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 nursing home, assisted living or home care.
These unique asset protection benefits of the New Mexico Long-Term Care Partnership Program apply when 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 shielded 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 LTC Partnership policy.
Rates for a New Mexico Long-Term Care Partnership Program policy are like regular policies. We still compare 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 Mexico Long-Term Care Partnership Program.
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.
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.
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in New Mexico. Another option is Short-Term Care, which is most often chosen because of health or age limitations.
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:
New Mexico 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 Mexico Median Cost | $100,375 | $91,250 | $53,970 | $55,827 |
Albuquerque | $114,216 | $101,751 | $57,000 | $56,056 |
Farmington | $92,816 | $81,782 | $47,982 | $66,352 |
Las Cruces | $99,207 | $88,034 | $53,940 | $55,255 |
Santa Fe | $98,915 | $96,725 | $69,765 | $76,534 |
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:
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