How Long Term Care Coverage is Priced
The biggest factor in how much you’ll pay for a Long Term Care Insurance policy in Illinois is your age and current health status. If you decide to purchase coverage from a policy when you are younger and healthier, you can save as much as about half on your premiums. So even though you're paying for more years, over your lifetime you will spend significantly less money. A good suggestion is to take a look at policies at as early an age as is reasonable. For example, if you bought coverage in your late 40s, you could get a good level of coverage for under $2k/year. This also provides accident coverage should something unexpected happen at a younger age.
Designing The Perfect Plan For You: Options Available in Illinois
It can be easy to get lost in all of the added "riders" you can buy on a policy and stray away from what's most important: core coverage. Just to put this in real terms, a 55-year-old couple would pay similar costs (around $3,400/year) for two very different policies. The first pays $180/day for 3 years - but grows at 3% compounded a year. The second was a policy that pays $320/day for 3 years, with no compounding. Which is better?
Find the Right Coverage and Company: Shop Around
Insurance is especially important to compare when making purchasing decisions. With LTC insurance, you buy this when young and most likely will never find a better deal in the future, so it's critical to do your diligence ahead of time.
Illinois Long Term Care Insurance policies are approved for sale and regulated by the Illinois Department of Insurance, who oversees regulation of private LTC policies. Similar to about 35 other states, Illinois is part of the Interstate Compact, and thus has fairly similar policies for sale compared to other states in the compact.
Illinois LTC insurance policies can be purchased by anyone who is a resident of the state. Rates can be different than other states, but are generally similar when comparing coverage "apples to apples." You must medically qualify for most all plans.
"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