Ohio Farm Bureau Health Plans: What’s next?
Specific enrollment details for the new Health Plans will be available this fall. In the meantime, add your name to the notification list for when the plans are ready.
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The following information is provided by Nationwide, the No. 1 farm and ranch insurer in the United States.
Farmers know all too well about risk; it’s present in every aspect of the job. Whether it’s maintenance, running equipment or any number of other things, one of the biggest risks will be sales when you get to market.
The government has programs to help farmers address some of the risk they face with commodity markets. They provide revenue and price loss payments for eligible farmers under the farm bill. Under that bill many farmers may qualify for additional payments but are unable to collect those because of individual payment caps.
To maximize the amount of payments a farmer can receive, special consideration needs to be given to the structure of the farmer’s operation and this may mean consideration should be given to the challenges of succession planning. Failing to plan for Farm Service Agency programs could mean the difference between securing the farming operation for the next generation or a forced sale.
What you should consider
It’s critical that all programs that can assist you are examined. These programs come with qualifications and have requirements to ensure maximum benefits are achieved.
Qualifications
To be eligible for payments under Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC), a farmer must be engaged in farming and contributing significantly to the farming operations. There are provisions around how “contributions” are defined, so it’s important to understand these guidelines so terms are met and that you structure your operation appropriately to capture all of the potential program benefits available.
Questions you may have
• Will I need to change the way I run my operations?
• How can I learn more about these programs, their qualifications and how I can bring my operation to qualify?
• Can the next generation be structured in a way to allow for them to be eligible for program payments without interfering with the operation of the farm?
Researching these questions and coming to an answer isn’t something that you have to do by yourself. It’s important to enlist the help of qualified professionals who don’t have a stake in the final decisions. Qualified professionals may include your banker, your accountant, your personal attorney or a financial or estate planner. If you would like help in finding a qualified professional to speak with, contact the Nationwide Land As Your Legacy team at [email protected] or toll-free at 1-855-529-2729.
Neither Nationwide, nor its employees, its agents, brokers or registered representatives gives legal or tax advice.
Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Land As Your Legacy are service marks of Nationwide Mutual Insurance Company. © 2018 Nationwide
To grow a network and gain perspective and knowledge in the industry through personal and professional development has been invaluable. Every day I learn and grow.
The issue of property taxation remains as one of the biggest challenges our members face today. Ensuring agricultural property is valued for its agricultural potential and not development is critical to the continued success of Ohio agriculture.
Farm Bureau is what really got the word out. It’s been one of their goals to get this done.
I could not have done it without the resources I have found through Farm Bureau.
Because we are younger farmers just starting out, Farm Bureau has a lot of good opportunities and resources to help us grow in the future.
Through the Select Partner program, we became educated in farm insurance and weren't just selling policies. It became more and more clear why farmers need an advocate like Ohio Farm Bureau.
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