Illinois Long Term Care Insurance

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Long Term Care Insurance & Preventing Dementia

Illinois Long Term Care Insurance

This page covers important long-term care information for residents of Illinois, including the average cost of long-term care (LTC), the costs of LTC insurance, popular companies offering LTC insurance in the state, and information about Medicaid and the Illinois Long-Term Care Partnership Program.

Illinois LTC Cost

Paying for Long-Term Care

Long-term care is expensive, and the costs associated with it can add up quickly. It is important to keep these costs in mind as you plan for your future long-term care needs, even if you don’t end up purchasing a long-term care insurance policy. To help give you a better idea of the expenses you may face, below we have listed the average prices for some commonly used LTC services in Illinois.

Average Costs for Common Long-Term Care Services in Illinois:

  • Nursing Home (private room): $215 (Daily)
  • Nursing Home (semi-private room): $187 (Daily)
  • Assisted Living Facility (private room): $3,720 (Monthly)
  • Home Health Aide (X hours/week): $18 (Hourly)

The Costs of Long-Term Care Insurance

The cost of long-term care insurance is impacted by several factors and can vary greatly from policy to policy and person to person. How much you pay will change depending on the amount of coverage you select, the maximum amount of benefit the policy will pay per day, the maximum number of years (typically measured in days) that the policy will pay out, and the total amount that will be available through the policy. The length of the elimination period and the types of services covered by the policy will also influence the cost, as will optional extras such as inflation protection. Other, less-obvious factors can play into a policy’s cost as well. To learn more, please see our article on the subject.

  • Average Yearly Premium for an LTC Insurance Policy in Illinois: $
  • Average Daily LTC Benefit Purchased in Illinois: $145 (per day)

State Partnership Program

Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Policies issued as part of the Illinois Long-Term Care Partnership Program are required to meet certain federal and state standards. These policies also help protect your assets from the spend-down requirements of Medicaid by allowing you to qualify for Medicaid coverage with a larger-than-normal amount of assets. The specific amount typically varies based on the total benefits paid out by your policy.

Rates for policies qualifying under this program do not differ significantly from those of non-qualified policies offering similar benefits. However, the regulations and requirements that must be met for a policy to qualify under this program also mean that these policies have less flexibility than many non-partnership policies. Because of this, it is a good idea to shop around and look at non-partnership policies in addition to those that qualify under the program so you can be sure that you have chosen the best policy for your needs and budget.

The Illinois Long-Term Care Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Illinois, your assets will remain protected. The same will be true if you purchase a partnership policy in Illinois and then move to a different state that also offers reciprocity.

Medicaid

If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover basic long-term care services.

There are several different ways one can receive long-term care through the Illinois Medicaid program. One branch of the program, called Aid to the Aged, Blind, and Disabled (AABD), offers basic health coverage to qualifying seniors and disabled individuals. Services available through AABD and an additional program known as AABD Medical include nursing homes, assisted living, and in-home care.

If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover basic long-term care services.

There is also the Supportive Living Program (SLP), which offers coverage for stays in supported living facilities or similar forms of care for qualified persons. These facilities are similar to assisted living and can provide services such as meal preparation, housekeeping, and personal care assistance. The overall aim of the program and the facilities themselves is to allow seniors to receive the care they need while also remaining independent. It should be noted that SLP does not pay for room and board – only LTC services received at these facilities.

Last but not least is Pathways to Community Living, a Home- and Community-Based Services (HCBS) Waiver program which provides benefits to eligible seniors that can then be used to pay for in-home and community-based care. Like SLP, the aim of this program is to allow seniors to receive care while also remaining independent.

Certain medical and financial requirements must be met in order to qualify for Medicaid coverage in general and for the specific programs outlined above.

Companies Offering Long-Term Care Insurance in Illinois

Illinois residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, TransAmerica, MassMutual, Northwestern, and New York Life. Please take a look at our articles on these insurance companies and others to learn more about their histories, reputations, financial strength, and the policies they offer.

More Useful Links:

Idaho Long Term Care Insurance

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS
  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.

