Farm transition programming has been a valuable addition to Extension programming efforts. An often overlooked subset of farm transition programming is a discussion regarding long-term health care planning. Research supports the need for long-term health care planning. The probability of having some sort of long-term health care issue in one’s lifetime is high, including people under the age of 65. Long-term care health care costs are increasing at an alarming rate. These costs can cripple a farm business financially and impede transition to the next generation.
Two University of Minnesota Extension programs focus on the issue of long-term health care planning. “Farm Transition & Estate Planning: Create Your Farm Legacy” is an interactive workshop targeted at farm and ranch families. One key educational point of the workshop is long-term health care planning. Multiple year program outcomes measured over a ten year period showed participant behavioral change and increased knowledge around this key educational point. Cumulative program impacts showed participants acted on their new knowledge and the financial impact of those actions totaled $492.4 million dollars.
A second program, “Long-Term Health Care Planning: Preserving Your Farm or Small Business” focuses entirely on long-term health care planning and is used as a follow-up to the farm transition program. Multiple year outcomes show participants have exhibited behavioral change and had increased knowledge around this key educational point. Cumulative program impacts showed participants acted on their new knowledge and the financial impact of those actions totaled $36.2 million dollars.
|Conference||2016 National Farm Management Conference|