the elder economic security standard™ index for connecticut march 6, 2009 alison gottlieb...
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![Page 1: The Elder Economic Security Standard™ Index for Connecticut March 6, 2009 Alison Gottlieb Gerontology Institute UMass Boston](https://reader035.vdocument.in/reader035/viewer/2022062717/56649e205503460f94b0be22/html5/thumbnails/1.jpg)
The Elder Economic The Elder Economic Security Standard™ Security Standard™
Index for ConnecticutIndex for Connecticut
March 6, 2009March 6, 2009
Alison GottliebAlison GottliebGerontology Institute Gerontology Institute
UMass BostonUMass Boston
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Goals of the IndexGoals of the Index
• To measure the cost of living for older To measure the cost of living for older adults in today’s economy who are adults in today’s economy who are “aging in place” in their own homes“aging in place” in their own homes
• To reflect local experiences in a form To reflect local experiences in a form that invites comparisons across that invites comparisons across communitiescommunities
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Conceptual principles of the Conceptual principles of the IndexIndex
• Focuses on Focuses on economic securityeconomic security
• Recognizes that geographic geographic variabilityvariability in cost of living is important in assessing security
• Focuses on Focuses on limitedlimited but but targeted targeted segmentationsegmentation
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Assumptions of the Index
Community living
Residential independence
Age 65 plus
Medicare coverage
Absence of paid work
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Components of the Standard
Housing
Food
Transportation
Health Care
Miscellaneous
As an add-on to the Index: home and community-based long-term care
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Statewide Index calculated for Connecticut
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Example 1: Connecticut Statewide, 2008
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $657 $909 $1,483 $657 $909 $1,483
Food $234 $234 $234 $430 $430 $430
Transportation $209 $209 $209 $368 $368 $368
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $297 $297 $297 $445 $445 $445
Index per month
$1,782 $2,034 $2,608 $2,670 $2,922 $3,496
Index per year
$21,383 $24,408 $31,296 $32,039 $35,064 $41,952
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Example 1: Connecticut Statewide, 2008
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $657 $909 $1,483 $657 $909 $1,483
Food $234 $234 $234 $430 $430 $430
Transportation $209 $209 $209 $368 $368 $368
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $297 $297 $297 $445 $445 $445
Index per month
$1,782 $2,034 $2,608 $2,670 $2,922 $3,496
Index per year
$21,383 $24,408 $31,296 $32,039 $35,064 $41,952
In Connecticut, the statewide averages for housing costs range from $657 to $1,483. These costs do not differ between singles and couples.
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Example 1: Connecticut Statewide, 2008
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $657 $909 $1,483 $657 $909 $1,483
Food $234 $234 $234 $430 $430 $430
Transportation $209 $209 $209 $368 $368 $368
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $297 $297 $297 $445 $445 $445
Index per month
$1,782 $2,034 $2,608 $2,670 $2,922 $3,496
Index per year $21,383 $24,408 $31,296 $32,039 $35,064 $41,952
Food costs are $234 for singles and $430 for couples. The costs do not differ by residential setting. There are economies of scale for couples v singles so the costs do not double.
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Example 1: Connecticut Statewide, 2008
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $657 $909 $1,483 $657 $909 $1,483
Food $234 $234 $234 $430 $430 $430
Transportation $209 $209 $209 $368 $368 $368
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $297 $297 $297 $445 $445 $445
Index per month $1,782 $2,034 $2,608 $2,670 $2,922 $3,496
Index per year $21,383 $24,408 $31,296 $32,039 $35,064 $41,952
Transportation costs are $209 for singles and $368 for couples. The costs do not differ by type of residential setting. There are economies of scale for couples v singles so the costs do not double.
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Example 1: Connecticut Statewide, 2008
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $657 $909 $1,483 $657 $909 $1,483
Food $234 $234 $234 $430 $430 $430
Transportation $209 $209 $209 $368 $368 $368
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $297 $297 $297 $445 $445 $445
Index per month
$1,782 $2,034 $2,608 $2,670 $2,922 $3,496
Index per year $21,383 $24,408 $31,296 $32,039 $35,064 $41,952
Health care costs are $385 for singles and $770 for couples. The costs do not differ by residential setting. There are no economies of scale for couples v singles so the costs double among elder couples.
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Example 1: Connecticut Statewide, 2008
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $657 $909 $1,483 $657 $909 $1,483
Food $234 $234 $234 $430 $430 $430
Transportation $209 $209 $209 $368 $368 $368
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $297 $297 $297 $445 $445 $445
Index per month
$1,782 $2,034 $2,608 $2,670 $2,922 $3,496
Index per year $21,383 $24,408 $31,296 $32,039 $35,064 $41,952
Miscellaneous costs are estimated at $297 for singles and $445 for couples. The costs do not differ by residential setting.
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The “Five Connecticuts” Concept
• Demographers at the UConn State Data Center developed five groupings of Connecticut towns, based on common social and economic conditions
• The Elder Economic Security Index presents five towns, one in each of these groupings
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5 CTs Population Distribution 2010
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5 CT Examples for Today
• Urban Periphery - Manchester• Rural - Putnam• Wealthy - Westport
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Example 2: Urban Periphery - Manchester
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $612 $806 $1,234 $612 $806 $1,234
Food $274 $274 $274 $503 $503 $503
Transportation $210 $210 $210 $370 $370 $370
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $296 $296 $296 $451 $451 $451
Index per month
$1,776 $1,971 $2,398 $2,705 $2,900 $3,327
Index per year $21,314 $23,646 $28,779 $32,463 $34,795 $39,928
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Example 2: Rural - Putnam
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $507 $681 $1,130 $507 $681 $1,130
Food $234 $234 $234 $430 $430 $430
Transportation $242 $242 $242 $426 $426 $426
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $273 $273 $273 $427 $427 $427
Index per month
$1,641 $1,815 $2,264 $2,559 $2,733 $3,182
Index per year $19,690 $21,780 $27,167 $30,709 $32,799 $38,186
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Example 3: Wealthy - Westport
Elder Person Elder Couple
Monthly Costs
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Owner, no mortgage
Renter, 1 bedroom
Owner with mortgage
Housing $1,157 $1,314 $3,109 $1,157 $1,314 $3,109
Food $280 $280 $280 $515 $515 $515
Transportation $200 $200 $200 $353 $353 $353
Health Care $385 $385 $385 $770 $770 $770
Miscellaneous $404 $404 $404 $559 $559 $559
Index per month
$2,427 $2,584 $4,379 $3,354 $3,511 $5,306
Index per year $29,122 $31,007 $52,551 $40,245 $42,130 $63,674
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Summary of results
• Costs are lowest for people who live in their own homes with mortgage paid off
• Costs are highest for people who are still paying off a mortgage
• For singles, housing is the highest cost and health care is the second most sizable cost
• For couples, health care can be the highest cost
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A few words about long-term care
• Our estimates are for home and community-based long-term care services, – not nursing home care
– not settings that combine housing and services such as assisted living
• Costs of home and community-based long-term care services are presented for three service packages along the continuum of care.
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The continuum of care needs
Level of need: Hours per week of assistance:
Low 6
Medium 16
High with adult day care 36
High without adult day care
36
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Estimated annual costs for LTC
Level of need: Cost at private pay rate:
Low $7,502
Medium $19,994
High with adult day care
$38,790
High without adult day care
$44,518
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Estimated total costs: single older renter in the State of Connecticut
Level of need: Annual Expense:
None $24,710
Low $32,213
Medium $44,705
High with adult day care $63,500
High without adult day care $69,228