IL Average daily benefit purchased: $ 145 per day.

Illinois’s population is close to 13,000,000 people, the fifth most populous state in the country. As such, it has one of the largest demands for Long Term Care services, which including care in Nursing Homes, Assisted Living Facilities and Home Health Care.  Data from the US Census shows that there are over 1.6 million residents in Illinois who are 65 years or older. That’s over 1.6 million residents and counting in the Prairie State who will increasingly need and use Long Term Care. If not prepared with Long Term Care Insurance, this rapidly rising number of seniors will put increasing economic stress on families and the state. In 2011, the total Long Term Care Medicaid expenses in Illinois were over $3.6 billion.

When planning for retirement, Long Term Care Insurance is an important component of securing your financial future. Illinois residents have the choice of 18 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.

The Illinois Long Term Care Partnership program is a joint partnership between the state’s Medicaid program and the insurance companies. The program was approved by the state legislature in 2005, and it was designed to help Illinoians protect their assets by providing an incentive to buy a Long Term Care Insurance policy. Purchasing a Long Term Care insurance policy through the Illinois Long Term Care Partnership program means you are not only protected by your policy, but also by Medicaid if you ever exceed the benefits of that policy.

Most Popular Long Term Care Companies in Illinois

  • 1) Genworth
    2) Mutual of Omaha
    3) Mutual of Omaha Mutual Care Plus
    4) Transamerica
    5) Genworth Privileged Choice Flex
    6) Mass Mutual
    7) Mutual of Omaha Mutual CarePlus
    8) Mass Mutual, Signature Care MM-5002011
    9) Northwestern Mutual TTQuietCare 2013
    10) New York Life LTC Select Premier 5.5
    11) TransAmerica TransCare III
    12) Bankers Life
    13) John Hancock
    14) United of Omaha AssuredSolutions Gold
    15) John Hancock Custom CareIII 2012

Most Insured Cities in Illinois

  • 1) Chicago – last quote: $150/day
    2) Naperville – last quote: $130/day
    3) Bloomington – last quote: $150/day
    4) Peoria – last quote: $150/day
    5) Libertyville – last quote: $200/day
    6) Downers Grove – last quote: $150/day
    7) Northbrook – last quote: $150/day
    8) Springfield – last quote: $150/day
    9) Glenview – last quote: $100/day
    10) Moline – last quote: $150/day
    11) Park Ridge – last quote: $200/day
    12) Joliet – last quote: $130/day
    13) Bartlett – last quote: $120/day
    14) Schaumburg – last quote: $150/day
    15) Quincy – last quote: $100/day

More on Illinois

The population of Illinois, like many states, is growing older at a fast rate and Illinois put a program together to try and tackle the problem of lack of Long Term Care Insurance coverage for its residents.  Under the Illinois Long Term Care Partnership Program Act, the State has set up a Long Term Care Insurance partnership program between private industry and the State to encourage residents of Illinois to prepare for their future long-term care needs.  Awareness of the need for Long Term Care Insurance remains low in Illinois, as in the rest of the country.  Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves and is not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.  The intent of the Illinois Long Term Care Partnership Program is to reduce future Medicaid costs for long?term care by delaying or eliminating dependence on Medicaid by providing incentives for individuals to insure against the cost of providing for their long?term care needs.

A study put on by Genworth Financial, found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers.  And, given that the Department of Health and Human Services estimates that 2/3 of all Americans will need long-term care at some point after they pass age 65, this does, indeed, constitute a problem to be reckoned with.  Many Americans, regardless of the State in which they live, are now at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves.

Residents of Illinois are able to participate in the Illinois Long Term Care Insurance Partnership Program via a number of policy options that meet certain State-mandated criteria.  Illinois, like many states, aims to reward those who do their part in solving this problem of Long Term Care Insurance coverage by planning ahead and protecting themselves and their assets.  Basically, it works like this: purchasers of partnership policies provide a mechanism for individuals to qualify for coverage of the cost of their long-term care needs under Medicaid without first being required to substantially exhaust their resources.  This enables partnership policyholders to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid’s long-term care coverage.

