New Hampshire Long Term Care Insurance Information
New Hampshire is ranked at the 20th spot in the Medicare 5 Star Quality rating for nursing homes nationwide. There are 7,525 beds in 76 certified nursing homes to cater to senior residents in the state.
As of July 2015, there are 1,330,608 residents in New Hampshire. Just like most states, females outnumber male residents slightly at a figure of 50.6%. Individuals 65 years and above make up 16.5% of the total population in the state.
Per America’s Health Rankings, New Hampshire is one of the healthiest states in the country (at 5th place). Some trouble areas when it comes to health that the local government is working on are improving per capita public health funding, lessening the incidence of binge drinkers in the area, and preventing more drug deaths from occurring.
Average Cost of Long Term Care Services in New Hampshire
Costs (2016) for LTC services in New Hampshire are as follows:
Home Health Aide (Daily Rate): $157
Nursing Home Care (Daily Rate, Semi-Private Room): $320
Nursing Home Care (Daily Rate, Private Room): $338
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $4,800
New Hampshire Long Term Care Partnership Program
New Hampshire has an approved state LTC partnership program. The program was approved by the U.S. Department of Health and Human Services last February 16, 2010. The state will honor partnership from other DRA (Deficit Reduction Act) partnership states.
What is a Long Term Care Partnership Program?
The partnership program is designed to encourage people to purchase long-term care insurance by providing a plan that will allow Medicaid to disregard some or all assets for Medicaid eligibility and estate recovery purposes. Through partnership plans, people will receive asset protection whenever policy benefits are exhausted and will need continued benefits through Medicaid.
Partnership qualified insurance policies allow their holders a much easier time of applying for Medicaid when their current policy benefits have run out. Instead of needing to reach below the asset threshold set by the federal health care program, policy owners can protect an amount of assets equal to their total benefits – allowing them to continue receiving care without the risk of losing their assets to Medicaid estate recovery procedures.
For insurance policies to be certified as Partnership policies in New Hampshire, the Deficit Reduction Act of 2005 has set a number of requirements that must be met:
- Issue Date: The policy must be issued after the effective date of the Partnership Program in the state (February 16, 2010).
- State of Residence: The policy holder must be a resident in New Hampshire at the time the coverage became effective.
- Inflation Protection: All Partnership policies must include inflation protection. Policies issued to individuals under age 61 must provide compound annual inflation protection. Policies sold to individuals who have attained age 61 but not yet attained age 76 must include some level of inflation protection. Inflation protection may be offered, but is not required to individuals who have attained age 76.
- Qualified under Federal Tax Law: All Partnership policies must adhere to the definition of a Long Term Care Insurance policy in section 7702B (b) of the Internal Revenue Code of 1986.
- Consumer Protection: The policy must adhere to the requirements defined in section 1917(b)(1)(C)(iii)(III) of the Social Security Act (42 U.S.C. section 1396p(b)(1)(C)(iii)(III).
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