“Rising Long-Term Healthcare Costs Pose Growing Threat to Farm Family Legacies,” by Marion Kirkpatrick, RFDTV
“A key factor in planning, McEowen noted, is Medicaid’s five-year look-back rule. This provision reviews asset transfers made within five years of applying for benefits, meaning last-minute decisions can trigger penalties and delay eligibility. He also pointed to tools like the Medicaid Asset Protection Trust, which can help shield assets while allowing producers to maintain a level of control over their operation. However, he stressed that these strategies require careful, early implementation to be effective. The bottom line? Proactive planning is essential. Farmers who work with legal and financial professionals well in advance are in a much stronger position to protect both their operation and their family’s future.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
LTC costs are threatening farmers? No they’re not. Farm families have known for decades that they can ignore the risk, avoid the premiums for private LTC insurance, shift the costs to Medicaid, and get the best care Medicaid offers, often to the exclusion of the poor. Just read this article, rather advertisement, for Medicaid planning. For the big picture, read the Paragon Health Institute’s “Long-Term Care: The Problem” and “Long-Term Care: The Solution” and watch this “virtual LTC event” featuring age wave visionary Ken Dychtwald and leading LTC researchers. To find ample private funds for LTC, check out “Medicaid’s $100+ Billion Leak.” For what not to do, see “Medi-Cal-amity: California’s Reckless Expansion of Medicaid Long-Term Care to the Affluent.” Much more on long-term care here.