Everyone deserves the opportunity to protect their quality of life and their future, and with disability insurance, you can. You can think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury. We’ve laid out the cost-of-living analysis in New Hampshire to show you the average expenses in the state and why disability insurance can give you peace of mind during unpredictable times.
Home to 1.355 Million citizens, New Hampshire has the 9th highest overall cost of living when compared to all other states. According to Bureau of Economic Analysis data, goods and services in the state cost 6% more than they do on a national level.
On average, New Hampshire renters pay $1,077 per month, $54 less than the national average of $1,023. If you want to buy a house in the state, the typical home value is worth $252,700, which is less than the national median home value of $408,800.
Here are some stats on New Hampshire Mortgages:
In New Hampshire, The average annual cost of infant care is $12,791—that’s $1,066 per month. Child care for a 4-year-old costs $10,348, or $862 each month. New Hampshire is ranked 17th out of 50 states and the District of Columbia for most expensive infant care.
Here’s a look at the annual childcare costs from infant to college:
Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A New Hampshire resident can expect to spend up to $408 per month on apartment utilities on average.
A single adult in New Hampshire spends an average of $3,452 on food each year, while a family of four's annual food cost reaches $9,970. These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home.
The average price for eating out would be:
Grocery shopping in the state would cost as follows:
88.7 % of commuters in New Hampshire drive to work, compared to 85.5 % nationally. The average motorist in the state drives 10,136 miles per year. Taking average fuel economy and average gas prices into account, the average motorist in the state can expect to spend $891 on gas alone in a year.
Other transportation expenditures, such as car insurance, also vary by state. According to Insure.com, the average vehicle insurance rate in New Hampshire is $1,394, which is less than the national average of $1,517. According to EPI data, the average single adult in the state spends $10,661 on transportation each year.
The average yearly income of a single adult living in New Hampshire is $66,8643 and the income tax system is progressive, with no income tax on wages.
Most Expensive New Hampshire Cities to Live in
As shown by the above cost of living breakdown, a steady income is required to live comfortably and worry-free. But sometimes you find yourself unable to work due to some sort of emergency, illness or accident. Whether you are a full-time employee or a freelancer, getting disability insurance is the first step towards financial stability and peace of mind.
What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds.
Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that medical issues caused 62.1% of bankruptcies. Other studies show that over 2 million people are adversely affected by their medical expenses.
If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas as well, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, and that eventually could lead to foreclosure. Half of the foreclosures on conventional mortgages in New Hampshire are caused by the disability of one of the homeowners. In fact, the foreclosure rate in the state reaches one in every 9,534 households.5
A lot of people still think that the need for disability insurance is not a top priority, thinking that disability rarely happens, and when it does, it’s only caused by severe accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury?
With that being said, getting private disability income insurance should be on top of your to-do list because life is unpredictable but your income shouldn’t be.
Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, New Hampshire is not among these states.
If you live in New Hampshire and match the Social Security Administration's (SSA) criteria of disability, you may be eligible for Social Security disability (also known as SSD or SSDI) or Supplemental Security Income (SSI) (SSI). Despite the fact that these are federal programs, individual states are responsible for assisting the SSA in administering various aspects of them. Because most states, including New Hampshire, supplement the federal SSI payment with a minor state payment, states also set the SSI payment.
The federal government will pay you SSI benefits of up to $771 every month. You may also be eligible for a state supplement in New Hampshire, depending on your living situation.
A disability attorney can advise you on the strength of your case and the possibility of receiving benefits, as well as represent you on appeal if you are refused. If you decide to speak with an attorney about your case, you can arrange a free consultation with a New Hampshire disability attorney to identify an experienced disability attorney in your region.
If you have disability insurance provided by your employer, make sure to double-check the criteria in the agreement that qualify you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:
Seeking a private disability insurance policy is the best option in New Hampshire. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times. Click here to get a quote, or contact us for any inquiries.
Most insurances are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.
At Asteya, we offer a variety of disability income insurance policies. Please visit asteya.world for more details on the eligibility of our product offering.
Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:
On average, living in the state of New Hampshire will cost you $4,3136 per month, give or take – that’s a lot of expenses! You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with DI.
If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider while thinking about it:
Get a quote from Asteya in seconds and go from applicant to insured in minutes