Highlights and requirements of the Partnership Program include:

  • Dollar-for-dollar Medicaid Asset Protection
  • Counseling on long-term care planning
  • Plans must meet stringent consumer protection standards
  • meet the following inflation requirements:
    • For ages 60 or younger � provides compound annual inflation protection
    • For ages 61 thru 75 – provides some level of inflation protection
    • For ages 76 and older � no purchase of inflation protection is required

The inflation protection requirements are crucial here to determine eligibility.  Inflation protection ensures that your policy will pay out in tomorrow’s dollars and that you’re covered for the care you need.

You can start planning today for your future long-term care needs and securing all that you have worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy.  LTC Tree can assist you in finding a plan through the Illinois Long Term Care Partnership Program that is right for you, no matter your age or financial status.  If you would like to learn more about our affordable Long Term Care Insurance partnership policies in Illinois, simply fill out this form below.

Illinois Long Term Care Costs

Compared to other states, Illinois is one of the states with cheaper nursing home costs. The 2019 Nursing Home Costs study by SeniorLiving.org put Illinois at number 7 among the cheapest states. But this doesn’t make it affordable. You’ll need at least $81,030 to pay for a single year of stay at a private nursing home room based on 2018 estimates. Given that a long term care event can span anywhere from 1 year to 6 years, this would still turn out to be a devastatingly large amount. It’s important for State residents to be familiar with Illinois long term care costs.

Here’s a table of the cost of long term care in different Illinois region – based on the 2018 Cost of Care Survey by Genworth Financial

REGION PRIVATE NURSING HOME ROOM SEMI-PRIVATE NURSING HOME ROOM ADULT DAY HEALTH CARE ASSISTED LIVING FACILITY (PRIVATE ROOM) HOME HEALTH AIDE (AT 44 HOURS WEEKLY)
State Median $81,030 $70,993 $18,806 $48,360 $51,480B
Bloomington $93,075 $76,103 $16,900 $55,800 $53,196
Carbondale area $71,358 $60,225 $20,821 $41,700 $50,336
Champaign area $101,470 $78,840 $20,800 $42,936 $50,336
Chicago area $112,238 $87,965 $20,735 $57,531 $54,912
Danville $78,475 $69,350 – $50,400 $51,480
Decatur $85,775 $73,730 $17,222 $48,456 $50,336
Kankakee $82,125 $73,000 $19,110 $47,832 $50,336
Peoria $81,578 $68,620 $14,235 $45,000 $50,336
Rockford $82,125 $70,993 $19,760 $57,240 $46,629
Springfield $81,395 $71,175 – $52,920 $46,332
Rest Of State $65,700 $55,298 $18,762 $39,000 $50,336

Illinois Long Term Care Premium Costs by Age

Policies from different insurance companies are available at varying premium rates. Most Illinoians notice that premiums are cheaper when you are younger and healthy. Other factors that affect the cost of long term care insurance in the Prairie State include the daily maximum benefit, the benefit duration, inflation protection, and the elimination period that you select.

Illinois Long Term Care Insurance Sample Premiums 

These sample policies have a 90-day elimination period, and provide a maximum daily benefit of $200 over a 3 year duration.

→ At Age 50

Based on 2018 data from leading long term care insurers in Illinois, here are samples of the annual premium:

  •         Single Male, Age 50, will pay $1,894
  •         Single Female, Age 50, will pay $2,277
  •         Couple, both age 50, will pay a combined $3,291

→ At Age 55

  •         Single Male, Age 50, will pay $1,967
  •         Single Female, Age 50, will pay $2,381
  •         Couple, both age 50, will pay a combined $3,308

→ At Age 60

  •     Single Male, Age 50, will pay $2,070
  •         Single Female, Age 50, will pay $2,963
  •         Couple, both age 50, will pay a combined $3,390

→ At Age 65

  •         Single Male, Age 50, will pay $2,627
  •         Single Female, Age 50, will pay $3,921
  •         Couple, both age 50, will pay a combined $4,453

Notice how – given the same elimination period, daily maximum benefit, and benefit duration – the rates go higher with age. Married couples can also save substantially on their annual LTC premiums in Illinois by buying the policy jointly.

You can start planning today for your future long-term care needs and securing all that you have worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy.  LTC Tree can assist you in finding a plan through the Illinois Long Term Care Partnership Program that is right for you, no matter your age or financial status. If you would like to learn more about our affordable Long Term Care Insurance partnership policies in Illinois, simply fill out this form below.