New Hampshire Long Term Care Insurance Partnership Review
New Hampshire Long Term Care Insurance Partnership
The New Hampshire Long Term Care Insurance Partnership Program is a three way partnership. It joins the State of New Hampshire, long term care insurance companies and the federal Medicaid Program. “Partnership Program” long term care insurance policies must also meet certain federal and state requirements.
The purpose of the New Hampshire Long-Term Care Insurance Partnership is to encourage people to plan ahead for how they will pay for future long term care needs. These Partnership LTCi Policies provide an extra level of protection, when compared to a regular long term care insurance policy. In particular, such policies permit individuals to protect assets from spend-down requirements under New Hampshire’s Medicaid program if help under this program is ever needed.
There are several long term care insurance companies offering LTC insurance in New Hampshire. The New Hampshire Long-Term Care Insurance Partnership requires these companies offer specific policy benefits. This rule can help you choose the level of benefits to included in your long term care insurance policy. Long term care insurance policies sold under the New Hampshire Long-Term Care Insurance Partnership Program are known as “Partnership Policies”.
Who Needs Long Term Care Services?
The U.S. Department of Health and Human Services says about seventy percent of people over age 65 will need long term care during their lifetime. But the need for long term care services is not limited to seniors. There are now forty percent of people currently receiving long term care that are between the ages of 18 and 64. Long term care insurance planning is critical to a financial plan. Critical because traditional health insurance and Medicare do not pay for most long term care services.
To buy long term care insurance, individuals must be enjoying good health. And this health qualification aspect makes it important to plan ahead. In general term, this means buying long term care insurance when you’re somewhere between age 50 and 70 and enjoying good health.
New Hampshire Long Term Care Costs
It’s important that New Hampshirites know long term care costs when planning for future long term care needs. New Hampshire’s current cost of care and future cost projections, tell how much long term care protection to have in your retirement plan.
A comprehensive study on national long term care costs is from LifePlans, Inc. for John Hancock Life Insurance Company. Their latest Cost of Care Study surveyed over sixteen thousand long term care providers across the nation. John Hancock Life Insurance Company provides a Cost of Care Calculator. The calculator adjusts long term care costs for inflation. This allows you to better estimate future long term care costs in New Hampshire. John Hancock long term care insurance is underwritten by John Hancock Life Insurance Company, one of the largest insurance companies in the United States.
Another study on the cost of long term care services is by the Fortune 500 company, Genworth Financial. The Genworth Financial 2018 Cost of Care Survey includes long term care costs of more than 15,000 long term care providers. Following are New Hampshire long term care costs from that study.
New Hampshire Long Term Care Costs – 2018 (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||$133,225||$124,100||$56,100||$61,776|
|Rest of New Hampshire||$121,910||$112,785||$49,140||$61,776|
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 Long Term Care Insurance Cost?
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
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
New Hampshire Long Term Care Insurance Rates
New Hampshire Long Term Care Insurance Partnership policies cost about the same as other LTC insurance policies. But at some ages, there is mandatory inflation protection. This feature of New Hampshire Long Term Care Insurance Partnership policies can limit your options when selecting policy benefits. So consumers should compare New Hampshire LTC Partnership policies with non-Partnership policies. To best understand the differences, we recommend working with an agent specializing in Long Term Care Insurance.
You may request long term care insurance quotes specific to your situation by completing the form on this page.
How to Buy New Hampshire Long Term Care Insurance
New Hampshire Long Term Care Insurance Partnership policies are offered by several long term care insurance companies. Insurance agents offering LTC Partnership policies must maintain a special certificate of training. Here is a list of New Hampshire long term care insurance providers:
Request New Hampshire LTC Insurance Quotes!
We’ve specialized in long term care planning since 1990. We give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for your situation. Our independent representatives shop all the major long term care insurance providers in New Hampshire and give you:
- Price comparisons customized for your specific needs from respected companies like Mutual of Omaha, Transamerica, Lincoln Financial, LifeSecure and others. We also provide detailed comparisons to the AARP LTC insurance offering.
- Benefit comparisons of each insurance company’s policy. This comparison examines both the similarities and differences of each long term care plan.
- Financial stability reviews of each long term care insurance provider’s financial ratings, asset base and claims paying experience.