• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Council on Aging
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
DONATE

  • Home
  • Programs & Services Programs & Services
    Overview
    Home & Community-based Care Options
    • Elderly Services Program
    • AddnAide
    • PASSPORT
    • Assisted Living Waiver
    • MyCare Ohio
    • Specialized Recovery Services Program
    • home52 Transportation
    Transitional Care
    • FastTrack Home
    Senior Utility and Home Repair Assistance Programs
    Aging and Disability Resource Center
    Caregiver Support Program
    • Working Caregivers
    Health & Wellness Programs
    • Health & Wellness Workshops
    • Senior Farmers’ Market Nutrition Program
    Nursing Home Pre-Admission Review
    Other Services
  • Find Resources Find Resources
    Search for Resources
    Ohio Homestead Exemption
    COA Is a Benefits Enrollment Center
    Opioid misuse and mental health concerns in older adults
    Document Library
    • Annual Reports
  • Service Providers Service Providers
    Working with Council on Aging
    • Requests for Proposals (RFPs)
    • Be a paid caregiver through Participant Directed Care
    Overview
    PASSPORT & Assisted Living
    • Prospective Provider Information
    • Current PASSPORT Provider Information
    Elderly Services Program
    • Current ESP Provider Information
    Title III, Senior Community Services & Alzheimer State Funds
    • Information for Current Title III Providers
    Service Provider Trainings
    Clinton County Senior Services Grant
    Billing
  • About About
    Overview
    Working at Council on Aging
    • Open Positions
    • Why Work at COA?
    • Emerging Professionals Program
    Senior Leadership Team
    • Board & Advisory Councils
    Advocacy
    Funding
    • Tax Levies
    How to Help
    • Donate
  • News & Events News & Events
    Overview
    News
    Newsletters
    • Join our Mailing List
    Events
    • 2025 Forum on Aging presented by Global Meals
    • 2025 Forum on Aging Sponsorship Opportunities
    • 2025 Forum on Aging Workshops
    Public Meetings
  • Contact Contact
    Overview
    Make a Referral
    Contact Form
    Service Excellence Awards
    Communication & Media
    Outreach Bureau
    Title VI
  • Home
  • Programs & Services Programs & Services
    Overview
    Home & Community-based Care Options
    • Elderly Services Program
    • AddnAide
    • PASSPORT
    • Assisted Living Waiver
    • MyCare Ohio
    • Specialized Recovery Services Program
    • home52 Transportation
    Transitional Care
    • FastTrack Home
    Senior Utility and Home Repair Assistance Programs
    Aging and Disability Resource Center
    Caregiver Support Program
    • Working Caregivers
    Health & Wellness Programs
    • Health & Wellness Workshops
    • Senior Farmers’ Market Nutrition Program
    Nursing Home Pre-Admission Review
    Other Services
  • Find Resources Find Resources
    Search for Resources
    Ohio Homestead Exemption
    COA Is a Benefits Enrollment Center
    Opioid misuse and mental health concerns in older adults
    Document Library
    • Annual Reports
  • Service Providers Service Providers
    Working with Council on Aging
    • Requests for Proposals (RFPs)
    • Be a paid caregiver through Participant Directed Care
    Overview
    PASSPORT & Assisted Living
    • Prospective Provider Information
    • Current PASSPORT Provider Information
    Elderly Services Program
    • Current ESP Provider Information
    Title III, Senior Community Services & Alzheimer State Funds
    • Information for Current Title III Providers
    Service Provider Trainings
    Clinton County Senior Services Grant
    Billing
  • About About
    Overview
    Working at Council on Aging
    • Open Positions
    • Why Work at COA?
    • Emerging Professionals Program
    Senior Leadership Team
    • Board & Advisory Councils
    Advocacy
    Funding
    • Tax Levies
    How to Help
    • Donate
  • News & Events News & Events
    Overview
    News
    Newsletters
    • Join our Mailing List
    Events
    • 2025 Forum on Aging presented by Global Meals
    • 2025 Forum on Aging Sponsorship Opportunities
    • 2025 Forum on Aging Workshops
    Public Meetings
  • Contact Contact
    Overview
    Make a Referral
    Contact Form
    Service Excellence Awards
    Communication & Media
    Outreach Bureau
    Title VI
Council on Aging
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
DONATE
(513) 721-1025
  • Home
  • Programs & Services Programs & Services
    Overview
    Home & Community-based Care Options
    • Elderly Services Program
    • AddnAide
    • PASSPORT
    • Assisted Living Waiver
    • MyCare Ohio
    • Specialized Recovery Services Program
    • home52 Transportation
    Transitional Care
    • FastTrack Home
    Senior Utility and Home Repair Assistance Programs
    Aging and Disability Resource Center
    Caregiver Support Program
    • Working Caregivers
    Health & Wellness Programs
    • Health & Wellness Workshops
    • Senior Farmers’ Market Nutrition Program
    Nursing Home Pre-Admission Review
    Other Services
  • Find Resources Find Resources
    Search for Resources
    Ohio Homestead Exemption
    COA Is a Benefits Enrollment Center
    Opioid misuse and mental health concerns in older adults
    Document Library
    • Annual Reports
  • Service Providers Service Providers
    Working with Council on Aging
    • Requests for Proposals (RFPs)
    • Be a paid caregiver through Participant Directed Care
    Overview
    PASSPORT & Assisted Living
    • Prospective Provider Information
    • Current PASSPORT Provider Information
    Elderly Services Program
    • Current ESP Provider Information
    Title III, Senior Community Services & Alzheimer State Funds
    • Information for Current Title III Providers
    Service Provider Trainings
    Clinton County Senior Services Grant
    Billing
  • About About
    Overview
    Working at Council on Aging
    • Open Positions
    • Why Work at COA?
    • Emerging Professionals Program
    Senior Leadership Team
    • Board & Advisory Councils
    Advocacy
    Funding
    • Tax Levies
    How to Help
    • Donate
  • News & Events News & Events
    Overview
    News
    Newsletters
    • Join our Mailing List
    Events
    • 2025 Forum on Aging presented by Global Meals
    • 2025 Forum on Aging Sponsorship Opportunities
    • 2025 Forum on Aging Workshops
    Public Meetings
  • Contact Contact
    Overview
    Make a Referral
    Contact Form
    Service Excellence Awards
    Communication & Media
    Outreach Bureau
    Title VI
Council on Aging
DONATE
(513) 721-1025
Thanks for visiting, but before you go...

