Renowned for its mountain resorts, dramatic landscapes and arid high-desert climate, New Mexico has been a sought-after retirement destination for decades. Today, seniors represent 18% of the state’s 2,096,829 residents, and New Mexico is projected to have the nation’s fourth-largest senior population by 2030.
While New Mexico has four unique regions, many of the state’s amenities and top-performing medical facilities are located in Albuquerque, Santa Fe and other major cities. The state is also home to 76 nursing homes that accommodate more than 5,800 residents. These facilities provide intermediate or skilled care to residents who have advanced medical needs or require specialized rehabilitative services. According to Genworth Financial’s 2020 Cost of Care Survey, which tracks nursing home costs nationally and regionally, a semiprivate room in New Mexico costs $7,406 per month. Residents pay $8,304, about $900 more, for private accommodations. Although skilled nursing is more expensive than other forms of long-term care, rates tend to be lower than the U.S. average.
This guide looks at average nursing home costs in New Mexico and programs that can help with these expenses. It also provides information about nursing home regulations, government agencies and nonprofits that can help along the way.
The Cost of a Senior Care Nursing Home in New Mexico
Seniors in New Mexico benefit from competitive nursing home rates averaging around $7,406 per month. Although prices are $350 lower than the U.S. median, they’re higher than most neighboring states. Average rates range from $5,019 in Texas, which represents a monthly savings of $2,387, to $8,517 in Colorado where rates are $1,111 higher. Seniors in Arizona pay $6,844 or about $560 less per month of care. Average rates are also $1,018 lower in Utah and $2,083 lower in Oklahoma.
Does Medicaid Cover Senior Care Nursing Home Care in New Mexico?
New Mexico’s Medicaid program is called Centennial Care, and it is administered through the Human Service Department (HSD). As of late 2021, Centennial Care enrolled 809,955 residents, of whom 20%, or approximately 162,000, were seniors and/or disabled. The state has 70 nursing homes with 6,942 licensed beds. Centennial Care typically covers the entirety of nursing home costs for eligible seniors, including room and board, therapies, daily activities and 24-hour nursing care.
Centennial Care is a managed care program, with services provided through one of three entities, including Blue Cross/Blue Shield and Presbyterian. With this general Medicaid program, seniors receive full coverage of nursing home services and some personal care assistance.
The state also offers a Medicaid Waiver program for seniors who wish to avoid institutional care. This is known as a Community Benefit version of Centennial Care, and it includes services such as adult day care, respite and assistance with activities of daily living.
Medicaid Eligibility in New Mexico
The income limits for seniors to receive senior care differ depending on marital status. If married, income limits depend upon whether one or both married partners are applying. Single seniors applying for the program can make up to $2,349 per month. Married couples who are both applying for assistance can make $4,698 per month. If only one spouse needs to enter a nursing home, they can make up to $2,349 per month, and only that applicant’s income is considered when determining eligibility.
In addition to being income-dependent, financial eligibility is also affected by the value of a person’s assets. Single applicants can have assets amounting to $2,000. Married couples can have up to $4,000 in assets if both are applying. If just one spouse applies, the applicant’s asset limit is $2,000. Due to the Spousal Impoverishment Act, the spouse can have assets up to $128,640.
This information and more was provided by Caring.com. Here is the original article: https://www.caring.com/senior-living/nursing-homes/new-mexico