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Just like in other states, New Hampshire has a big population of Baby Boomers that have yet to secure their future health care needs. While there are few seniors in New Hampshire with long term care partnership policies, majority of them still remain undecided as to which type of LTCI policy to purchase. Despite the prediction of the health industry that more than 70% of the population over 65 years old will need long term care, close to 80% of the elderly in New Hampshire don’t have long term care plans yet. Those who aren’t 60 years old yet are advised by the state to look into their LTC options, as time won’t wait for them and the cost of long term care in this state is growing ceaselessly. Those individuals who are contemplating acquiring home care services are expected to spend anywhere from $50,000 to $54,900 annually. Meanwhile, an assisted living facility with one bedroom would cost them more or less $46,850 on an annual basis, too. No one can predict when he’ll need LTC services nor can he foretell the time that he’ll no longer need it because only the situations that occur in our lives can dictate this. Majority of the elderly in New Hampshire want to age gracefully and receive long term care at home. According to them, admission in a nursing home will only make them feel seriously ill. With the comprehensive policy, their wish of receiving care at home is not distant as this policy covers practically all kinds of LTC settings from home care, assisted living facilities, hospice care, and private nursing homes, among others. However, with the standard comprehensive LTCI policy one will not automatically qualify for Medicaid assistance especially if he has assets or huge savings in the bank. Should he need further care after his LTCI policy’s maximum benefit has been exhausted, he has to spend down his assets in order to be eligible for Medicaid. This explains why more people are considering the New Hampshire Long Term Care Partnership Program, a project between private insurance companies offering LTCI and the state government. With this type of policy, people receiving long term care can manage to protect their assets and at the same time acquire Medicaid assistance. Assets Protected with the New Hampshire Long Term Care Partnership To be eligible for Medicaid, a person’s assets should not exceed $2,000. With a partnership policy, you will be exempted from this rule. LTCI partnership policies in New Hampshire allow policyholders to keep their assets that amount to their policy’s maximum benefit. For instance, your mother has used up her maximum benefit of $300,000 which is stipulated in her partnership policy, but according to her doctor she still needs to continue her therapy sessions at home. Unfortunately, your mother wouldn’t spend down her assets that amount to $400,000 just so she can afford the therapy sessions because she wants you and your brother to divide these among yourselves. Since your mom is a policyholder of the LTCI partnership program, she can qualify for Medicaid and protect her assets that amount to $300,000. ------------------ Complete Long Term Care is a resource website where you can find everything you need to know about Long Term Care insurance and some useful tips on how you can save on your Long Term Care insurance premiums.
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