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About Long Term Care Insurance New Hampshire

Medicare Supplemental & Long Term Care Insurance

Updated on Jun 21, 2013

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When you compare New Hampshire long term care costs to other states, it is still quite affordable with a $280 daily rate for a private room in a nursing home. Some expensive states like New York can set you back to up to $350-460 for the same type of service.

However, the low rates do not mean that residents can relax and not think about securing New Hampshire long term care insurance policies that could help them pay for these expenses if they ever needed them. Long term care insurance New Hampshire offers many types of products that fit different individual needs and income. Here are some of the new long term care insurance products that’s worth looking into.

Hybrid Product: Life Insurance plus Long Term Care

With a hybrid life insurance long term care product, buyers basically get two coverage for the price of one. They get the guaranteed death benefit found in all life insurance policies and a fund for their future long term care needs.

The way the plan works is that the buyer deposits a certain amount of money for the life insurance policy which then creates the instant fund for his long term care coverage. The amount of LTC coverage will depend on the total amount of deposits the buyer has made. If he has a lot of available cash to invest in the plan, he could actually increase his LTC fund.

This type of product is ideal for people who are often skeptical about buying traditional long term care policies due to the thought that “they might not ever use it”. Some people feel they are wasting good dollars if they buy a traditional LTC plan because the premiums are costly and there’s not a guarantee that they’ll be needing its benefits. So for people who want a guaranteed benefit plus LTC coverage, this hybrid product might just be the right thing for you.

New Hampshire Partnership Program

As part of its efforts to help residents get affordable private insurance for long term care, the state of New Hampshire implemented the Partnership Program back in February 8, 2006. The goal of the program, which is in cooperation with major LTC insurance companies, is to offer less expensive premiums on private LTC insurance and give incentives for buyers in the form of the Medicaid Asset Protection feature.

Under the Medicaid Asset Protection, the insured can keep more of his savings and assets once he applies for Medicaid assistance. This scenario could happen if the insured undergoes a prolonged or lifetime need for long term care services and ends up using all the cash benefits of his partnership policy.

The insured doesn’t need to spend himself down into poverty before being eligible for Medicaid benefits. Medicaid will exempt, dollar-for-dollar, the total amount of benefits paid by his partnership plan and that amount is what he can keep in his savings and assets. That could mean literally thousands of dollars that the insured can hold on to while receiving LTC assistance from Medicaid.
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