Money Management - Constant Contactfiles.constantcontact.com/141902ea301/2f77055e-afc7-462e... ·...
39
Money Management Training for Providers 1
Transcript of Money Management - Constant Contactfiles.constantcontact.com/141902ea301/2f77055e-afc7-462e... ·...
Money Management Training for Providers
1
Welcome!Presenter
Laurel GeistMedicaid Health Systems Administrator
2
Webinar AgendaPart 1: Money Management Basics (10 minutes)
◦ What is Money Management?
◦ Who provides Money Management?
◦ Who receives Money Management?
◦ How does this training lead to certification for providers?
Part 2: Money Management Training (80 minutes)
3
Part 1MONEY MANAGEMENT BASICS
4
Who helps people with money?
5
Shared Living
providersPerson
Who helps people with money?Q: Can a Shared Living provider deliver Money Management?
A: It depends to whom the provider wants to deliver Money Management services.
Ohio Administrative Code 5123:2-9-30 (D)(9) states:
“A provider of money management shall not also provide adult family living, 5123:2-9-20 6 adult foster care, or homemaker/personal care to the same individual.”
6
Who helps people with money?
7
HPC provider* Person
*when the HPC provider also provides other components of HPC, they may assist individuals with money.
Who helps people with money?Q: Is a provider of Homemaker/Personal Care still able to assist people with managing personal funds?
A: Yes. Ohio Administrative Code 5123:2-9-30 (B)(13)(i) states:
“When provided in conjunction with other components of homemaker/personal care, assistance with personal finances which may include training, planning, and decision-making regarding the individual's personal finances.”
A person is not required to select a Money Management provider to assist with managing personal finances. If desired, the HPC provider may continue to do so.
8
Who helps people with money?Q: Can a HPC provider deliver Money Management?
A: It depends to whom the provider wants to deliver Money Management services.
“A provider of money management shall not also provide adult family living, 5123:2-9-20 6 adult foster care, or homemaker/personal care to the same individual.”
A person is not required to select a Money Management provider to assist with managing personal finances. If desired, the HPC provider may continue to do so.
9
Who helps people with money?
10
Social Security payee
Person
Who helps people with money?Q: Can a Social Security payee deliver Money Management?
A: It depends on what activities are already being paid for under the payee agreement.
Ohio Administrative Code 5123:2-9-30 (D)(8) states:
A provider of money management who is also the individual's payee shall not request or accept reimbursement through more than one funding source for the services that fall under the responsibilities of a payee. Additional money management tasks beyond the responsibilities of a payee may be determined necessary through the person-centered planning process and authorized in the individual service plan.
Payees may not be paid through the waiver as a money manager to perform duties that they are already paid for by another funding source.
11
Who provides Money Management?o HPC providers may become certified to provide money management providers. They may not provide money management to people receive HPC from them.
o New providers who are interested or have a background in financial services
o Any existing provider who is qualified for and becomes certified for money management
Other than providers, who is taking money management training?
County boards and individuals who have waivers may also be listening to the training today to learn about the service.
12
Who provides Money Management?
13
Money manager
HPC provider
Person
Who receives Money Management?Q: Is a person able to receive both Money Management and Homemaker/Personal Care services?
A: Yes. An individual enrolled in either the IO or LV1 Waiver may receive both services. However, the same provider cannot deliver both services to the person.
Q: Is a person able to receive both Money Management and Homemaker/Personal Care services on the same day?
A: Yes. An individual enrolled in either the IO or LV1 Waiver may receive both services on the same day. However, the same provider cannot deliver both services to the person.
Q: Are people who require Homemaker/Personal Care 24 hours per day, 7 days per week eligible to receive Money Management services?
A: Yes. An individual may receive both services, regardless of the number of hours of HPC received, as long as the total cost does not exceed the LV1 budget limitation. If the costs of both services exceed the individual’s Ohio Developmental Disabilities Profile (ODDP) funding range, a request for prior authorization may be submitted.
14
Score at least an
80%
Money Management Certification
WebinarMinimum of 80
minutes in-session time is required
ExamLink to exam will
be emailed to you following this
webinar YOUR NAME
15
SummaryKeep the GoToWebinar screen in the foreground of your computer
◦ GoToWebinar may count you as “not paying attention” if you are checking email or doing other tasks while viewing this webinar
Take notes!
Participants who have a view time of 80 minutes or more will be emailed a link to the exam
Review content: https://moneysmart.fdic.gov/podcasts/#audio1
16
Part 2MONEY MANAGEMENT TRAINING
17
Training Topics
◦Budgets
◦Banks
◦Credit
◦Loans
◦Professional Services and disability-related financial tools available in Ohio
◦Ethical Responsibility
18
BudgetsA budget helps you decide:
◦ What you must spend your money on
◦ If you can spend less money on some things and more money on other things
For example, your budget might show that you spend $100 on clothes every month. You might decide you can spend $50 on clothes. You can use the rest of the money to pay bills or to save for something else.
