June 28, 2023

Whether for ourselves or for a loved one, many people are shocked to learn just how expensive things like hospice, in-home care, nursing homes and assisted living facilities can be.  On average, the annual cost of a nursing home can range from $40,000 to $70,000, while assisted living centers can run well into the six-figure range, depending on the location, amenities and many other factors.  What comes as even more of a surprise, is that these services are typically not covered by traditional health insurance plans or Medicare. 

For the exceedingly wealthy, these towering expenses might not present much of a financial problem or result in overwhelming levels of stress.  However, for those who aren’t in a position to shell out their entire life savings or place the burden on family members, Long-term care insurance is a smart way to prepare for the unexpected should the need ever present itself.

What Does Long-Term Care Insurance Cover?

Long-term care insurance covers a wide range of expenses that are typically not covered by health insurance plans or Medicare, including but not limited to the following:

  • Hospice and In-home Care Services
  • Assisted Living and Nursing Home Expenses
  • Personal and Adult Day Care Services
  • Skilled Nursing Services
  • Rehabilitation Services (Speech, Physical, Occupational, etc.)
  • Expenses for Treatment at Memory Loss Centers
  • Alzheimer’s and Special Care Facilities

Options for Those Considering Long-Term Care Insurance

Considering that the needs of no two people or families are exactly alike, there are a number of options when it comes to choosing the coverage that best defines your needs.  They include:

Traditional Long-Term Care Plans

Often referred to as Standalone Long-Term Care Insurance, traditional long-term care plans are rather straightforward, and designed to help cover the costs associated with in-home care, hospice, assisted living facilities, nursing homes and a number of other essential services.

Hybrid Long-Term Care Insurance

Also known as Linked Benefit Plans and Combination Policies, a Hybrid Long-Term Care Insurance Plan is unique in that it combines traditional LTC coverage with a life insurance policy or annuity.  Hybrid plans provide the same coverage as traditional LTC insurance plans, in addition to a death benefit.  If services are never needed during the policyholder’s lifetime, the beneficiary would receive a life insurance payout.

Long-Term Care with Life Insurance Rider

Many life insurance companies allow their policyholders (depending on the type of plan they have) to add Long-term care coverage as a rider.  In doing so, some of the policy’s death benefits may be used to cover the cost of long-term care while the policyholder is still alive.

Advantages of Purchasing Long-Term Care Insurance

Finding yourself in the position of having to pay for long-term care, whether for yourself or a loved one, can be financially devastating depending on your income, savings and the level of care needed.  Long-term care insurance is more affordable than many people assume, and offers a wide range of additional benefits, such as:

  • Helps protect your assets in the event of an unforeseen illness or disability
  • Can significantly reduce stress and the financial burden placed on family members
  • Provides a diverse range of options for treatment, housing and care services
  • Gives you and your loved ones more control over your ongoing healthcare needs
  • Can be combined with life insurance for increased peace of mind and financial security
  • LTC insurance premiums can often be deducted from your state and federal taxes
  • More freedom and flexibility when it comes to premiums and how they’re paid

Get a Free Quote for Long-Term Care Insurance in Illinois

As one of Illinois’ most trusted providers of health insurance, Premier in Lisle has been helping families and individuals choose the right Long-term Care insurance for over 20 years.  We’re an independent agency that focuses exclusively on healthcare coverage, and staff a team of licensed agents dedicated to treating you with compassion, honesty and integrity.

To discuss your needs, get a free quote or learn more about the types of  long-term care insurance policies that are available, get in touch with us and we’ll do our absolute best to help.  You can reach our Lisle, IL health insurance agency toll-free at 800-369-0287, or write to us any time through our secured, confidential contact page.