NDSU Extension hosting long-term health care workshops
December 29, 2016
Farm/ranch families could face a huge financial risk without a long-term health-care plan.
Farm and ranch families fear health-care costs will devastate their finances, yet they often overlook long-term care when developing a plan to transition their business to the next generation.
"Many families do not realize the probability of needing some form of long-term care in their lifetime," says Carrie Johnson, personal and family finance specialist for the North Dakota State University Extension Service. "The reality is that one in two Americans over the age of 65 will have an extended nursing home stay."
Also, families have many misconceptions about who will pay for those costs and how business assets can be protected from long-term care costs.
“Having a long-term health-care plan is an essential part of any succession or estate plan. There must be planning to ensure the business transitions as the family wishes.” Carrie Johnson, personal and family finance specialist for NDSU Extension
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Without a long-term health-care plan, a farm/ranch business is facing a potentially huge financial risk, according to Johnson. Long-term health-care costs have skyrocketed. In North Dakota, the cost for a nursing home stay may be more than $99,000 per year.
"Having a long-term health-care plan is an essential part of any succession or estate plan," Johnson says. "There must be planning to ensure the business transitions as the family wishes."
To assist farm and ranch families in planning for long-term care expenses, NDSU Extension, in cooperation with University of Minnesota Extension, will hold a number of workshops throughout North Dakota in February. These workshops will provide a definition of long-term care, statistics on the probability of needing long-term care, some of the terms involved, an explanation of the federal Medicare and Medicaid program qualification guidelines, and methods for paying for long-term care.
"This workshop is a good overview of long-term health-care planning and a good place to start," Johnson says.
Locations, dates and times for the workshops are:
Fargo – Feb. 13, 2017, 1:30 p.m.
Bismarck – Feb. 14, 2017, 1:30 p.m.
Minot – Feb. 15, 2017, 5:30 p.m.
Grand Forks – Feb. 15, 2017, 1:30 p.m.
The Fargo workshop will be recorded and streamed via video to nine locations across the state: Ashley, Beach, Carrington, Hettinger, Langdon, Linton, Mohall, Towner and Williston.
The cost to attend a 2 1/2-hour workshop is $20 per person or $25 per couple. Visit https://goo.gl/CjNBUJ for more information on locations or to register.
"This topic is extremely complicated," says Gary Hachfeld, a University of Minnesota Extension educator and presenter at these workshops. "When you begin to plan for this area of your life, consider seeking the help of an elder-law attorney."