Age and medical history affect LTC insurance pricing. Young, healthy individuals pay less, but premiums can increase over time. The elimination period (how long you must pay out-of-pocket) is a rate factor, along with the daily benefit amount, years of coverage, and maximum lifetime payout.

Identify what physical, medical, or cognitive impairments allow benefits to begin. Find out if the daily benefit is paid according to actual expense or is a cash benefit. Ask if benefits increase for inflation.

Check cancellation and premium increase provisions. Look for a policy that suspends billing when you receive LTC benefits. Review the nonforfeiture clause to find out what happens if you stop paying the premium.

Long-term care insurance pricing and policy details vary widely, so get quotes from several companies. Carefully evaluate the pros and cons of each plan.

Verify the insurer's financial strength, complaint record, and licensing status before buying. Companies not licensed in Illinois are not subject to state insurance laws.