Long Term Care Insurance Illinois Partnership Program Review & Costs
Illinois Long Term Care Insurance Partnership
The Long Term Care Insurance Illinois Partnership is a specialized program with combined long term care insurance protection and special access to Medicaid. The Long Term Care Insurance Illinois Partnership allows Illinois residents to shield a portion or all of their assets, while still remaining eligible to qualify for Medicaid if their long term care needs last longer than the protection provided by their long term care insurance policy.
The LTC insurance companies offering Illinois long term care insurance are required by the Long Term Care Insurance Illinois Partnership to offer specific benefits. These requirements can help consumers with their benefit selection when buying their long term care insurance coverage. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Insurance Partnerships. The Illinois long term care insurance providers, in conjunction with the Long Term Care Insurance Illinois Partnership Program, provide long term care insurance policies which are commonly referred to as “Partnership policies”.
The Need For Long Term Care Services
Statistics from the U.S. Department of Health and Human Services indicate that about 70 percent of people over age 65 will require some type of long-term care services during their lifetime. This care may be home health care, nursing home care or assisted living care. And it’s not just seniors who require long term care as 40 percent of people currently receiving long term care services are ages 18 to 64. And Medicare cannot be relied on because Medicare does not cover most long term care.
Long Term Care Costs In Illinois
When Illinoisans are are considering long term care planning, it’s important for them to be familiar with Illinois long term care costs. Because it’s the cost of long term care in Illinois that will be a key indicator to how much long term care coverage should be included in their financial plan.
One of the most comprehensive studies on the cost of long term care is conducted annually by Genworth Financial. The Genworth Financial 2018 Cost of Care Survey looked at national long term care costs in 440 regions of the United States. Another study by John Hancock Life Insurance Company, provides a Cost of Care Calculator. That calculator provides Illinois residents an estimator to look at long term care costs adjusted for inflation.
Illinois Long Term Care Costs – 2018 (annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private room)||Assisted Living (private room)||Home Health Aide (44 hours/wk)|
|Illinois Median Cost||$81,030||$70,993||$48,360||$51,480|
|Rest of State||$65,700||$55,298||$39,000||$50,336|
Long Term Care Insurance Illinois Reciprocity
When someone purchases a qualifying long term care insurance partnership policy in another State they would not lose their asset protection if they move to Illinois. The State of Illinois will also recognize any accumulated asset protection for the Medicaid program qualification, should that policy holder already be receiving benefits under their Partnership long term care policy before having moved to the State of Illinois.
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Illinois? The answer: It depends on your age and health history when you buy the insurance. Generally speaking, the younger and healthier you are the lower the cost. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
Illinois Long Term Care Insurance Rates
An Illinois Long Term Care Insurance Partnership policy will cost about the same as other LTC insurance policies when designed with similar benefits. The required features of an Illinois Long Term Care Partnership Program policy may however limit flexibility in benefit design. Thus, you may benefit by also considering non-Partnership long term care insurance policies because a wider range of benefit choices may be available. An insurance agent who specializes in long term care insurance can explain these differences.
How To Buy Illinois Long Term Care Insurance
Long Term Care Insurance Illinois Partnership policies are offered by multiple long term care insurance companies. Agents representing LTCi Partnership policies from these insurance carriers must have a special certificate of training which is required by the State of Illinois. Following is a list of some of the long term care insurance companies offering coverage in Illinois:
Get Illinois Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990. You get professional, unbiased advice so you can decide if Long Term Care Insurance is right for your situation. We shop all the major long term care insurance companies in Illinois and give you:
- Price comparisons customized for your specific needs from respected LTC insurance companies like Genworth Financial, Transamerica, LifeSecure, Mutual of Omaha and others. We also provide detailed comparisons to the AARP LTC insurance offering.
- Benefit comparisons of each company’s insurance policy. This side-by-side comparison covers both the similarities and differences of each LTC plan.
- Financial stability reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.