NM Average daily benefit purchased: $ 142 per day.
New Mexico’s population is over 2 million people, and as the US Census shows, over 270,000 residents in the “Land of Enchantment” are 65 years or older. That’s over a quarter of a million residents and counting who will increasingly need and use Long Term Care. If not prepared with Long Term Care Insurance, this rising number of seniors will put increasing economic stress on families and the state of New Mexico. In 2011, the total Long Term Care Medicad expenses alone (not counting additional, private Long Term Care expenses) were more than $330 million in New Mexico.
The New Mexico Long Term Care Partnership program was established under provisions of the federal Deficit Reduction Act of 2005. This program is designed to encourage residents in New Mexico to purchase long term care insurance by offering a plan that will provide them with asset protection in the event they use their policy benefits and need to seek continued benefits through Medicaid. In otherwords, the Partnership Program provides dollar-for-dollar asset protection and each dollar that the policy pays out in benefits, entitles the purchaser to keep a dollar of their assets if they ever need to apply for Medicaid services. People who purchase qualifying long-term care policies may qualify for Medicaid early, before spending down all of their assets.
When planning for retirement, Long Term Care Insurance is a key component for securing one’s financial future. In New Mexico, residents 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.