financial 101.2012
TRANSCRIPT
Financial 101 From Poverty to Prosperity
Presented by:
Katherine Carol
The Shining Beautiful Series www.TheShiningBeautifulSeries.com
Email: [email protected]
PH: 720-771-6535
Overview
The Problem
– Poverty should not be a life goal.
– Where is that on the IEP or IP, etc?
– The median family income for families who
experience disability is less than half of the
national average.
Is a Crisis Brewing?
Increased need for caregiving and general support as population ages.
Demographics are working against us as workers retire from the workforce and young people choose other professions.
Aging boomers can afford to pay top dollar for help…and most likely will.
Financial Impact
According to www.caregiving.org the average caregiver will lose over $700,000 of income during their lifetime.
The longer the caregiving the higher the loss.
Single parents and older women fare the worst.
Four Steps to Financial Self-Determination
Discovery
Plan
Resource Development
Long Term Advocacy
Strategies
Discovery
What is the dream/vision?
Short term goals?
Long term goals?
Needed tools and strategies?
Support network?
Guiding principles?
What is everyone’s job?
Discovery
Trends/Wildcards
New Options in Self-
Determination
The Science of Possibilities
Life Creation/Co-creating a New
Future
Self-Discovery
Financial Self-Determination-The Plan
Life Phases
Time Assessment
Current Support Fact Sheet
Current Available Resources
Needs Assessment
Organizational Strategies
Brother
6%
Father
24%
Mother
38%
Personal
Care
18%Camp
1%
School
13%
Mother
Father
School
Camp
Personal Care
Brother
From Years 1994-1999
Brother
0%
Father
21%
Mother
58%
Personal
Care
8%
Camp
1%
School
12%Mother
Father
School
Camp
Personal Care
Brother
From 1999-April 2002
Father
0%
Mother
80%
Personal
Care
8%
Camp
2%School
12%
Mother
Father
School
Camp
Personal Care
From April 2002
Father
0%
Mother
50%
Personal
Care
47%
School
0%
Mother
Father
School
Camp
Personal Care
Camp
3%
From May 2005
Funding Source Amount Received
per Year (Since
age 18)
Source Services Provided Amount
Needed Projected Needs
$ 6,540 SSI Food/Rent $900
$ 6,420 Father PASS Plan $6420
$ 20,000 Denver Options/ Child/Adult Care
$ 1,536 EBD Waiver Helps pay for care
Total $36,496
$86,600 In Kind/Financial
Contributions by Mother
In-home personal care/laundry/ meal preparation/ cleaning and
repairing equipment/scheduling & transporting to medical and
dental appointments/School Activities/Meetings and Staffings
with Rehabilitation Personnel, Special Educators,
Coordinators Therapists/Casemanagers (up to 15 different
agencies to obtain necessary resources)/Fundraising
&Resource Development/Personal
Shopping/Telephoning/Meeting Family and
Friends/Housing/Utilities/Food/Clothing/
Medical Copay/Benefits Management/Camp Fees
$27,000-$50,000 Medicaid Personal Care/Medical Equipment/Dental/Medical
Issues/Therapy(new policy in Colorado will terminate
therapy after the age of 20)
Short Term
Funding
$20,000 Consumer Directed
Assistance
Easter Seal Camp Fees/Talk with Technology Camp
$10,000 VR Assistive Technology Training and Support, New
Computer and Software
More if
work hours
are
extended
Grand Total
Ranges from
$153,620 to
$177,920
The range includes years when there is a need to
purchase all new durable medical equipment (Power
wheelchair costs $25,000, Augmentative
Communication Costs $8,500 and Manual Wheelchair
costs $3000)
Category of Service Provided/Funded by Need Comments
Household Maintenance Family-Mikelle’s rent $400.
SSI requires this fee
Ongoing Involves frequently house cleaning, house hold repair and repainting due to damage from
wheelchair to doors and walls.
Food/Clothing $300 per month-Funded by SSI,
CS
Ongoing Includes meal preparation 5-6 Xs per day, laundry
Personal Assist Mother, Patricia Hampton-Maxim
Healthcare-Medicaid and out of
Nina Petteway-overnights-out of
pocket $300-$500 per month-
funded by Mom and Family
Support-$750 per year
Ongoing Weekly scheduling for both personal care assistance and overnight help average of 6 times
per week. Average length of stay for personal care assistants is 2 years for week day care.
