Long Term Care Insurance New Mexico Review, Costs and Companies
Long Term Care Insurance New Mexico
Long term care insurance New Mexico protection is available from several major insurance providers. This valuable insurance is offered as traditional long term care insurance and in the form of long term care hybrid products. These asset based long term care plans (LTC hybrid products) have been gaining market share for several years. According to LIMRA, a life insurance trade group, these products drew $3.6 billion in new premiums in 2016, a 500% increase over the $600 million in 2007.
Many states have Partnership Long Term Care Insurance plans, but the State of New Mexico does not. New Mexico has the option to resubmit a proposal to the Secretary of the Department of Health and Human Services, but that proposal would require a redesign of their Medicaid program. That would be a major undertaking for New Mexico and it is unknown if, or when they will resubmit a proposal. The bottom line is that New Mexico is a Non-Partnership state for long term care insurance.
Long term care insurance partnership programs combine private long term care insurance coverage with special access to Medicaid. These programs allow residents to shield a part or all their wealth while still be able to qualify for Medicaid (welfare) if their long term care needs extend beyond what is payable by their private long term care insurance policy. It is Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships.
Who Needs Long Term Care Insurance?
The need for long term care services does not only affect seniors. Currently, 40 percent of people receiving long term care services are ages 18 to 64. According to the U.S. Department of Health and Human Services, about 70 percent of people over age 65 will need some type of long-term care services during their lifetime.
Long Term Care Costs New Mexico
A comprehensive study on long term care costs is from the Fortune 500 Company, Genworth Financial. The Genworth Financial 2017 Cost of Care Survey analyzed the national cost of long term care and included over 15,000 long term care providers. New Mexico long term care costs are important for New Mexicans to know. Because the local cost of long term care is a primary factor when deciding how much long term care protection to included in your retirement plan. John Hancock Life Insurance Company also surveys New Mexico long term care costs. Their Cost of Care Calculator can estimate future costs of long term care, adjusted for inflation.
New Mexico Long Term Care Costs – 2017 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|New Mexico Median Cost||$88,878||$77,194||$48,000||$47,476|
|Rest of State||$82,764||$74,278||$48,000||$40,040|
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in New Mexico? 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
- Inflation Protection (if chosen)
Long Term Care Insurance New Mexico Rates
Long Term Care Insurance New Mexico rates are like other states when policies are designed with similar benefits. And LTC Partnership plans have similar rates. So even if New Mexico finally gets a Long Term Care Partnership program, Partnership requirements can limit flexibility in plan design. With that in mind, it’s always smart to compare the two types of long term care insurance before making a decision.
How to Buy New Mexico Long Term Care Insurance
There are several long term care insurance options available in New Mexico. To best understand the choices, we suggest consumers work with a dedicated long term care insurance agent. A long term care insurance broker will compare your options such as;
- Traditional Long Term Care Insurance
- Long Term Care Annuity
- Long Term Care Life Insurance
Each type of protection has its advantages and an LTC agent can explain the differences. Here is a list of some of the insurance companies providing long term care insurance in New Mexico:
Get New Mexico Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990 and give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for you. We shop all the major long term care insurance New Mexico providers and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- Benefit comparisons of each company’s policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s financial ratings, size and claims paying experience.