The State of New Hampshire has joined the majority of states in participating in the federal/state long-term care partnership program. The federal Deficit Reduction Act of 2005 gave the states the authority to set up a partnership plan to encourage and reward consumers who have qualified long-term care insurance and give them additional asset protection.
The incentive is a special asset disregard provision which allows participants to “immunize” assets from the Medicaid (Granite Care) spend down should their insurance benefits be depleted. This is a partnership between the State of New Hampshire, the insured, and certain insurance companies that have instituted consumer protection enhancements and reporting requirements.
With a New Hampshire Long-Term Care Partnership approved policy, under the asset disregard provision, assets equal to what a policy paid out in benefits will be disregarded for the purpose of determining Medicaid eligibility and spend down. As an example, with a modest insurance policy that pays $300,000, the insured would have an equal amount ($300,000) in assets disregarded. This gives many policyholders peace-of-mind knowing they will never entirely exhaust their estates.
Long-Term Care Medicaid spend down is $2500. A spouse’s minimum asset allowance is $24,720.
Most states have reciprocity with other states' long-term-care partnership programs including New Hampshire. This means if you move from or to New Hampshire your partnership asset protection follows you as well.
There are no state tax incentives available in New Hampshire at this time. Federal tax incentives are available.
A variety of products are approved in New Hampshire for Long-Term Care planning.
|Home Health Aide||Average Monthly Rate||$5,148|
|Homemaker Services||Average Monthly Rate||$4,767|
|Adult Day Care||Average Monthly Rate||$1,701|
|Assisted Living||Average Monthly Cost||$4,675|
|Skilled Nursing Home||Semi-Private Monthly||$10,342|
|Skilled Nursing Home||Private Average Monthly||$11,102|