These days, Illinois residents are living longer and healthier lives. Nevertheless, 12% of the 13 million people currently living in the state are over the age of 65. Projections have that number even higher, putting seniors in Illinois at around 2.4 million by the year 2030. What does this mean for Long Term Care insurance? As the ageing population increases, so does the demand for Long Term Care services. With this in mind, what is the best age to buy Illinois Long Term Care insurance?
What is Long Term Care Insurance?
Long Term Care insurance helps families and individuals by providing money to pay for costs associated with services including home health aid, assisted living and even nursing home stays. Long Term Care insurance in Illinois goes a bit further than traditional medical care because it includes not only medical, but also services that you need to properly care for yourself. This includes basic activities like dressing, bathing, eating, getting in and out of bed and walking. Long Term Care services can be provided in a nursing home, assisted living facility and even in your own home.
Who Needs Long Term Care Insurance
It’s important to keep in mind that while the majority of Long Term Care is associated with those aged 65 or older, this is not always the case. In fact, Long Term Care recipients also include people who may have suffered an accident or are living with a disabling illness. The U.S. Government Accountability Office estimates that almost half of the people currently receiving long term care services are between the ages of 18 and 64.
When Should You Buy Long Term Care Insurance?
Age is a significant factor in keeping Long Term Care insurance rates in Illinois low. In fact, because premiums generally remain the same year after year, it is generally prudent to buy coverage when you are able to afford it. Besides, the younger you are when you purchase an Illinois Long Term Care insurance policy, the lower your annual premium will be. In some cases, the premium rate actually doubles from age 50 to age 65. More and more people are considering purchasing Illinois Long Term Care insurance in their 40’s and 50’s, when they are healthy enough to secure low premium rates.
So what is the best age to buy Long term Care insurance? In most cases, you are eligible to purchase an Illinois Long Term Care insurance policy if you are between the ages of 18 and 84 and in reasonably good health. However, with more than 120,000 Illinois residents living in some form of Long Term Care facility, taking steps now to secure your future just makes good sense. Consider learning about an Illinois Long Term Care Insurance company and taking the steps that are the most appropriate for you. Remember, a nursing home stay of just one year can cost up to $70,000. The best time to buy a long Term Care insurance policy is when you can afford it, but before you need it.