NH Average daily benefit purchased: $ 153 per day.

Long term care provides support and services when you can’t care for yourself for an extended period of time. It ranges from simple assistance with activities of daily living (for example, getting dressed, bathing) in your own home, to highly skilled care in a nursing facility. Long-term care insurance is designed to pay some or all of the costs of assisted care when you can no longer take care of your needs on your own. Policy options may include care in a nursing home, assisted living facility, adult day care, or even in your own home.

One of the smallest states in the nation, there are just over 1 million people living in the Granite State. According to the US Census, 150,000 of those residents are aged 65 or older. Without Long Term Care Insurance, this rising number of seniors in the New Hampshire will put increasing economic stress on families and the state. In 2011, the total Long Term Care Medicad expenses alone (not counting additional, private Long Term Care expenses) in New Hampshire were close to $575 million.

The New Hampshire Long Term Care Partnerhip Program is a program designed to help New Hampshire residents finance their own long term care needs through a private plan, while also protecting their assets if and when their private benefits run out and they need to apply for Medicaid. In other words, the Long Term Care Partnership Program provides dollar for dollar asset protection, so that each dollar that a Partnership policy pays out in benefits entitles the policy owner to keep a dollar of their assets if they ever need to apply for Medicaid services. What’s more, people who purchase a Parntership policy may qualify for Medicaid early, before spending down all of their assets. Purchasing a Long Term Care insurance policy through the partnership program means you are not only protected by your policy, but also by Medicaid if you ever exceed the benefits of that policy.

When planning for retirement, Long Term Care Insurance is a key component for securing one’s financial future. Thankfully, residents of New Hampshire have the choice of around 17 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.

More on New Hampshire

The state of New Hampshire, like many states, has instituted a LTC Partnership program to tackle the problem of lack of Long Term Care Insurance coverage for its residents.  This looming crisis in long-term care is a national phenomenon, however, and not specific to New Hampshire.  New Hampshire’s population is rapidly aging and awareness of the need for Long Term Care Insurance remains low.

Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves and is not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.  The program aims to encourage the purchase of Partnership policies which allow for Medicaid asset protection so that consumers don’t have to exhaust their savings to qualify for Medicaid. A recent study by Genworth found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers.  And, given that the Department of Health and Human Services estimates that 2/3 of all Americans will need long-term care at some point after they pass age 65, this does, indeed, constitute a crisis.

Thus, many Americans are now at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves.  And, as the Texas site points out, It is not just for the elderly, and it is not just about nursing homes. It is about having the assistance you need during an extended illness or injury at any time of life. Via the New Hampshire Long Term Care Partnership Program, residents of the state are able to purchase policies with a wide range of options.  New Hampmshire, like many states, aims to reward those who do their part in solving this crisis of Long Term Care Insurance by planning ahead, protecting themselves and their assets. The New Hampshire Long Term Care Insurance program works like this: purchasers of partnership policies are eligible for Medicaid asset protection which is dollar-for-dollar protection for the insured assets and savings.

This enables partnership policyholders to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid’s long-term care coverage.

Highlights of the plan include:

• Dollar-for-dollar resource protection Preserve some of your financial security. This feature is only available on Partnership-qualified long-term care insurance policies.
• Inflation protection?Make sure your coverage keeps up with rising costs. Learn more.
• Tax qualification?You may be able to deduct part of your premiums from your taxes as a medical expense. Find out.
• State-to-state coverage?Considering retiring in another state?   See if you could receive resource protection if you needed to apply for Medicaid assistance in your new home state.  A list of companies offering qualifying policies in New Hampshire can be found here: You can start planning today for your future long-term care needs and securing all that you and your family have worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy.

LTC Tree can assist you in finding a plan through the New Hampshire Long Term Care Partnership Program that is right for you, no matter your age or financial status.  If you would like to learn more about our affordable Long Term Care Insurance policies, simply fill out this form. Thank you for reading today’s blog.  We really appreciate it.