Illinois Long Term Care Costs Vary
We created the map you see to the right to show various costs of Long Term Care around the state. Chicago has relatively higher cost of care than other Illinois cities but enjoys lower costs of care than other major metropolitan areas around the country. A bigger difference is the cost from one type of care to another. For example, the cost of nursing home is twice the cost of home care.
Using Cost of Care Data To Plan
When putting together your own Long Term Care plan it's important to plan for both future as well as current needs in the event of an accident. We generally suggest most people consider coverage with a fixed (and guaranteed) inflation protection. The standard rate for most policies sold these days is 3% compound. When requesting a comparison, you may also want to consider LTC plans that have no inflation. We ran sample Illinois rates for a 58-year old single female and found the following coverage options available for under $3,000 annual premium:
Option A: $219,000 initial benefit, 3% compound growth
Option B: $383,250 initial benefit, deferred inflation protection
The same as Option A, but with no inflation protection and an increased initial daily benefit amount.
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"We started with a local agent but quickly realized we may be paying too much for LTC coverage. After a discussion with LTC Tree, we determined that there was a better way. We ended up with a guaranteed premium and could not be happier.David P., Palentine Illinois