New Hampshire Long Term Care Costs & Insurance Quotes
To conform to the laws mandated by the Deficit Reduction Act (DRA) of 2005, which was signed into law on February 8, 2006, the New Hampshire local state government assumed and adopted the Long-Term Care Partnership Program that was made known through this provision.
The primary goal of the New Hampshire Long-Term Care Insurance Partnership Program is to link and connect the Partnership policies with Medicaid benefits if the policy owner has already used up all his Partnership policy benefits. This program is a joint initiative of the New Hampshire local state government and some private insurance companies that sell LTC policies in the state.
Long Term Care costs in New Hampshire continue to rise and thus an increased demand for Long Term Care Insurance coverage among residents of the state. Below are the median Long-Term Care costs in key areas of New Hampshire:
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Manchester - Nashua||$23||$24||$5,544||$299||$325|
|Rest of State||$22||$24||$3,483||$253||$280|
The New Hampshire Long Term Care Partnership Program
The New Hampshire Long-Term Care Insurance Partnership Program policies entitle policy owners to still be able to apply and eventually qualify for Medicaid. Through this Program, which bears the Dollar-for-Dollar asset protection feature, an individual may protect his assets from Medicaid’s spend down rule should he decide to apply to receive ongoing care.
The asset protection will set the amount of assets which will be disregarded by Medicaid. The disregarded amount is equal to the amount of benefits you have actually received from your Partnership qualified policy.
Non-Partnership policyholders will have to comply with Medicaid’s asset requirement if they wish to apply for coverage because the dollar-for-dollar asset protection is exclusive to owners of long term care insurance Partnership qualified policies only.
Features of a New Hampshire Long Term Care Insurance Partnership Policy
- Minimum daily benefit amount
- Benefit period
- Issued on or after February 8, 2006.
- If a policy was bought prior to February 8, 2006, it should be exchanged for a Partnership policy within 90 days from the time the policyholder was informed by his insurer of the option to exchange his policy.
- The policyholder should be a resident of New Hampshire when coverage became effective.
- Provision of inflation protection that is based on the age of the policyholder.
Inflation protection is the most important feature of any long-term care insurance policy because it makes the value of your policy adjust to the present costs of long-term care services, regardless if you have purchased your policy in a much lower price. This is the reason why life insurance experts advice that an LTC plan be purchased at a much younger age to be able to get lower rates and cheaper monthly premiums.
Levels and amounts of inflation protection for a private LTC insurance plan vary depending on what is required by a certain state. For a partnership policy, the mandatory levels of inflation protection are as follows:
- 60 years old and younger - automatic compound inflation
- 61-75 years old - may have simple, compound, or Consumer Price Index (CPI) inflation protection
- 76 and older - inflation protection is not required
A partnership plan purchased in a certain state may be used on another through the reciprocity standards that were formed by the different states which participate in the program.
Being a partnership policy owner does not mean that you are automatically qualified to receive Medicaid benefits. The eligibility is reviewed on a case-to-case basis and the applicant must provide the proper documents and authentications needed for his application. The credentials and records needed may include proof of citizenship or residency, proof of income, and Social Security Number. If in case the applicant has no SSN yet, he must present the documents proving that he has already applied for one.
Upon qualifying, the Medicaid benefits and other information regarding it will be thoroughly discussed and explained by an eligibility officer.
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