiency
**Spouse’s Financial Security**Leaving an Inheritance
**Qualifying for Public Assistance
Seneca County Office for the Aging in partnership with Seneca County Cornell Cooperative Extension is delighted to offer the expertise of Angie Shortino, Long Term Care Consultant to Seneca County residents for FREE. Mrs. Shortino receiangieved the NYS Office for the Aging Award of Excellence in December 2005, in recognition of her dedication and outstanding efforts to educate Medicare beneficiaries and their caregivers about long term care. She has been in business for 30 years ever since she was forced to grapple with her own father’s death and resulting huge medical bills. It took time, perseverance and lots of hard work, but she cut the tens of thousands of dollars down to about $100.00. Prior to starting her LTC consulting business, 16 years ago, she was employed with a LTC insurance company where she helped design & develop a LTC product for approval, trained agents to sell the product, and taught consumer awareness of LTC across the state.

NYS does not endorse or recommend any specific insurance product or insurer. This program is solely intended to educate consumers about their choices. Funded by the NYSOFA through Seneca County Office for the Aging. Equal opportunity provider.

LTCI Program

Saving MoneyKnowing what you want makes planning and decision making easier. Making decisions about long term care is no exception. It is extremely helpful for elders and their families to have identified their later life financial goals, decided which goals are most important, and discussed where they agree and disagree. In today’s fiscal environment it is important for working adults to start as early as possible to identify their later life financial goals. Knowing your goals will help you determine which long term care financing options are your best choice.

Self-sufficiency, spouse’s financial security, control, leaving an inheritance, qualifying for public assistance and privacy are the most common goals family members commonly identify as potentially important in later life. Keep in mind it is natural for family members to hold different perceptions across the generations as to how important each of these goals is.

Money on the lineSelf-sufficiency- A person’s ability to pay their own way by not outliving their income and assets can be an important way to remain independent and self-sufficient.

Spouse’s financial security- Many families want to protect the security of the healthier spouse to assure this persons independence and self-sufficiency.

Control- Many people want to maintain their independence and ability to make decisions regarding their financial resources until they die.

Leaving an inheritance- Leaving an inheritance is a goal for some people as long as they do not lose control of their privacy and self-sufficiency. Some people’s goal is to leave a financial legacy (gift) while they are alive.

Qualifying for public assistance- Some families view the goal of qualifying for Medicaid as qualifying for entitlements, the ability to protect private assets, and an important safety net. In other families, qualifying for public assistance is thought of as an acceptable goal but only as a “last resort”, after private resources have been depleted.

Privacy- Financial privacy, both within and outside the family unit is important to some families.

Useful Tools for Identifying Financial Goals

ChangeHave you taken the time to identify your own financial goals? If you have a spouse, do you know what is the most important to him/her? Do your children or other family members who might be involved in carrying out your wishes know what is the most important to you financially?

The Long Term Care Insurance Resource Center (LTCIRC) is available to you to jump-start your critical conversations regarding financial goals and the implications for financing long term care. Visit Seneca County Cornell Cooperative Extension’s (CCE) LTCIRC to utilize the decision-making resources. The Long Term Care Outreach Program is a cooperative partnership between Seneca County Office of the Aging and Seneca County CCE. The information provided at the Long Term Care Insurance Resource Center is intended for the sole purpose of educating consumers in regards to the choices available for financing their long term care needs. Particular emphasis is placed on understanding long term care insurance. NYS does not endorse or recommend any specific insurance product or insurer through the Long Term Care Insurance Outreach Program. Please contact Debra DiLallo, LTCIEOP Coordinator at 315-539-9251 for more information. Debra and her staff will be happy to meet with you individually by appointment or schedule a workshop for your special group.

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