COLUMBUS, Ohio — Farmers and producers who may now — or will soon — face questions regarding long-term care costs can learn how to fund such care by finding the best ways to mitigate long-term care risks during a July 20 webinar offered by an agricultural law specialist from The Ohio State University College of Food, Agricultural, and Environmental Sciences (CFAES).
The hourlong webinar will be presented from noon to 1 p.m. by Robert Moore, CFAES agricultural and resource law specialist with Ohio State University Extension’s Agricultural and Resource Law program. OSU Extension is the outreach arm of CFAES.
The issue of planning for long-term care costs for farmers and producers is significant, considering that nursing homes can cost some $100,000 per year, a cost that many farms cannot absorb and remain viable, says Moore.
“Long-term care costs can be a significant threat to family farming operations,” he said. “Many farmers believe that long-term care will cause farm assets, including farmland, to be sold. However, statistics and data indicate that, on average, this may not the case.”
Moore said that while the average farmer can likely absorb the average costs of long-term care, few farms can withstand the outlier scenario where many years are spent in a nursing home.
As such, the webinar will explore the costs and the likelihood of needing long-term care, including analyzing whether there will be a need for long-term stays in a nursing home. It will also provide farmers with strategies that may help them mitigate long-term care risks.
Additionally, the webinar will offer strategies used by attorneys to lessen the exposure to long-term care costs, Moore said.
“While a farmer has little control over the long-term care they may need, they do have options as to how to plan for those costs,” he said.
The webinar is free, but registration is required. Register at go.osu.edu/carewebinar.
— Ohio State University CFAES