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Nursing Home/Long-Term Care Insurance

  • Nursing Home/Long-Term Care Insurance Information


    We Provide Answers for Your Nursing Home/Long Term Care Insurance Questions in Illinois and Indiana.

    Approximately 70% of people turning age 65 can expect to use some form of long term care during their lives. U.S. Department of Health & Human Services The earlier you start planning for this expense the better. We encourage you to start thinking about purchasing insurance to cover that expense before you need it.

    What happens if I can’t take care of myself due to age or a medical reason?

    Sometimes people need help with eating, bathing, dressing, toileting or continence, and/or transferring (e.g., getting out of a chair or out of bed). These six actions are called Activities of Daily Living – also referred to as ADLs. If you are having trouble with some of these activities or if you have a cognitive impairment you will need some form of care. This care may be provided by a family member or a home healthcare provider at home, it may be provided in an adult day care setting or it may require you to move to a nursing home or assisted living facility.

    Regardless this kind of care is hard on a family and/or expensive to purchase. The cost of a semi-private room in a nursing home is projected to be almost $250 per day in ten years and over $400 per day in twenty five years

    What is nursing home/long term care insurance?

    Long term care insurance pays a daily amount (up to a specific limit) for medically necessary or custodial care for a person who cannot perform some number (usually two) of the ADLs that were listed above. That care can be at home or in a care facility.

    Why do I need nursing home/long term care insurance?

    Many people believe that Medicare will pay for the long term care. Medicare only pays for up to 100 days in a nursing facility in a person’s lifetime. Most private health insurance also only pays for short term, medically necessary care. Medicaid will only pay if you sell off all of you assets and then the state must go after your estate after you die to try to have your expenses reimbursed.

    How much does home care/long term care insurance cost? That depends on a number of factors.

    • How old you are when you apply for the policy?
    • The amount that the policy will pay per day.
    • The amount the policy will pay for your lifetime. 
    • How long of a delay there is before the policy begins to pay. 
    • Other options like automatic yearly increases in the benefit amount, non-cancellation clauses, and if you sign up with your spouse.
    • Some policies may be tax deductible

    How do I sign up for nursing home/long term care insurance?

    You need to be in fairly good health and not already receiving long term care. The person or persons signing up needs to decide what level of coverage they are looking for (see bullet points above). Then an application needs to be filled out that will among other things require the person to answer a number of health questions. The application and the initial premium are sent in for underwriting. As long as there are not major health issues the policy can be issued in a few weeks.

    To get started just speak to one of our insurance professionals by calling our office at 815-432-5401 or email us your questions and an agent will reply promptly

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