Illinois Long Term Care Insurance Remains Indispensable

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Illinois is among the 13 states which received a portion of the $185-million health care grants from the administration

. This will aid people who do not receive health benefits from their employers but it is not designed to replace Illinois long term care insurance (LTCI) which remains a necessity considering the continuous rise of long term care (LTC) costs.

The said health care grant aims to assist each state in building a new state-based health insurance marketplace where people can shop for insurance beginning 2014. According to reports, this exchange projects there will be 24 million insured Americans eight years down the road.

Although these efforts are moving, why should residents in Illinois wait for three years before shopping for an insurance policy when they can do it now while they are still young and financially able? Nowadays, people are more concerned with the cost of care which increases by the year so if they wait for another year or two before planning their future they risk paying more money for LTC.

At present, the average annual rate of a private nursing home room in Illinois is $63,875 but if theres truth to the projections of financial advisers and LTC experts that LTC costs will double in 2015, then these figures will rise to $127,750 yearly.
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Simple health care plans do not provide LTC coverage which is vital as it ensures people of a future that is comfortable and financially free. LTCI policies are responsible for shouldering huge nursing home expenses, the insureds expenses on home modification which is integral to an aging in place project, and the cost of assisted living facilities among many others.

By purchasing a policy at an early age, one wont feel the weight of his annual or monthly premium. Meanwhile, those who are in their 50s and 60s yet without pre-existing conditions are advised to purchase a joint policy for two good reasons. One, this will automatically provide LTC coverage for their spouses and secondly, they can save on premiums while getting a longer benefit period through their policys shared benefit pool.

Illinois Long Term Care Insurance

Residents in Illinois are assured of excellent nursing homes, community-based LTC facilities and home health agencies that are well regulated by different government agencies at the state and federal levels.

If you want a list of LTC facilities in your area you can, in fact, just inquire at the Illinois Department of Public Health (IDPH) and it will provide you with a complete list.

To find out which of these LTC settings is suitable for you, you have to identify first the type of care that you will need in the future and how much it will cost you to acquire it. Some people, however, end up in more LTC settings especially those with a chronic illness.

Look up your familys health history to see if you have a genetic predisposition to a certain type of health disorder then visit your doctor to find out your present health condition.

All these are essential steps to attaining the ideal Illinois long term care insurance policy without overspending.

by: Roberta Mejia

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