older farmers

For many farmers, retirement is just not something they intend to do. While the average age of a U.S. farmer continues to climb and now stands at 57.5 years, health issues may force some operators to retire or semi-retire from the day-to-day farm activities earlier than intended. A large consideration facing aging farmers or ranchers is the health care options available to them and how they will pay for these services.  For many Americans 65 and older, the answer is Medicare.

Individuals are entitled to Medicare so long as they are a U.S. citizen or permanent legal resident of the U.S. who has lived in the U.S. for at least five years. The program’s benefits can be great but determining the participation level to elect can be somewhat confusing.

Most farmers qualify for Part A coverage under Medicare at no out of pocket expense so long as either the individual or his or her spouse has paid Medicare taxes for at least 10 years. Care under Part A only covers inpatient hospital stays and/or a skilled nursing facility. This leaves many individuals seeking additional coverage for doctor services, outpatient care, vision, dental, hearing and potentially other care needs not covered under Part A. These additional services are generally covered though Part B and Part C of Medicare. However, unlike Part A, individuals wishing to participate in these additional coverages will be required to pay the additional premiums associated with those plans. Combined costs could be hundreds of dollars monthly and prove to be burdensome to not only the individual but potentially the farm as well.

One way to plan for these costs is to set aside funds to provide the additional level of income that will be needed to pay for these premiums. To determine the appropriate amount of funds to set aside, it is critical to determine what coverage is desired and its associated cost. Nationwide, in partnership with leading physicians and other professionals, created a tool that analyzes your personal health and lifestyle information, healthcare costs based on your region, actuarial data and medical coverage to estimate the additional costs of healthcare beyond your Medicare Part A coverage.

To learn more, register for an online learning session.

This material is not a recommendation to buy, sell, hold or rollover any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.
Federal income tax laws are complex and subject to change. The information in this paper is based on current interpretations of the law and is not guaranteed. Neither Nationwide, nor its employees, its agents, brokers or registered representatives gives legal or tax advice. You should consult an attorney or competent tax professional for answers to specific tax questions as they apply to your situation.
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Farm Bureau is an incredible organization that has given me countless professional development opportunities in addition to advocating for all sizes and types of farmers.
Shana Angel's avatar
Shana Angel

Tuscarawas County Farm Bureau

If it wasn't for Farm Bureau, I personally, along with many others, would not have had the opportunity to meet with our representatives face to face in Washington, D.C.
Austin Heil's avatar
Austin Heil

Hardin County Farm Bureau

Washington, D.C. Leadership Experience
Through its policies it brings together people in the agricultural community and invests in building vibrant communities that support agriculture.
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Eric Bernstein

Wyandot County Farm Bureau

Future employees, leaders
If you have issues with local planning or have legal questions, someone at the Farm Bureau has the answer for you, or they’ll connect you with someone who does.
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Gayle Hansen

Cuyahoga County Farm Bureau

Hansen's Greenhouse
As a member of Farm Bureau, I am glad that this organization takes action when necessary to protect and advance agriculture.
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Mary Smallsreed

Trumbull County Farm Bureau

Policy Development
We go to a lot of Farm Bureau events, and there’s a lot of camaraderie built because you’re meeting with people who have similar interests and goals.
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Andy Hollenback

Licking County Farm Bureau

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