Find Local Doctors & Most Popular Plans

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

PLUS, Receive 2 FREE Books -
Long Term Care Insurance & Preventing Dementia

Illinois Long Term Care Insurance

This page covers important long-term care information for residents of Illinois, including the average cost of long-term care (LTC), the costs of LTC insurance, popular companies offering LTC insurance in the state, and information about Medicaid and the Illinois Long-Term Care Partnership Program.

Illinois LTC Cost

Paying for Long-Term Care

Long-term care is expensive, and the costs associated with it can add up quickly. It is important to keep these costs in mind as you plan for your future long-term care needs, even if you don’t end up purchasing a long-term care insurance policy. To help give you a better idea of the expenses you may face, below we have listed the average prices for some commonly used LTC services in Illinois.

Average Costs for Common Long-Term Care Services in Illinois:

  • Nursing Home (private room): $215 (Daily)
  • Nursing Home (semi-private room): $187 (Daily)
  • Assisted Living Facility (private room): $3,720 (Monthly)
  • Home Health Aide (X hours/week): $18 (Hourly)

The Costs of Long-Term Care Insurance

The cost of long-term care insurance is impacted by several factors and can vary greatly from policy to policy and person to person. How much you pay will change depending on the amount of coverage you select, the maximum amount of benefit the policy will pay per day, the maximum number of years (typically measured in days) that the policy will pay out, and the total amount that will be available through the policy. The length of the elimination period and the types of services covered by the policy will also influence the cost, as will optional extras such as inflation protection. Other, less-obvious factors can play into a policy’s cost as well. To learn more, please see our article on the subject.

  • Average Yearly Premium for an LTC Insurance Policy in Illinois: $
  • Average Daily LTC Benefit Purchased in Illinois: $145 (per day)

State Partnership Program

Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Policies issued as part of the Illinois Long-Term Care Partnership Program are required to meet certain federal and state standards. These policies also help protect your assets from the spend-down requirements of Medicaid by allowing you to qualify for Medicaid coverage with a larger-than-normal amount of assets. The specific amount typically varies based on the total benefits paid out by your policy.

Rates for policies qualifying under this program do not differ significantly from those of non-qualified policies offering similar benefits. However, the regulations and requirements that must be met for a policy to qualify under this program also mean that these policies have less flexibility than many non-partnership policies. Because of this, it is a good idea to shop around and look at non-partnership policies in addition to those that qualify under the program so you can be sure that you have chosen the best policy for your needs and budget.

The Illinois Long-Term Care Partnership Program also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Illinois, your assets will remain protected. The same will be true if you purchase a partnership policy in Illinois and then move to a different state that also offers reciprocity.

Medicaid

If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover basic long-term care services.

There are several different ways one can receive long-term care through the Illinois Medicaid program. One branch of the program, called Aid to the Aged, Blind, and Disabled (AABD), offers basic health coverage to qualifying seniors and disabled individuals. Services available through AABD and an additional program known as AABD Medical include nursing homes, assisted living, and in-home care.

If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover basic long-term care services.

There is also the Supportive Living Program (SLP), which offers coverage for stays in supported living facilities or similar forms of care for qualified persons. These facilities are similar to assisted living and can provide services such as meal preparation, housekeeping, and personal care assistance. The overall aim of the program and the facilities themselves is to allow seniors to receive the care they need while also remaining independent. It should be noted that SLP does not pay for room and board – only LTC services received at these facilities.

Last but not least is Pathways to Community Living, a Home- and Community-Based Services (HCBS) Waiver program which provides benefits to eligible seniors that can then be used to pay for in-home and community-based care. Like SLP, the aim of this program is to allow seniors to receive care while also remaining independent.

Certain medical and financial requirements must be met in order to qualify for Medicaid coverage in general and for the specific programs outlined above.

Companies Offering Long-Term Care Insurance in Illinois

Illinois residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, TransAmerica, MassMutual, Northwestern, and New York Life. Please take a look at our articles on these insurance companies and others to learn more about their histories, reputations, financial strength, and the policies they offer.

More Useful Links:

Idaho Long Term Care Insurance

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS
  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.