Extended health care services are not covered by traditional health insurance. Medicare may pay a portion of the nursing home bill in specific situations. LTC insurance shifts the cost of nursing home and extended care services to an insurance company. Those without Medicare of LTC insurance pay out-of-pocket. Medicaid may be an option for income-eligible individuals.

Contact local agents to learn more about individual long term care insurance coverage plans. Compare benefits and pricing for several insurers. Ask about coverage limits, caps, and restrictions; when benefits start and how long they last; what facilities and services are covered; policy exclusions, optional add-ons; and rate increase history. Verify each insurance company's financial strength and licensing status. Insurers not licensed to operate in this state are not subject to Illinois insurance laws.

Compare the cost of LTC insurance to prices for different long term care services. Consider your income, assets, health, age, retirement goals, and family situation. Explore LTC benefits that may be available through an association membership, employer, life insurance, or annuity.

Thoroughly investigate all the options to make a good decision about LTC insurance.