The continuous rise in the elderly population of New Mexico posts bigger problems in dealing with the issues concerning the New Mexico long term care costs because as the population of elder residents grow, the costs and other rates of LTC insurance plans in this state also increases.
New Mexico ranks as the 5th state to have the highest projected growth of the age 85+ population in the whole country with an approximate 123 percent growth from the year 2007 until 2030. This age group would likely have the highest need and demand for LTC services in the years to come due to the possibility of being exposed and prone to more chronic diseases and illnesses.
Most New Mexicans rely on the help and benefits that they get from Medicaid, in which seven percent of the 514,000 residents comprise the age 65+ group. The Medicaid program in New Mexico allows the residents to receive in-home care than be confined in a nursing home for budget purposes. Covering the LTC expenses of three residents who receive in-home care is a lot more cheaper than paying for the LTC expenses of one individual in a nursing home facility.
This makes the state number one when it comes to Medicaid spending for home and community-based LTC care programs, with almost 61 percent of the budget goes to the costs of treatment and care for those adults with physical disabilities.
New Mexico long term care costs in terms of private care are lower than the national average with only an approximate of $162 per day, while the pay for home health aides amount to almost $18 per hour, which is just right for the national average.
These data would definitely make sense once an individual realizes how much an LTC insurance policy can help him avoid or get through paying these amounts. Simple logic will tell you that if the rates of LTC services are already expensive nowadays, how much more will it be in the coming years?
Given the increase rate of ten to twelve percent for every year that an LTC insurance policy is delayed or postponed, it would be harder for more residents, especially to those who belong to the 85+ age group to cover and pay for the LTC services that they will incur in the future.
Without any stable and fixed financial income to pay for their monthly premiums, these older adults who are still uninsured might just spend their savings and other personal assets to pay for their LTC needs, leaving them with almost nothing.
Proper planning and consideration are indeed useful and helpful in order to choose the best and most suitable LTC insurance policy option for a certain individual's need. He must also consider some other aspects that contribute in his chances of getting cheaper monthly rates.
To further understand and be aware of the New Mexico long term care costs, an individual may directly ask his preferred insurance agent of the rates in each area and other details regarding the policy options that are available in New Mexico.
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