Illinois Long Term Care Insurance Partnership Information & Cost Data
The State of Illinois has almost 13 million residents (2008 Census) and people are living healthier and longer. More than 12% of the total state population is comprised of adults aged 65+ (about 1.5 million senior Illinoisans) and is projected to reach 2.4 million by 2030. This entails increase in demands for services, especially for Long Term Care. In 2010, Genworth Financial studied current trends in the Long Term Care industry and surveyed the median cost of care in the following major areas in Illinois:
|Region||Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Rest of State||$20||$3,200||$135||$155|
Many people rely on Long Term Care facilities for supportive services and assistance on basic daily functions. Among the Long Term Care options available, many Illinoisans choose to remain in their homes and lead independent, dignified lives. This is evidenced by the decreasing trend in nursing facility occupancy rate, from 81% in 2002 to 79% in 2007. There is also a 5% drop in nursing facility residents, from 81,719 in 2002 to 77,779 in 2007. Meanwhile, participants in Medicaid home and community-based services (HCBS) increased, resulting to a whopping 106% increase in Medicaid HCBS spending for seniors and adults with physical disabilities.
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The State government keeps up with these changing trends by providing the people of Illinois, including nursing residents returning to their homes or community, a wide array of services and programs that assist them in achieving independent lives. The State of Illinois, through its several departments (such as the Illinois Department on Aging, Department of Human Services, Department of Healthcare and Family Services), and partner agencies, work together towards providing access to quality home and community supportive services for low income Illinoisans.
Some of the programs include the Community Care Program (services to financially eligible seniors), Illinois Care Rx/Circuit Breaker Program (prescription assistance to low income seniors and disabled residents), Elder Rights and the Long-Term Care Ombudsman Program. Caregiving families also receive priority and support through the Illinois Family Caregiver Support Program. Another milestone that Illinoisans would look forward to is the Long Term Care Partnership Program awaiting legislation approval. Currently called as the Illinois Long-Term Care Partnership Program Act (215 ILCS 132/1), the State of Illinois again demonstrates the unity of public and private sectors to further improve access to Long Term Care system for its people.
Illinois Long Term Care Insurance Partnership Program
The Illinois Long Term Care Partnership is a partnership program between the State of Illinois and private insurance companies. The program aims to relieve the financial burden on the State's Medicaid program in response to the growing number of Illinoisans who rely on public funding for Long Term Care needs. It also aims to encourage residents to plan ahead and insure against the financial challenges of Long Term Care expenses in the future.
The Deficit Reduction Act of 2005 allows the State of Illinois to adopt a partnership program. It will be administered by the Illinois Department of Healthcare and Family Services in collaboration with the Illinois Department of Financial and Professional Regulation.
When the Illinois Partnership for Long-Term Care Act becomes effective, the Illinois Department of Healthcare and Family Services will make an application for a State Plan Amendment and adopt regulations to implement the provisions.
Long Term Care Partnership Policy
A Partnership policy is a Long Term Care insurance policy offered by private insurance companies that meet certain requirements set by the Partnership program. All partnership policies include an Asset Disregard benefit. This allows disregard of a policyholder's assets during the Medicaid eligibility process, in an amount equal to the insurance benefits received from a Partnership policy. Therefore, Illinoisans will not be required to spend down or exhaust their assets or resources, after using up the benefits of their qualified Partnership policies. To find a Illinois Long Term Care Partnership Certified agent in your area, get a Long Term Care Insurance Quote here.
Features of Partnership Policies in Illinois
- Asset Disregard Benefit
- Inflation Protection - All Partnership policies include inflation protection that increases benefits over a time to cope with the rising cost of care. Policies issued to individuals below age 61 provide compound annual inflation protection. Policies issued to those who have attained age 61 but not attained 76 years of age must provide some level of inflation protection. Policies issued to individuals age 76 at the time of purchase may, but not required, to include inflation protection.
- Tax Qualified Policy Feature - A Partnership policy is a tax qualified insurance policy as defined in section 7702B(b) of the Internal Revenue Code of 1986.
- Residency Status - A policyholder must be a resident of the State of Illinois when coverage first became effective.
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Illinois Long Term Care Insurance Information References
- (215 ILCS 132/) Illinois. Illinois Long-Term Care Partnership Program. Illinois General Assembly.
- Bill Status of SB0687. 96th Illinois General Assembly.
- FY 2007 Annual Report. Illinois Department on Aging.
- Illinois. Across the States. Profiles of Long-Term Care and Independent Living. AARP.
- I Care Long-Term Care Ombudsman Program.
- State-Specific Data From The Genworth 2010 Cost of Care Survey.
- Estimates of the Resident Population by Selected Age Groups for the United States, States, and Puerto Rico: July 1, 2008. U.S. Census Bureau.