Sign up for our newsletter to stay up-to-date on what’s happening at COA and in the fields of aging and disability services:

Sign Up
  • Home
  • Programs & Services
    • Overview
    • Home & Community-based Care Options
      • Elderly Services Program
      • AddnAide
      • PASSPORT
      • Assisted Living Waiver
      • MyCare Ohio
      • Specialized Recovery Services Program
      • home52 Transportation
    • Transitional Care
      • FastTrack Home
    • Senior Utility and Home Repair Assistance Programs
    • Aging and Disability Resource Center
    • Caregiver Support Program
      • Working Caregivers
    • Health & Wellness Programs
      • Health & Wellness Workshops
      • Senior Farmers’ Market Nutrition Program
    • Nursing Home Pre-Admission Review
    • Other Services
  • Find Resources
    • Search for Resources
    • Ohio Homestead Exemption
    • COA Is a Benefits Enrollment Center
    • Opioid misuse and mental health concerns in older adults
    • Document Library
      • Annual Reports
  • Service Providers
    • Working with Council on Aging
      • Requests for Proposals (RFPs)
      • Be a paid caregiver through Participant Directed Care
    • Overview
    • PASSPORT & Assisted Living
      • Prospective Provider Information
      • Current PASSPORT Provider Information
    • Elderly Services Program
      • Current ESP Provider Information
    • Title III, Senior Community Services & Alzheimer State Funds
      • Information for Current Title III Providers
    • Service Provider Trainings
    • Clinton County Senior Services Grant
    • Billing
  • About
    • Overview
    • Working at Council on Aging
      • Open Positions
      • Why Work at COA?
      • Emerging Professionals Program
    • Senior Leadership Team
      • Board & Advisory Councils
    • Advocacy
    • Funding
      • Tax Levies
    • How to Help
      • Donate
  • News & Events
    • Overview
    • News
    • Newsletters
      • Join our Mailing List
    • Events
      • 2025 Forum on Aging presented by Global Meals
      • 2025 Forum on Aging Sponsorship Opportunities
      • 2025 Forum on Aging Workshops
    • Public Meetings
  • Contact
    • Overview
    • Make a Referral
    • Contact Form
    • Service Excellence Awards
    • Communication & Media
    • Outreach Bureau
    • Title VI
Home > News > October is Financial Planning and Long-term Care Planning Month

October is Financial Planning and Long-term Care Planning Month

October 17, 2018

By Suzanne Burke, Council on Aging CEO, and Dr. Brad Wenstrup

Suzanne Burke and Brad WenstrupYou’re wide awake at 2am. By your father’s side in the hospital after hip replacement surgery, you wonder what will happen when he is discharged home.

