Illinois Long Term Care Insurance
For people who live in Illinois, long term care insurance is starting to become a more popular product. This type of insurance product is designed to pay benefits toward the care of residents of an Illinois long term care facility. You may be thinking that long term care insurance in IL is only for seniors, but these residences also provide care to those who are no longer able to manage the duties of everyday living on their own as the result of a disease or an accident.
Illinois Long Term Care Insurance: Why To Buy This Product
You buy long term care insurance while you are in good health to prepare for a time in the future when you may not be able to live independently. As your physical or mental condition changes, you have coverage that will all you to get the assistance you need. This may include such daily activities as:
- Dressing
- Bathing
- Toileting
- Eating
- Walking
This type of insurance is available through a licensed Illinois long term care insurance agent or broker, and will pay for the care in either a nursing home or a long-term care facility. It's important to have this type of coverage in place, since care in these types of facilities is not covered by other types of insurance plans.
Illinois Long Term Insurance: Choosing A Policy
The cost of long term care in Illinois can be significant, running in the thousands of dollars each month. When you are trying to find the right policy for your needs, you will want to consider the following factors:
- How much does the policy pay in benefits?
- Is there a waiting period before benefits will be paid? If so, how long?
- How much is the policy deductible?
- What types of services does the policy cover?
- Does the level of benefits increase as the cost of living goes up?
- What is the maximum amount of benefits payable under the policy?
- What is the rating of the insurance company?
Inflation protection is an important policy provision. While it may be tempting to try to reduce costs by overlooking this part of the policy, don't be swayed by the possibility of saving a few dollars. The cost of long term care is not going to go down over time and you are far better off buying a policy with today's dollars as opposed to trying to come up with the funds several years from now when you need that level of care.
Illinois Long Term Care Insurance: Types of Policies Available
There are two types of long term insurance policies available in Illinois:
- Tax Qualified
- Non-Tax Qualified
If you by a tax qualified long term care insurance policy, you will be able to deduct a certain portion of the cost of your premium on your income taxes. A non-tax qualified policy means that you can't list any part of your premium costs as a medical expense at tax time.
Illinois Long Term Care Insurance: Other Factors To Consider
Since long term care insurance in Illinois can be quite expensive to buy, you want to make sure that you have the means to put this valuable coverage in place without having to sacrifice too much of your present income to do it. The cost of premiums will go up as you age, so if you recognize that this is a good product to have in place as part of your overall financial plan, you should plan to buy it when you are reasonably young.
As in the case of life insurance, premiums and policy provisions vary from company to company. Do take the time to shop around and compare offerings from different insurers before you make your final decision.
You will also want to investigate the company you are considering before you commit to buying a policy. Check the company's record and get some information about its financial resources first. You want to make sure that the company is a stable one that has been in business for a number of years and that it has sufficient resources to pay benefits under your long term care policy as needed.
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