No consistent care has been available on weekends for over two years, no care for the
last 6 months as of 9/15/02. Frequent turnover in overnight care usually every 3-6 months.
Recruitment of help in this area goes on continually.
Transportation 1989 Dodge Caravan -152,000
miles – provided by mother
Ongoing Maintenance, gas, tires, replacement Annual Cost- $2200 per year
Assistive Technology Family, Medicaid, possibly
vocational rehabilitation
1 time &
ongoing
Communication device sent back and reprogrammed by Mom ($548 for extended warranty
and & countless hours of programming and returns for repairs)
Talking with Technology Camp. Cell phone-paid by mother $150 for speaker phone and $33
per month for calling program-phone used for independent grocery shopping, calling friends
and asking for help from mom
Environmental
Engineering/Home
modifications
Primarily Mother/ Father
contributes some materials
Every few
years-not
completed-
Mikelle has some Infrared capabilities with her computer but lacks other helpful devices to
assist her with emergency calls in the home, appliances and heating controls. There is a need
for time, programming and training, for all available equipment to be functional. Cost is $75
per hour-possibly funded by Vocational Rehabilitation Home Modification costs were
$3500-not complete for kitchen.
Supported Employment Marge Chavez/Community
Options/Mother
6-weeks in
the summer
Mikelle is currently attending East High School in the Denver Public Schools System doing
some career exploration. She will be able to attend school until age 21. Mikelle has had 4
supported employment opportunities. Most are short projects but pay. She has had two part
time summer jobs and one summer where she was home all summer due to lack of
employment opportunities. Summer of 2000, job coaching expenses paid by mother $1200
for 6 weeks @ $25 per hour.
Fact Sheet on Supports and Services
for Mikelle
Fact Sheet on Supports and Services for Mikelle
Community Accessibility Mother, OT every other week Mikelle goes to the grocery store independently but still requires assistance for most
activities. She has gone to two Nsync concerts with friends other recreation
opportunities are provided by mother.
Medical Supplies Medicaid Ongoing
DME Medicaid Ongoing Seating clinics, wheelchair procurement procedures for both power and manual
wheelchairs, cleaning, repair appointments (4-6Xs per year) communication mounts,
scoliosis brace etc.
RX Medicaid/Mother Ongoing On-going prescription now paid for by Medicaid-previously co-pay by mother.
Medical/School and
Benefits Management
Mother Ongoing Application processes for Talk with Technology Camp, Denver Social Services, Social
Security, Vocational Rehabilitation, appeals processes, and program design and delivery
for Individual Education Plan & Transition Planning (6X-10X per year). Scheduling and
meeting with Physical Therapist, Occupational Therapist and Nurse Supervisor weekly,
Case Managers quarterly, Assistive Technology 6Xs per year. Annual Doctor’s
appointment, sick child appointments, emergency room (rarely), dentist appointments
and dental surgery, orthopedic surgeries and follow-up appointments 2Xs per year
Handling any financial disputes, fundraising (nearly $50,000 in therapy and equipment
prior to Medicaid eligibility)
Respite Rare or non-existent at this point.
No funding source.
Ongoing $275 per weekend for respite if available. Hourly rate ranges from $20 per hour.
Resource Development
Government Programs – CDAS
– PASS Plans
– VR
– Home of Your Own
– Individual Development Accounts
Private Resources – Foundations
– Family
– Micro-enterprises
– Community Foundations
Grants – Scholarships
– Business grants
Exit and Succession Strategies
Key Person Inventory
Long-Term Financial/Investment
Planning
Benefits Management
Special Needs Trusts
Individual Board of Directors
More Management &
Organizational Strategies
Resource Information
Social Security Administration
– www.ssa.gov
– www.passplans.org
Vocational Rehabilitation
– www.cdhs.state.co.us/ods/dvr/
Individual Training Accounts
Individual Development Accounts
– Savings Plus Program
– http://www.savingspluscolorado.org/faq.htm
Home of Your Own
– http://www.delnortendc.org/homeownership.html
– www.fanniemae.com or by calling the Consumer Resource Center at 1-800-7FANNIE (1-800-732-6643).
Presenters
– Tracy Kovach [email protected]
– Katherine Carol
[email protected] ph. 303-861-5256
For People Who Dream and Need a Plan
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