Illinois Long-Term Care Insurance Planning
Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
- Traditional Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
Highly Rated Companies
Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
Ready to explore costs and options?
Get Started >Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2022, the average cost for 3 years of long-term care in Illinois was $257,598 ($85,866 per year). That cost is projected to be $465,252 ($155,084 per year) in 2042.3
Does Medicare Cover Long-Term Care?
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
When To Buy Long-Term Care Insurance
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Find out if your current health conditions will make it hard to qualify >
Types of Long-Term Care Insurance in Illinois
Traditional LTC, Hybrid Life LTC, and Hybrid Annuity LTC are the three most commonly chosen long-term care insurance plans in Illinois. Another option is Short-Term Care, which is most often chosen because of health or age limitations.
Traditional Long-Term Care Insurance
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care policies purchased, including Illinois Long-Term Care Partnership Program policies
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will not increase and 1035 exchanges possible
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will not increase and 1035 exchanges possible
- Learn more about Hybrid Annuities with LTC >
Short-Term Care Insurance
- Coverage for a year or less with the option of home health care only, facility only, or both combined
- Lower premiums than long-term care insurance and some policies available to age 89
- Simplified underwriting may be a good fit if you’ve been declined for LTC insurance
- No deductible option means benefits would be paid out as soon as you qualify
- Learn more about Short-Term Care Insurance >
Illinois Long-Term Care Partnership Program
Illinois Long-Term Care Partnership Program policies are available. Partnership policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
The unique asset protection benefits of a Illinois Long-Term Care Partnership Program policy apply if your long-term care needs last longer than the benefits of your Partnership policy. For example, for every dollar your Illinois Partnership for LTC policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Illinois Long-Term Care Partnership Program policy rates are like regular policies. Still, we recommend comparing them with non-Partnership policies because you may find other options better suited to your needs. This includes hybrid long-term care insurance plans not available under the Illinois Long-Term Care Partnership Program.
Partnership Reciprocity
The term reciprocity applies when you buy a Long-Term Care Partnership policy in another State and later move to Illinois. Because Illinois has reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to Illinois. The State of Illinois will also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits from your Partnership policy before relocating.
How Much Does LTC Insurance Cost in Illinois?
Your Illinois long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Ready to get pricing and suggestions?
Connect with an LTC Advisor >
Understand Long-Term Care Costs
Illinois Long-Term Care Costs – 2022 (annual) | ||||
| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
| Illinois Median Cost | $85,866 | $75,190 | $53,850 | $64,064 |
| Bloomington | $89,790 | $83,585 | $61,920 | $60,929 |
| Carbondale Area | $71,175 | $62,050 | $42,300 | $54,912 |
| Champaign Area | $84,680 | $73,000 | $57,000 | $62,348 |
| Chicago Area | $96,725 | $83,950 | $57,900 | $68,640 |
| Danville | $82,125 | $73,000 | $49,653 | $105,820 |
| Decatur | $86,870 | $77,015 | $52,578 | $60,060 |
| Kankakee | $95,904 | $85,593 | $55,473 | $61,776 |
| Peoria | $91,250 | $78,475 | $49,575 | $60,632 |
| Rockford | $113,789 | $89,341 | $63,000 | $67,496 |
| Springfield | $100,558 | $83,585 | $61,320 | $61,204 |
Data from Genworth Cost of Care Survey
Long-Term Care Insurance Companies in Illinois
Illinois long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Illinois:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Lincoln Financial (MoneyGuard)
- Mutual of Omaha
- National Guardian Life
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- OneAmerica
- Securian Financial
- State Farm
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Illinois LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
Ready to start a conversation?
Start long-term care planning >
Common Questions
Long-term care is the assistance needed when a person is unable to manage their own personal care needs or when they need help with daily activities (walking, bathing, continence, dressing, eating, toileting and transferring). This type of care is known as Custodial Care and is not covered by Medicare.
For most people, long-term care insurance is affordable. However, several factors impact the cost of a policy, including your age, health, and policy design. The typical annual premium is much less than paying for one month of long-term care services out of your pocket.
Your health status and age determines your eligibility for long-term care insurance. But even people with significant health conditions may still qualify. Conditions like Alzheimer’s, Parkinson’s, or currently needing care could disqualify you. Short-term care insurance may be a good option for those at older ages or with certain health issues.
There are many plan options and highly rated carriers available. The best plan is from a highly rated insurance company with the right set of benefits for your needs.
Your best source is from a Long-Term Care Advisor with substantial experience in LTC insurance underwriting, policy design, and claims. A licensed professional who represents several companies can find you the best coverage at the best value.
Some people turn to their financial advisor for long-term health care planning, but this is not their core competency. Many only work with one or two companies and have limited experience with the features and benefits of these products. Also, most have never filed a long-term care claim and don’t understand the process. As a result, many financial advisors partner with us to ensure their clients get the best service.
What Our Customers Say
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- With the new long term care laws passed in Washington State, I was in the market for private LTC insurance. … More I worked with Michael Berger and I was blown away with how hard he worked to get me a plan that met my needs. As the market changed during this process, he was always the first on the phone explaining options and walking through what's next. I was able to get a great plan, at a great price, and can't recommend him and this group enough!
