New Mexico LTC Costs Rise Alongside Elderly Population
New Mexico’s elderly population aged 65 and older is 13% of the state’s total population and this figure continue to grow at a rate faster than the national average. As a matter of fact, the U.S Census Bureau has projected that the state’s population will double in 2030 at the same time New Mexico long term care costs would quadruple.
This poses a huge problem to the government of New Mexico as it happens to be among the states with the highest number of uninsured individuals. If today’s elderly folks cannot afford the cost of care what more tomorrow’s batch?
Nursing homes in New Mexico has an average annual rate of $71,160 while assisted living facilities are significantly lower at $41,895. Majority of the residents here, however, prefer to receive home care than be placed in an institutional care not just to save on the bills but for the sake of retaining their independence.
Many families in Mexico currently pay out on average $89,643 every year for a loved one’s in-home care. This rate covers non-medical care which is rather referred to as custodial care in the industry and it covers assistance with the activities of daily living (ADL) such as eating, bathing, dressing, use of toilet, continence, and transferring or walking. It also covers homemaker services which deal with a variety of house chores such as cooking or meal preparation, housecleaning, laundering, and doing errands for the elderly or disabled client.
According to healthcare professionals, people would need on average three years of care but without a specific long term care (LTC) plan they wouldn’t be able to make it through a year. This is the reason that a big percentage of elderly and disabled people in New Mexico depend on their families for care.
New Mexico Long Term Care Costs
There are many ways to plan for the cost of care in New Mexico and one of these is through a long term care insurance (LTCI) policy.
This type of insurance product is expensive only if you go for a comprehensive policy with all the ideal components packed in such a high maximum benefit amount, five-year benefit period or lifetime coverage, 30-day elimination period or none at all, and the 5% annual compound inflation protection.
Before buying an LTCI policy you have to study the cost of care in your area as this will determine how much you will need in benefits. This should be preceded by a visit to your doctor’s clinic though because your present health condition and your family’s health history are determining factors of the type of care that you will require in the future.
People with genetic predisposition to a chronic illness should prepare for the cost of a nursing home. On the other hand, if your system does not exhibit traces of life-threatening diseases you can perhaps settle for a cheaper option such as assisted living or home care.
In-home care, however, is not always affordable especially if you want your house modified and installed with communication, monitoring and security technology so you can age in place comfortably. But with a well thought out LTCI policy you can brave New Mexico long term care costs no matter how high these get.
Protect your savings and other assets by purchasing long term care insurance. Take advantage of the various resources we offer and long term care insurance quotes in New Mexico.
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