Will You Need Long Term Care Insurance in Illinois?
Even if the cost of care in Illinois is relatively lower than what is in other U.S. states, Illinoisans should still consider an Illinois long term care insurance policy because nothing is definite in the long term care (LTC) area.
The cost of care increases approximately 5% every year due to inflation. Everybody should take this information into account when planning their LTC because if they only fix their eyes on the current cost of care they will never be able to come up with an effective plan.
For example, today’s in-home care recipients may be paying a home health aide $20 per hour to receive assistance with their activities of daily living (ADL) which are eating, bathing, toileting, dressing, transferring, and continence. In two years’ time this type of LTC service could cost $22 per hour or $50,336 annually assuming a 10% increase. Secure an LTC plan that will give you access to a wide array of health care services while protecting you from inflation, which is the main cause of many people’s financial downfall.
Effective LTC plans, which are popularly known as long term care insurance (LTCI) policies, allow people to receive care in the LTC settings of their choice without requiring them to spend a chunk of their hard earned money. What’s more, these plans manage to keep people’s finances intact even as they receive years of care.
If you want one of these LTCI policies why not get in touch with your LTCI specialist and discuss it with him or her? When structuring your LTC plan begin with the identification of your health care needs. That may sound easy but in reality most people have difficulty going past this stage because they refuse to acknowledge the fact that they will need some form or level of care someday.
Once you have accepted that you can potentially need LTC, then you can proceed to putting together the different elements of your plan until you finally complete it.
Components of Illinois Long Term Care Insurance
After the acceptance of LTC, the next step of your LTC plan is a visit to your doctor to have your health checked thoroughly. Not everybody who looks healthy is such. By going through a rigorous physical examination you will be able to know if you are predisposed to some kind of disease or illness which will require LTC; or which could evolve into a condition that will demand higher levels of care in the future.
It is very important to analyze your present health condition for you to know what you will possibly need in the future. The condition of your body’s tissue, bones, skin, lungs, blood, and heart will determine the level of care that you will likely require. It will also help you choose the right type of LTC setting that you will need someday.
Once you have recognized your future health care needs, study the cost of care in your area because the information that you will manage to gather will help you determine the amount of coverage that you will need from your Illinois long term care insurance policy.
You cannot beat the soaring cost of care by simply ignoring it. Listen to what LTC experts are saying and find time to discuss a potential LTCI policy with your licensed broker.
Processing your request, Please wait....
