Long-term care insurance 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.
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
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
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.
Find out if your health conditions will make it hard to qualify >
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in New Hampshire. Another option is Short-Term Care, which is most often chosen because of health or age limitations.
New Hampshire Long-Term Care Insurance Partnership policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
The unique asset protection benefits of an New Hampshire Long-Term Care Insurance Partnership policy apply if your long-term care needs last longer than the benefits of your LTC Partnership policy. For example, for every dollar your Long-Term Care Partnership policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Rates for New Hampshire Long-Term Care Insurance Partnership plans are like traditional policies. Still, we recommend comparing them to non-Partnership policies because you may find alternatives better suited to your needs. This includes hybrid long-term care insurance plans not available under the New Hampshire Long-Term Care Insurance Partnership.
Reciprocity applies when you buy a Long-Term Care Partnership policy in another State and then later move to New Hampshire. Because New Hampshire has reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to New Hampshire. The State of New Hampshire 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.
Your New Hampshire 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:
New Hampshire Long-Term Care Costs – 2022 (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 | $144,175 | $131,400 | $72,630 | $74,360 |
Manchester Area | $147,095 | $135,415 | $96,732 | $74,131 |
New Hampshire long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in New Hampshire:
Our New Hampshire 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
Long-term care is the assistance needed when a person is unable to manage their own personal care needs or when they need help with daily activities (walking, bathing, continence, dressing, eating, toileting and transferring). This type of care is known as Custodial Care and is not covered by Medicare.
For most people, long-term care insurance is affordable. However, several factors impact the cost of a policy, including your age, health, and policy design. The typical annual premium is much less than paying for one month of long-term care services out of your pocket.
Your health status and age determines your eligibility for long-term care insurance. But even people with significant health conditions may still qualify. Conditions like Alzheimer’s, Parkinson’s, or currently needing care could disqualify you. Short-term care insurance may be a good option for those at older ages or with certain health issues.
There are many plan options and highly rated carriers available. The best plan is from a highly rated insurance company with the right set of benefits for your needs.
Your best source is from a Long-Term Care Advisor with substantial experience in LTC insurance underwriting, policy design, and claims. A licensed professional who represents several companies can find you the best coverage at the best value.
Some people turn to their financial advisor for long-term health care planning, but this is not their core competency. Many only work with one or two companies and have limited experience with the features and benefits of these products. Also, most have never filed a long-term care claim and don’t understand the process. As a result, many financial advisors partner with us to ensure their clients get the best service.