Long Term Health Care Workshop

Many families do not realize the probability of needing some form of long term care in their lifetime, according to Carrie Johnson, personal and family finance specialist for 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. Without a long term health care plan, a farm/ranch business is facing a potentially huge financial risk, Johnson says. 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 North Dakota’s farm and ranch families in planning for long term care expenses, NDSU Extension Service, in cooperation with University of Minnesota Extension, is planning a number of Long Term Health Care Planning for North Dakota Farmers and Ranchers workshops for North Dakotans. These workshops will outline what long term care is, the 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,” says Johnson. “This topic is extremely complicated,” says Gary Hachfeld, a University of Minnesota Extension educator and presenter of these workshops. “When you begin to plan for this area of your life, consider seeking the help of an elder law attorney.” Long Term Health Care - Feb 15, 2017In-person workshops will be in the following locations: •Fargo -- February 13, 2017 at 1:30 pm •Bismarck -- February 14, 2017 at 1:30 pm •Minot -- February 15, 2017 at 5:30 pm •Grand Forks -- February 15, 2017 at 1:30 pm The Fargo site on February 13, 2017 at 1:30 pm (CST) 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 2.5-hour workshop is $20/person OR $25/couple. For more information on locations or to register, visit https://goo.gl/CjNBUJ.