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Long-Term Health Care Planning: Preserving Your Farm or Small Business

Gary Hachfeld

Summary

“Long-Term Health Care Planning: Preserving Your Farm or Small Business” is a two and one-half hour interactive workshop targeted to farm, ranch and small business owners. Rationale for the program is the rapidly increasing cost of long-term health care which can potentially cripple the owner’s ability to transition the business to the next generation. Program outcomes measured were participant behavioral change and increased knowledge around the key educational points of the program included a review of current statistics regarding long-term care, a review of current Minnesota long-term care costs, an overview of federal health care programs with examples, a discussion of alternatives for funding long-term health care including long-term care insurance, and a discussion outlining the Long-Term Care Partnership Program. All discussion was within the context of a farm, ranch or small business setting. Outcomes were measured by an end-of-meeting evaluation utilizing a Likert scale of 1 (strongly disagree) to 5 (strongly agree). Cumulative program impacts included how participants acted on their new knowledge and the financial impact of those actions. This was measured by a follow-up evaluation four months after each workshop. Participants reported their progress with the development and implementation of their long-term health care plan. Participants were asked to self-report the amount of personal assets now protected from long-term health care costs because of a plan being in place. The cumulative evaluative data shows a financial impact in excess of $29.7 million dollars for the two year program period.

Details

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