{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"What Farmers Must Know About Nursing Homes (Ep. 346)","description":"Most families assume Medicaid will cover long-term care\u2014until it forces them to sell assets. Long-term care is one of the biggest financial threats to family farms and generational assets. In this episode of Farming Without the Bank, Mary Jo and her guest, long-term care expert Michelle Prather, break down the reality of nursing home care, Medicaid planning, and why so many families end up forced to spend down their assets just to qualify for help. They explain the difference between Medicare and Medicaid, the five-year lookback rule, and how quickly lifetime savings can disappear when care is needed. The conversation also covers how long-term care insurance works, why planning earlier dramatically lowers costs, and how some policies can provide tax-free benefits while protecting land and businesses from forced liquidation. For farmers, ranchers, and landowners, the goal isn\u2019t just retirement planning\u2014it\u2019s making sure the farm survives the transition between generations. Without preparation, long-term care costs can quietly undo decades of work. Key Takeaways: \u2022 Why Medicare does not pay for long-term nursing home care \u2022 How the Medicaid spend-down rules can impact farms and land ownership \u2022 The 5-year Medicaid lookback rule explained \u2022 Why many families end up selling assets to qualify for care \u2022 How modern long-term care policies can provide tax-free income for care \u2022 Why buying coverage earlier dramatically lowers costs \u2022 How some policies include life insurance and cash value if care is never needed Chapters: 0:00 The Real Cost of Long-Term Care 1:40 Medicare vs Medicaid Explained 3:10 The Medicaid Spend-Down Rules 6:10 The 5-Year Lookback Rule 9:00 Why Families Lose Assets to Nursing Home Costs 12:30 The Reality of Medicaid Nursing Homes 15:20 How Long-Term Care Insurance Works 19:50 Strategies to Layer or Ladder Coverage 22:00 Using Inherited IRAs or Windfalls for LTC Planning 24:30 Life Insurance-Based Long-Term Care Policies To schedule with Michelle click here: https:\/\/link.captivationhub.com\/widget\/bookings\/without-the-bank-care-income-planning  Check out her website: https:\/\/careincomeplanning.com  \ud83d\udc49 Subscribe for more episodes of Farming Without the Bank \ud83d\udcc6 Read the book and book a call, and let\u2019s see what self-insuring could look like mathematically for your farm or ranch. \ud83d\udcbb Work with Mary Jo: Get your copy of Farming Without The Bank, read it, and then schedule your appointment so we can look at what this strategy could mean for your operation and your numbers. No pressure, just a real conversation. \ud83d\udc49 Get the book: https:\/\/www.farmingwithoutthebank.com\/book  \ud83d\udc49 Schedule a call: https:\/\/www.farmingwithoutthebank.com  \ud83d\udce9 Have questions? Email Mary Jo: maryjo@withoutthebank.com ","author_name":"Farming Without the Bank Podcast","author_url":"https:\/\/www.farmingwithoutthebank.com\/","html":"