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Long term care planning: About LTC insurance

Life has a way of throwing the most difficult curve balls. Illinois residents who are thinking about long term care planning should have some knowledge about long term care (LTC) insurance and how it can benefit them when it comes to getting care in advancing years. Just a little more than seven million Americans have LTC insurance which covers things not covered by Medicare.

Terms for traditional policies today usually include a monetary figure for coverage in a nursing home. There is a waiting period of about three months for insurance to begin for about three years of coverage. The problem is that not many people want to buy such insurance, so few firms are selling it. Premiums are usually around $2,700 a year, which many Americans can't afford. Those with few assets may be able to utilize Medicaid to cover long term care costs.

The good news for many is that there are currently hybrid policies available that will give money back to beneficiaries should long term care not be needed. Premiums for these types of policies can be locked in so there is no chance of a premium hike. The most affordable coverage, still, is through traditional LTC insurance. In any event, people should start inquiring about LTC insurance in their 50s and 60s. Experts say to shop around and choose a policy that best suits individual needs.

Long term care planning laws in Illinois can be quite complex. A lawyer may be able to answer questions about unclear areas. It may be best to seek an experienced opinion instead of going the self-help route.

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