Can your mother manage his care? Will he drive again? Can you take time away from work and family to help? Can your parents afford in-home care? What type of care would they want?

Unfortunately, most families don’t think about long-term care until the worst possible time – when someone needs it. When you wait until a crisis, your options are fewer and more costly. The reality is, 70 percent of us will need long-term care, but most of us have not discussed our care wishes or our financial resources.

When is the right time? It’s never too early, but long-term care should be a big part of your retirement plan. When planning for retirement, consider important questions about long-term care such as care options and costs, community resources and what Medicare will and will not cover.

Why is this important? Because our population is aging rapidly.

  • Ohio has 1.8 million people over the age of 65 – the sixth largest in the nation.
  • By 2030, in 81 of Ohio’s 88 counties, 25 percent of the population will be age 60 or older. In two-thirds of counties, 30-50 percent will be age 60 or older.
  • The fastest growing age group – those most likely to need long-term care – is Ohioans age 85 and older.

Recent data suggest we aren’t saving enough for retirement or our long-term care needs. In 2016, the Economic Policy Institute estimated that nearly half of all working-age families have zero retirement savings. Among those who do, the median retirement account savings was $60,000.

In Ohio, nearly half the state’s 65 and older population would have incomes below the poverty line were it not for Social Security. Three in 10 rely on the program as their only source of income. For most of us, Social Security alone is not enough to live comfortably in retirement, nor is it enough to cover the costs of long-term care.

Medicaid is another example. It is the largest source of funding for long-term care, yet it was never designed for this purpose. For people with limited retirement incomes and savings, one major – or a few minor – health care episodes can decimate their savings, forcing them onto Medicaid to access care.

As a result, the cost of Medicaid programs is growing faster than available tax revenues. In 2015, Ohio spent $7.2 billion on long-term care services, accounting for 35 percent of total Medicaid expenditures.

But Ohio has made progress in using limited Medicaid dollars more effectively. For example, in the last 10 years, Ohio rebalanced its Medicaid long-term care budget to focus on less costly options like in-home care and assisted living (vs. nursing home care). As a result, we’re helping more people remain independent in their homes as they age, at a lower cost.

Locally, Council on Aging (COA), the Area Agency on Aging for Butler, Clermont, Clinton, Hamilton and Warren counties, has developed programs that improve outcomes as patients move from one care setting to another. These programs prevent nursing home placements and hospital readmissions, and have saved taxpayers millions in unnecessary Medicare spending.

Individually, we can take advantage of resources to help us plan for our futures.

  • Educate yourself and make a plan. Start at longtermcare.acl.gov to access planning tools and learn about care options and costs. Or, request an in-home consultation with an expert from COA or your local Area Agency on Aging to learn about care options and local resources. Call 1-866-243-5678 to arrange a home visit. COA also offers free long-term care planning workshops featuring experts and a kit to help you plan. Learn more: www.help4seniors.org.
  • Explore financial options. Have a certified financial planner (CFP) evaluate your financial situation. Your CFP can recommend strategies or products that may help increase your retirement reserves.
  • Create a lifestyle plan. There are many community programs to help you stay physically fit, manage a chronic illness or substance abuse disorder, or receive long-term care in your home. Contact COA for information.

Contact Council on Aging or your congressional representative for help navigating government programs and access to helpful resources.

Primary Sidebar

MOST RECENT

Council on Aging’s Benefits Enrollment Center helps lower-income older adults apply for money-saving benefits

Clermont County residents among Ohio's best for maintaining a healthy heart

Oxford Senior Center honored as Business of the Year

Council on Aging nominated for WeTHRIVE's Partner Award

Innovative service prevents simple need from becoming a big barrier to independence

Archives

  • Council on Aging and home52 Terms of Use
  • Links Policy
  • HIPAA
  • Site Map
  • Home52
(513) 721-1025

Copyright © 2025 · Council on Aging of Southwestern Ohio. 4601 Malsbary Road | Blue Ash, OH 45242 | Log in

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

  • Council on Aging and home52 Terms of Use
  • Links Policy
  • HIPAA
  • Site Map
  • Home52
This website uses cookies and other tracking technologies to assist with navigation, monitor site usage and web traffic, assist with our promotional and marketing efforts, and customize and improve our services and website. For more information about cookies and how we use them please see our Privacy Policy. Accept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Thanks for visiting, but before you go...

Sign up for our newsletter to stay up-to-date on what’s happening at COA and in the fields of aging and disability services:

Sign Up