Long Term Care

We spend our lifetime working hard and saving for the future to ensure our security and the security of our family. To further strengthen that security, we buy insurance to protect ourselves, our loved ones and our other important assets.

We buy property insurance on our homes and automobiles. We purchase disability income, life and health insurance to protect ourselves and those who depend on us financially.

With the advances in medical science, most of us will live well into our golden years. It’s important to think in terms of the “quality” of that longer lifetime. When it comes to the quality of our lives, maintaining control over our own circumstances will become more and more meaningful with every passing year.

We cannot predict the future, but we could eventually need care services on a long-term basis. The cost of receiving these services can jeopardize not only our lifestyles, but also the financial security we’ve spent our lifetime establishing.

What does long-term care cost in your area? In Chicago, the rates are higher than the Illinois state average (see the chart below):

No one likes to think about a long-term care event, but considering your options while you’re healthy is the best time to plan.

What to Look for in a Long-Term Care Insurance Policy
Today’s long-term care policies offer a variety of attractive options with many standard features. When choosing a long-term care policy, you’ll want to determine the following:

• Does the policy cover costs of receiving various level of care for chronic conditions either in your home, in the community, in an alternate living facility (e.g. Alzheimer facility) or in a nursing home?
• How much does the policy pay for different levels of care?
• What protection does the policy offer against the effects of inflation?
• Does the policy have a pre-existing conditions clause that could limit policy benefits?
• Is the policy tax-qualified under the Health Insurance Portability and Accountability Act?
• Does the company have a history of offering upgrades and enhancements to existing policy owners when a new policy is introduced?

Conclusion
The purchase of long-term care insurance is a personal and important decision.

Evaluating your financial situation, with the assistance of a trusted, knowledgeable agent, a solid carrier and your family will enable you to determine which coverage is most appropriate.

Taking this action will enable you to make a good, informed decision in choosing long term insurance coverage that best meets your long-term care needs while providing a sense of financial security.