PRIVATE  LONG-TERM CARE INSURANCE

Most Americans will not be able to self-insure for long-term care.  Therefore, based upon the current condition of health care, long-term care and Medicaid, if you are insurable and long-term care insurance premiums are affordable; such a policy should be integrated into your estate plan to provide protection without the need for transferring assets.

In Illinois, Long-term care (LTC) insurance has been around since before 1974, but in 1997 it gained widespread regard through federal legislation.  New policies are very flexible, providing coverage (including cash benefits) for all levels of care, and should be considered as part of a sound financial plan.  The State of Illinois regulates LTC insurance, and in January 1992 strict regulations were put in place which set minimum standards for these policies, protecting consumers in New York.

Benefits to look for in an LTC insurance policy include: nursing home and home care coverage; sufficient daily payouts; elimination periods (the number of days you must be in the Nursing Home before benefits begin, typically 0 to 100 days); duration of benefits (3 years, 5 years, lifetime); renewability (make sure it is guaranteed renewable); waiver of premiums (allows you to stop paying premiums during the time you are receiving benefits); inflation protection; etc.  As with life insurance, the older an applicant is the harder it is to obtain a policy, and the more expensive LTC coverage becomes.  More importantly, you must be insurable.

Counseling clients on the use of Long-Term Care Insurance has become a sub-specialty of Elder Law, and an integral part of comprehensive estate planning.  Choosing a solid company, the right policy, daily benefit amounts, and specific features, etc. calls for independent advice from a qualified professional or attorney, a service which we are pleased to provide whether you reside in Northbrook, Chicago, or anywhere within the state of Illinois.  We work as a team with your insurance agent or broker to ensure that you purchase the right coverage and that it is properly coordinated with your estate and financial plan. We work with clients in Arlington Heights, Buffalo Grove, Deerfield, Des Plaines, Elk Grove Village, Evanston, Glenview, Gurnee, Highland Park, Lake Forest, Libertyville, Lincolnshire, Niles, Northbrook, Oak Brook, Palatine, Schaumburg, Skokie, Waukegan, Wheeling, Winnetka, Wheeling, and all cities within Cook County, DuPage County (Wheaton, Naperville), Lake County, Kane County (Geneva, Aurora, Elgin), and McHenry County.

PRIVATE  LONG-TERM CARE INSURANCE

Most Americans will not be able to self-insure for long-term care.  Therefore, based upon the current condition of health care, long-term care and Medicaid, if you are insurable and long-term care insurance premiums are affordable; such a policy should be integrated into your estate plan to provide protection without the need for transferring assets.

In Illinois, Long-term care (LTC) insurance has been around since before 1974, but in 1997 it gained widespread regard through federal legislation.  New policies are very flexible, providing coverage (including cash benefits) for all levels of care, and should be considered as part of a sound financial plan.  The State of Illinois regulates LTC insurance, and in January 1992 strict regulations were put in place which set minimum standards for these policies, protecting consumers in New York.

Benefits to look for in an LTC insurance policy include: nursing home and home care coverage; sufficient daily payouts; elimination periods (the number of days you must be in the Nursing Home before benefits begin, typically 0 to 100 days); duration of benefits (3 years, 5 years, lifetime); renewability (make sure it is guaranteed renewable); waiver of premiums (allows you to stop paying premiums during the time you are receiving benefits); inflation protection; etc.  As with life insurance, the older an applicant is the harder it is to obtain a policy, and the more expensive LTC coverage becomes.  More importantly, you must be insurable.

Counseling clients on the use of Long-Term Care Insurance has become a sub-specialty of Elder Law, and an integral part of comprehensive estate planning.  Choosing a solid company, the right policy, daily benefit amounts, and specific features, etc. calls for independent advice from a qualified professional or attorney, a service which we are pleased to provide whether you reside in Northbrook, Chicago, or anywhere within the state of Illinois.  We work as a team with your insurance agent or broker to ensure that you purchase the right coverage and that it is properly coordinated with your estate and financial plan. We work with clients in Arlington Heights, Buffalo Grove, Deerfield, Des Plaines, Elk Grove Village, Evanston, Glenview, Gurnee, Highland Park, Lake Forest, Libertyville, Lincolnshire, Niles, Northbrook, Oak Brook, Palatine, Schaumburg, Skokie, Waukegan, Wheeling, Winnetka, Wheeling, and all cities within Cook County, DuPage County (Wheaton, Naperville), Lake County, Kane County (Geneva, Aurora, Elgin), and McHenry County.