New Hampshire Long Term Care Insurance Companies & Quotes
New Hampshire Long Term Care Insurance
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:
- The risk of needing long term care
- New Hampshire long term care costs
- The two different types of long term care insurance
- What’s the best age to buy long term care insurance
- The 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.
What is The Risk of Needing of 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.
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.
Following 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 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.
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.
New Hampshire Long Term Care Partnership 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.
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)
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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 06/12/2019
2. Cost of Care Survey 2019 (Genworth.com), site accessed 11/04/2019
3. Family Caregiver Alliance (www.caregiver.org), site accessed 06/12/2019