Illinois Long-Term Care Insurance Costs and Options
Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
- Traditional and Partnership Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
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Owning long-term care insurance in Illinois can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
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Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2024, the average cost for 3 years of long-term care in Illinois is $270,756 ($90,252 per year). That cost is projected to be $538,746 ($179,582 per year) in 2044.3
Understand Long-Term Care Costs
Illinois Long-Term Care Costs – 2024 (annual) |
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| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| Illinois Average Cost | $90,252 | $61,330 | $59,455 |
| Bloomington | $99,587 | $70,766 | $65,140 |
| Carbondale-Marion | $78,809 | $59,353 | $61,638 |
| Champaign-Urbana | $108,675 | $55,941 | $59,660 |
| Chicago-Naperville-Elgin | $124,054 | $72,576 | $62,258 |
| Danville | $96,113 | $63,918 | $59,455 |
| Decatur | $93,732 | $61,567 | $65,317 |
| Kankakee | $92,804 | $60,660 | $58,134 |
| Moline-Rock Island | $87,888 | $57,063 | $57,702 |
| Peoria | $92,113 | $58,235 | $59,402 |
| Rockford | $90,878 | $66,829 | $54,773 |
| Springfield | $88,910 | $72,419 | $53,173 |
Source: Nationwide Financial annual cost of care survey conducted by HVS, site accessed 3/23/2024
Does Medicare Cover Long-Term Care?
No, Medicare does not pay for long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
When To Buy Long-Term Care Insurance
The best time to buy long-term care insurance is in your fifties or early sixties. Here’s why:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Illinois Long-Term Care Insurance Quotes
Your long-term care insurance rates in Illinois will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Ready to get pricing and suggestions?
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Illinois Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Illinois.
Traditional Long-Term Care Insurance—Illinois LTC Partnership
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care policies purchased
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will not increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will not increase and 1035 exchanges are possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Annuities with LTC >
Short-Term Care Insurance
- Coverage for a year or less with the option of home health care only, facility only, or both combined
- Lower premiums than long-term care insurance and some policies available to age 89
- Simplified underwriting may be a good fit if you’ve been declined for LTC insurance
- No deductible option means benefits would be paid out as soon as you qualify
- Learn more about Short-Term Care Insurance >
Understand LTC Partnership Plans
Illinois Long-Term Care Partnership Program
Does Illinois have a long-term care partnership program? Yes, Illinois Long-Term Care Partnership Program policies are available.
Long-Term Care Partnership policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care. The unique asset protection benefits of a Illinois Long-Term Care Partnership Program policy apply if your long-term care needs last longer than the benefits of your Partnership policy. For example, for every dollar your Illinois Partnership for LTC policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit in Illinois.. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Illinois Long-Term Care Partnership Program policy rates are like regular policies. Still, we recommend comparing them with non-Partnership policies because you may find other options better suited to your needs. This includes hybrid long-term care insurance plans not available under the Illinois Long-Term Care Partnership Program.
Partnership Reciprocity
The term reciprocity applies when you buy a Long-Term Care Partnership policy in another State and later move to Illinois. Because Illinois has reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to Illinois. The State of Illinois will also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits from your Partnership policy before relocating.
Long-Term Care Insurance Providers in Illinois
Illinois long-term care insurance is available from several highly rated insurance companies. We compare these providers to find you the right plan at the lowest cost. Here is a list of long-term care insurance companies in Illinois:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Lincoln Financial (MoneyGuard)
- Mutual of Omaha
- National Guardian Life
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- OneAmerica
- Securian Financial
- State Farm
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Illinois LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the company best suited to your situation and goals
✔ Assistance with health qualifying for coverage
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About the Author: Craig Matesky
Reviewed by: Mike Berger