New Mexico Long Term Care Costs & Insurance Quotes
In-home care costs in New Mexico continue to rise faster than the cost of other types of long term care settings according to Genworth Financial, one of the leading Long Term Care insurance companies in the country.
The study shows that home health aide services in the state cost $20 per hour as opposed to $19 nationally. The cost of a home health aide in New Mexico has increased significantly by 3% over a period of five years while the rate of the same care provider on the national level has only increased 1% over the same period of time.
The cost of assisted living facilities in New Mexico also climbs incessantly. Based on Genworth Financial's 2012 Cost of Care Survey, the average monthly rate of a one-bedroom assisted living facility in the state is $3,500 or $42,000 annually, while nationally it's $3,300 a month which translates into $39,600 annually.
Below is the current cost of care in different areas of New Mexico courtesy of Genworth.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Rest of State||$15||$20||$3,500||$167||$183|
New Mexico Long Term Care Insurance Partnership Program
New Mexico ranks as the fourth state with the fastest-growing 85 and over population, which is expected to increase 97% in the next 18 years.Residents of the state are encouraged to plan for future long term care costs with Long Term Care insurance policies that are currently made available to them.
The state, though, plans to resubmit to the Secretary of the Department of Health and Human Services the proposal of redesigning its Medicaid program in order to become a Long Term Care Insurance Partnership state. The said proposal was initially submitted on April 25 of the current year but in a letter to the Centers for Medicare & Medicaid Services (CMS) dated May 29 the state withdrew its Medicaid Section 1115 Research and Demonstration waiver application as they would need to gather more comments from at least two public forums and consult with New Mexico's 22 tribal nations.
After which, New Mexico intends to formally resubmit its proposal for Medicaid redesign and once this gets approved by the CMS residents shall be able to avail of affordable Long Term Care insurance policies and keep a bigger amount of their assets than what Medicaid would normally allow should they decide to apply to the said health insurance program in the future after exhausting their insurance benefits.
The Partnership Program will also be beneficial to Medicaid as it will delay people's need to enter the said federal health insurance program which could then result in the state's reduced long term care expenditures.
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