New Mexico Long-Term Care Insurance Costs & Options
Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
- New Mexico Long-Term Care Partnership Program
- Traditional Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
Highly Rated Companies
The New Mexico Long-Term Care Partnership Program can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
Compare New Mexico Long-Term Care Insurance
Find the best option with professional recommendations.
Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2024, the average cost for 3 years of long-term care in New Mexico is $343,182 ($114,394/year). That cost is projected to be $751,953 ($250,651/year) in 2044.3
Understand Long-Term Care Costs
New Mexico Long-Term Care Costs – 2024 (annual) | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| New Mexico Average | $114,394 | $68,539 | $52,849 |
| Albuquerque | $116,255 | $80,672 | $58,938 |
| Farmington | $102,323 | $54,787 | $50,207 |
| Las Cruces | $125,099 | $59,637 | $59,379 |
| Santa Fe | $120,621 | $81,167 | $63,651 |
| Rest of State | $102,930 | $55,300 | $47,565 |
Source: Nationwide Financial 2024 cost of care survey conducted by HVS, site accessed 4/29/2024
Does Medicare Cover Long-Term Care?
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
When To Buy Long-Term Care Insurance
We encourage clients to buy long-term care insurance in their fifties or early sixties for the following reasons:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
How Much Does LTC Insurance Cost in New Mexico?
Your New Mexico long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
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New Mexico Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in New Mexico.
New Mexico Long-Term Care Partnership—Traditional LTC Insurance
- The most comprehensive long-term care protection for your dollar
- Makes up about half of all long-term care policies purchased
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will NOT increase and 1035 exchanges are possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Annuities with LTC >
Short-Term Care Insurance
- Coverage for a year or less with the option of home health care only, facility only, or both combined
- Lower premiums than long-term care insurance and some policies available to age 89
- Simplified underwriting may be a good fit if you’ve been declined for LTC insurance
- No deductible option means benefits would be paid out as soon as you qualify
- Learn more about Short-Term Care Insurance >
Understand LTC Partnership Plans
New Mexico Long-Term Care Partnership Program
The New Mexico Long-Term Care Partnership Program joins private LTC insurance with Medicaid asset protection. Only Partnership Program policies give you this type of wealth protection when you need long-term care services. Here are five key benefits to the New Mexico LTC Partnership Program:
- Asset Protection: You can protect a portion, or all of your assets from Medicaid spend-down requirements. This allows you to preserve your savings and assets for your heirs while still qualifying for Medicaid long-term care benefits.
- Flexibility in Care Options: The Partnership Program empowers you to receive care in settings that best suit your needs and preferences. Giving you more choices and flexibility in selecting long-term care services and providers, including home care, assisted living, and nursing home care.
- Incentives for Personal Responsibility: By encouraging individuals to plan ahead and purchase private long-term care insurance policies, the New Mexico Long-Term Care Partnership Program promotes personal responsibility for long-term care costs. This proactive approach helps you avoid sole reliance on government-funded Medicaid services.
- Enhanced Consumer Protections: The New Mexico Long-Term Care Partnership Program requires insurance companies to meet specific standards and regulations set by the state. These consumer protections ensure you get high-quality insurance products and services.
- Peace of Mind: Participation in the New Mexico Long-Term Care Partnership program provides peace of mind for you and your family by knowing you’ve taken proactive steps to address potential long-term care needs. With asset protection and access to a wider range of care options, you can navigate long-term care decisions with greater financial security and confidence.
The cost for a New Mexico Long-Term Care Partnership Program policy is the same as regular policies. However, we still compare them to non-Partnership policies options, because you may find alternatives better suited to your needs. This includes hybrid long-term care insurance plans not available under the New Mexico Long-Term Care Partnership Program.
Partnership Reciprocity
The term reciprocity applies when you buy a Long-Term Care Partnership policy in another State and then later move to New Mexico. Because New Mexico has reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to New Mexico. The State of New Mexico would also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits from your Long-Term Care Partnership policy before relocating.
Long-Term Care Insurance Companies in New Mexico
Long-term care insurance in New Mexico is available from several highly rated insurance companies. We compare these insurance companies to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in New Mexico:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure Insurance Company
- Lincoln Financial Group (MoneyGuard)
- Mutual of Omaha
- National Guardian Life
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- Securian Financial
- State Farm
- State Life Insurance Company (OneAmerica)
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our New Mexico LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
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About the Author: Craig Matesky
Reviewed by: Mike Berger