19
https://www.consumer.ftc.gov/media/video-0089-budgets
BudgetsA budget is a plan you write down to decide how you will spend your money each month.
It helps you make sure you will have enough money every month. Without a budget, you might run out of money before your next paycheck.
It shows you:◦ How much money you make
◦ How you spend your money
20
BudgetsStart a budget by gathering your bills and pay stubs. Think about how you spend money, besides paying your bills. For example, do you buy a cup of coffee every day? After a month, that coffee money could add up to an expense you might write down.
When you have your bills and pay stubs:◦ Write down how much money you make.
This is called income
◦ Write down your expenses. An expense is money you spend
◦ Subtract your expenses from how much money you make
21
Budgets
22
https://www.consumer.ftc.gov/articles/pdf-1020-make-budget-worksheet.pdf
BudgetsJohn’s total monthly income is $2,800 and his fixed expenses include: $900 for rent, $601 for Miller Trust deposit, cable TV costs $90, Netflix costs $10.
Variable expenses include utilities, phone, groceries, and entertainment at $635 per month.
What are John’s total monthly expenses?
What is his discretionary cash?
23
BudgetsFixed expenses include:
$900 for rent
+ $601 for Miller Trust deposit
+ $90 cable
+$10 Netflix
= $1,601
Variable expenses include utilities, phone, groceries, and entertainment at $635 per month.
$1,601+635 = $2,236 Total
24
BudgetsIncome – Expenses = Discretionary Cash
$2800 Total Income
- $2,236 Total Expenses
= $564
25
Budget and Savings3-1: Find Money To Save
Lean how small savings add up fast when you pay yourself first, cut spending, or increase your income.
Savings Spending Plan – Budgeting/Savings Systems
Savings Spending Plan – Monthly Payment Calendar
Savings Spending Plan – Sample Daily Spending Diary
Savings Spending Plan – Sample Income and Expenses Worksheet
Savings Spending Plan – Sample Monthly Payment Schedule
Savings Spending Plan – Social Security Benefits
26
Banks1-1: How Having A Bank Account Protects Your Money
Learn about types of financial institutions, security, your legal rights, and privacy.
1-2: What A Bank Can Do For You
Learn about the benefits of banking, types of accounts, convenience services, and credit cards and consumer loans.
27
Banks
28
ABC Company Inc.
10/14/2016
39.20Thirty-nine dollars and twenty cents ---
----------
Maryjo T. Pratt
101 S. High Street
Columbus, OH 43555
Check number
Amount
Date check was writtenWho’s being
paid
Account numberRouting number
Signature line
Important Terms
29
o Paycheck withholding
oFixed Expenses
oVariable Expenses
oPIN (Personal Identification Number)
oPayee
oParts of a check: number, payee, amount, date
oReconciliation
Credit
4-4: Use Credit Cards Wisely
Learn how to choose the right card, read your statement, and avoid problems.
www.annualcreditreport.com
More information at: https://www.annualcreditreport.com/whatIsCreditReport.action
30
Loans4-5: Finance A Purchase With A Loan
Learn how loans work for cars and other purchases, get tips for car buying, and avoid paying too much for rent to own purchases.
31
Important Terms
32
o Fixed interest rate
o Variable interest rate
o Annual fees
o Grace period
o Credit score
Professional Services
33
STABLE Accounts (and other trusts)
Qualified Income Trusts (aka Miller Trusts)In order to receive Medicaid long-term care services, an individual’s income must be below the Medicaid limit set by the State of Ohio. In 2016, the monthly income limit is $2,199.00. Individuals can deposit their excess income into a QIT to stay or to become eligible for Medicaid long-term care services.
You can contact Ohio’s vendor or you can contact a lawyer for assistance in setting up QIT
https://benefits.ohio.gov/ddr.html
Special needs trusts◦ Estate planning◦ Not just for the very wealthy!◦ Seek professional services
35
Professional Services
36
Ethical Responsibility◦Health and Safety alert- October 2011
◦ Personal property theft (cash, electronics)◦ Identity theft (PIN, checking and savings account numbers)◦ Medication theft
◦Staff will not borrow money from individuals, buy items from individuals or sell items to individuals
◦Personal information safety is key◦ Threats include: Phishing, inappropriate access to personal
information, “borrowing” credit cards
37
Money Management Certification
38
Score at least an 80%
WebinarMinimum of 80
minutes in-session time is required
ExamLink to exam will
be emailed to you following this
webinar YOUR NAME
Thank you!
39
◦Resources◦Become a provider: http://dodd.ohio.gov/Providers/Pages/default.aspx
◦Review content: https://moneysmart.fdic.gov/podcasts/#audio1
◦Ohio Department of Medicaid: QIT Overview
http://medicaid.ohio.gov/INITIATIVES/DisabilityDeterminationRedesign.aspx
