Long Term Care Insurance New Hampshire Partnership Costs & Quotes
Long Term Care Insurance in New Hampshire
This New Hampshire Long Term Care Insurance Review explains long term care planning in the State of New Hampshire. Here are the key points covered in this article:
- Who needs long term care?
- Does Medicare cover long term care?
- When should you buy long term care insurance?
- Long term care insurance options in New Hampshire.
- New Hampshire long term care costs.
- New Hampshire Long Term Care Partnership Program.
- How much does long term care insurance cost in New Hampshire?
- Long term care insurance companies in New Hampshire.
- New Hampshire long term care insurance quotes and comparisons.
Click To Get New Hampshire Long Term Care Insurance Quotes. We’ll give you quotes and comparisons for the leading LTC insurance providers in New Hampshire.
New Hampshire Long Term Care Planning
Planning ahead for future long term care needs is a key part of retirement planning. Many people have had first-hand experience with a loved one who needed long term care services. These experiences underscore the reality of the financial and emotional stress when a loved one needs long term care.
Long term care insurance can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need it in the future. A long term care plan also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
Who Needs Long Term Care?
Someone turning age 65 today has about a 70 percent chance of needing some type of long term care during their lifetime. While one-third may never need long term care, 20 percent will need it for longer than 5 years. The average length of time people need long term care services is 3 years.1.
In New Hampshire, the average cost for 3 years of long term care is $377,775 ($125,925 per year) at 2019 rates. That cost is projected to be $682,305 ($227,435 per year) in 2039.2.
And it’s not only seniors that need long term care. Over 35 percent of people currently receiving long term care services are between 18 and 64.3.
Does Medicare Cover Long Term Care?
Medicare is the federal health insurance program for those over 65 and some younger people with disabilities. And Medicare does not pay for custodial care which makes up more than 90% of all long term care services.
An example of custodial care is when someone needs help with walking, bathing, eating, dressing or using the toilet. Custodial care 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.
When Should You Buy Long Term Care Insurance?
Like most advisers, we recommend buying long term care insurance in your fifties or early sixties. The primary reasons for this recommendation are:
- The younger you are when you buy a policy, the lower the annual premiums.
- 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.
- Even though you’ll pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
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.
Long Term Care Insurance Options
There are two types of insurance in New Hampshire that pay for long term care costs. And each type of policy has its specific advantages. One of our licensed professionals can provide more details to help you decide which is best for you.
Traditional Long Term Care Insurance
You pay an annual premium, and if you need long term care due to a cognitive or physical impairment, the policy pays for your care. Traditional LTC insurance policies make up about half of all long term care policies sold.
Hybrid Long Term Care Insurance
A hybrid long term care insurance policy combines the benefits of life insurance, or an annuity, with long term care benefits. You can buy a hybrid long term care insurance policy by paying a one-time lump sum premium, or over a set period of time.
If long term care is never needed, the policy works much like a traditional life insurance policy. It would then pay a death benefit to your beneficiary when you die. And the death benefit is often similar to the amount paid for the policy. But if you need long-term care, the amount of money available can exceed the death benefit or long term care annuity value, often several times over, offering tremendous leverage of premium dollars.
New Hampshire Long Term Care Costs
When planning for future long term care needs, it’s important that New Hampshire residents know regional long term care costs. New Hampshire’s current cost of care and future cost projections indicate how much long term care protection you need.
The largest study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. Their 2019 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. It also provides a calculator that adjusts long term care costs for inflation. This allows you to better estimate future long term care costs in New Hampshire. Here are current New Hampshire long term care costs.
New Hampshire Long Term Care Costs – 2019 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|New Hampshire State Median||$125,925||$114,975||$84,255||$64,636|
New Hampshire Long Term Care Partnership
The New Hampshire Long Term Care Partnership Program is a special New Hampshire program combining private long term care insurance with special access to Medicaid. The New Hampshire Long Term Care Partnership Program helps New Hampshire residents prepare for the possibility of needing nursing home care, assisted living care or home care.
A New Hampshire Long Term Care Partnership policy allows you to keep all, or part of your assets under the Medicaid program, if your long term care needs last longer than the benefits of your Partnership policy.
New Hampshire Long Term Care Partnership rates are like other policies. But the mandatory age-related inflation protection can increase the cost of insurance. So we recommend you compare New Hampshire Long Term Care Partnership policies with regular LTC insurance. Because, you may find a wider range of choices better suited to your needs. This includes hybrid long term care insurance options not available under the New Hampshire Long Term Care Partnership Program.
New Hampshire Long Term Care Partnership Reciprocity
Let’s consider the situation where someone buys a Long Term Care Partnership policy in another State and then later moves to New Hampshire. Reciprocity means they will not lose the special asset protection when they move to New Hampshire. The State of New Hampshire would also recognize accumulated asset protection for Medicaid qualification, if the person were already receiving long term care benefits from their Long Term Care Partnership policy before relocating.
How Much Does LTC Insurance Cost in New Hampshire?
How much does long term care insurance cost in New Hampshire? The answer: It depends on your age and health history at the time you buy the insurance. Generally speaking, the younger and healthier you are the lower the cost. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Long Term Care Insurance Companies in New Hampshire
New Hampshire long term care insurance is available from several well respected insurance companies. We compare these companies to find you the best protection at the lowest cost. Here is a list of long term care insurance companies in New Hampshire:
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1. 2019 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 02/13/2020
2. Cost of Care Survey 2019 (Genworth.com), site accessed 02/13/2020
3. Family Caregiver Alliance (www.caregiver.org), site accessed 02/13/2020