Wednesday, December 20, 2023
2:00 - 3:00 pm
Eastern Time
Own Your Future 3.0: Reports Examine New Directions for LTSS in Minnesota
Speakers: Nikki Peterson, Steve Schoonveld, and John O’Leary
ABOUT THE TOPIC:
Minnesota has consistently ranked first or second among all 50 states in the AARP LTSS scorecard. Most recently, in 2023, it was named #1 again. However, two new studies commissioned by the Minnesota Department of Human Services, as part of the state’s continued interest in the Own Your Future (OYF) effort, raise a number of issues about the future need for and costs of LTSS for Minnesota’s aging population going forward. A demographic study of Minnesota’s 65 plus population, provides a detailed look at Minnesota’s older adult population and projects dramatic growth in LTSS usage and costs for Minnesota’s Medicaid population by the year 2035.
A second study, “Options to Increase Access to Long-Term Care Financing, Services, and Supports in Minnesota” found that, even with Minnesota’s success in LTSS, there are still service gaps, particularly for Minnesota’s middle income population, that will be exacerbated as the population ages. That study discusses three innovative funding approaches the state can consider to address these issues going forward.
The link to the LTSS Financing Study is here… https://mn.gov/dhs/assets/OYF-LTSS-funding-services-initiative_tcm1053-600470.pdf
When it is posted, the demographic study will be found on the OYF reports page at https://mn.gov/dhs/ownyourfuture/reports/
ABOUT THE SPEAKERS:
Nikki Peterson is the Quality Assurance and Improvement Planner for the Minnesota Department of Human Services, Aging and Adult Services Division. She recently assumed leadership of the Own Your Future Initiative which aims to make Minnesotans more aware of their need to plan for Long Term Care and helps develop more affordable and suitable financial options that can help them pay for it.
Steve Schoonveld is an actuary and Managing Director with FTI Consulting. Steve brings over 30 years of experience in the Long-Term Care and Health Care industries serving clients across the long-term care and public policy spectrum. On this project he assisted the Minnesota Department of Human Services as the principal consultant and led the engagement across the three firms, FTI Consulting, Altarum Institute and The Actuarial Research Corporation.
John O’Leary is President of O’Leary Management Associates LLC, a consulting practice dedicated to helping organizations plan, develop, and implement strategic, product, and market solutions for the Aging market. John has worked extensively with the Minnesota on various aspects of Own Your Future since 2014, most recently as external project manager/consultant on Own Your Future 3.0. He also recently co-authored (with John Cutler) a report for the Society of Actuaries entitled “Long-Term Care Coverage: Stakeholder Thoughts on State-Based Catastrophic Insurance.”
TO ACCESS THE MEETING:
Meeting URL:
https://nashp-org.zoom.us/j/81382766708?pwd=IaafnSxHLlAb0bcvOlbELlDCLla4G2.1&from=addon
Meeting ID:
813 8276 6708
Passcode:
LTC