New Mexico Long Term Care Insurance Information
New Mexico is ranked 45th nationally when it comes to providing nursing home care services, according to the Medicare 5 Star Quality rating program. The state has 73 certified nursing homes that contain 7,050 beds available to cater to senior residents in the area.
When it comes to population, New Mexico has 2,085,109 residents as of a census done last July 2015. There are more female residents than male residents in the state at 50.4%. Individuals 65 years and above make up 15.8% of the population.
The state is known for having good air quality, low rates of cancer deaths, and a minimal number of binge drinkers in the area, as per America’s Health Rankings. In fact, cardiovascular deaths in New Mexico have decreased from 314.7 to 216.3 deaths per 100,000 individuals since 1990. However, the state is struggling when it comes to lowering the incidences of drug-related deaths (which may be related to the high rate of violent crime in the area).
Average Cost of Long Term Care Services in New Mexico
Costs (2016) for LTC services in New Mexico are as follows:
Home Health Aide (Daily Rate): $132
Nursing Home Care (Daily Rate, Semi-Private Room): $213
Nursing Home Care (Daily Rate, Private Room): $238
Assisted Living Facility (Monthly Rate, 1 Bedroom-Single Occupancy): $3,600
New Mexico Long Term Care Partnership Program
New Mexico has not filed for a state LTC partnership program.
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.
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