What You Need to Know About Qualifying for Medicaid in New Hampshire

When you or another loved one is looking at the prospect of staying in a nursing home, the cost of the required care can be overwhelming. For an average couple, a stay in a nursing home could decimate the pair’s savings, which is why more couples are doing advanced planning to work with elder lawyers regarding Medicaid qualification in NH.

Qualification for Medicaid is a popular question among those who are in need of advanced nursing home care. Financial requirements for Medicaid are specified at the state level.

The primary purpose of this program is to enable those who do not otherwise have financial resources to get support for their health care. Many people are mistakenly under the impression that Medicare will cover the expenses of their nursing home stay or other long term care needs.

Qualifying for Medicaid is not guaranteed and careful thought must be put into your advanced Medicaid qualification plan. You must meet the resource requirements as well as the income requirements to be eligible for Medicaid in New Hampshire. The program considers household income, the counting of household resources where applicable, and potential income. In addition to these financial requirements there are medical requirements that can be supported by proof of your medical condition.

Medical records are most frequently used to determine whether or not you need the long term care you are intending to have paid by Medicaid. If you need more specifics on qualifying for Medicaid in New Hampshire, schedule a consultation with an estate planning lawyer today. Get answers to your most important questions and start roadmapping your plan for long term care.



What Is Long Term Care Insurance?

Like many insurance policies, the goal is to sign up for long-term care insurance well before you need it so that the benefits are there in the event of an unexpected issue.

Many retirees can realize that the same amount of money they have projected to cover their vacation, property taxes and food after the workforce will also have to support their long-term care in their older years.

Approximately half of the US population, according to research from the US Department of Health and Human Services, will need long-term care services and support, such as payments to live in an assisted living community or an in-home caregiver.

Many Americans will pay much higher than the national average for those services of $140,000. Long-term custodial care represents a significant threat to a couple’s retirement savings and one way to minimize this risk is to leverage long-term care insurance which offers one way to prepare for in-home nursing care or extended stays in certain assisted living facilities while protecting your overall retirement funds.

Most LTC insurance policies will cover costs related to staying in an assisted living facility, nursing home or adult day care. It will not cover medical expenses, however. A doctor will have to verify that you meet the appropriate level of support for long-term care services. 

You will need assistance with at least two of the five activities of daily living, which are feeding, toileting, transferring, dressing and bathing. For more information about how to protect your interests and whether or not long-term care insurance makes sense for you, schedule a consultation with an attorney.




What Are the Best Places to Live for the Cost of Long Term Care?

Given that many people will need some form of support from long term care services in their older years, it’s critical to understand how this might impact your retirement savings and other financial situation.

A consultation with a dedicated estate planning lawyer can help you to clarify some of these questions. A recent study found that 7 out of 10 people aged 65 and older will need some form of long term care throughout their lifetime. Many don’t have a specific plan set aside for this.

Between 2004 and 2020, the cost for in-home services and facility services rose from 1.9% to 3.8% per year. Some care costs are surpassing the US inflation rate as an example, which means that you could face substantial long term care costs.

Factors that can contribute to rate increases for long term care includes supply and demand, wage pressures, personal protective equipment costs, labor shortages, employee recruitment and retention challenges, and regulatory changes.

This might lead you to think about retiring and living in a different state to minimize your estate planning and long term care costs. Some of the most affordable states as identified by the study include Utah, Kansas, Iowa, Kentucky, South Carolina, Tennessee, North Carolina, Georgia, Mississippi, Arkansas, Oklahoma, Texas, Missouri, Alabama, and Louisiana.

Do you need a plan for long term care? If so, the support of an elder lawyer can help you with crafting a plan that aligns with your individual needs and wishes. Set up a consultation today to discuss this further. Our NH elder law office is here to support you and your family with long term care needs.