Long-Term Care Insurance

Do you have a plan for aging in place?

Time goes by in the blink of an eye.

One minute you’re holding your newborn baby, the next minute you’re teaching your grandchild to ride a bike. Life keeps us on our toes with not only joyful moments, but challenges as well.

As many individuals now live well into their 80s and 90s, more and more Americans are feeling the need for hands-on care. As you age, will your children be responsible for your financial welfare? Will they be equipped emotionally, physically and financially to become your care provider? Or will you want to have a long-term care plan in place for caregiving outside your family?

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Critical Illness Protection

Who Will Care for You When You Can't Care for Yourself?

Life happens. Critical Illness Protection can cover medical expenses from a heart attack, stroke, or cancer. In most cases, this protection pays in a single cash lump sum to offset financial short-falls due to loss of income, health insurance and co-payments, household expenses or travel for treatment.

The Value of Long-Term Care Insurance

Long-Term Care Insurance covers a range of services designed to assist you, including everyday tasks some individuals are no longer able to complete on their own. These include basic personal care needs, such as bathing, continence, dressing, eating, transferring and toileting. Hands-on care by a certified trained assistant can be completed in your home to maintain your independence. Yet, Long-Term Care Insurance benefits also covers outside of the home, such as care in assisted living facilities, memory care and nursing homes. It’s very important to note: Health insurance and Medicare do not cover the costs of long-term care.

Case Study: Long-Term Care Insurance

Read Margaret's Story

Long-Term Care Solutions & Options

Since medical science and technology aids in people’s longevity, the need for hands-on assistance is virtually inevitable once you reach your 80s and 90s. The common ways to pay for care is:

Home Health Care, Long-Term Solutions & Options: How will you pay for it?

Personal Savings, Self-Funding or Self-Insured

Liquidity, Market Volatility and Tax Consequences

Family and or Friends

Mitigating emotional and financial burdens

Medicaid

Draw Down Assets to Less Than $2,000

Consider Options that Shift Your Financial Burden to the Insurance Company

Short-Term Care Insurance

Home Healthcare and Long-Term Care Up to 360 Days

Traditional Long-Term Care Insurance

Provides Maximum Benefits – Make the most of these, don’t lose out!

Critical Care or Critical Illness Insurance

Pays Out Lump-Sum Cash Benefit

Life Insurance with Long-Term Care Rider

Combination of Life and Long-Term Care Insurance Benefit Options

Asset-Based Life Insurance with Long-Term Care Benefits

Reposition Assets with Tax and LTC Benefits

When Is the Best Time to Purchase a Policy?

The best time to secure Long-Term Care Insurance is before you need it. Unfortunately, there’s no way to know when that might be.
So, there are 2 important factors you should take into account when purchasing a policy:

Your Age

The cost of Long-Term Care Insurance is based on your age when you purchase the policy. That means each year you wait, the cost of the policy increases.

Your Health

Your ability to purchase a policy is based on your good health. While you might be healthy today, a change tomorrow could make you ineligible for coverage.

Source: https://www.mutualofomaha.com/long-term-care-insurance/calculator

“Several years ago, my sister volunteered to leave her job in order to take care of our elderly aunt. My sister never asked for any money and sacrificed her time so that the matriarch of our family would have a better quality of life. After our aunt passed, we all realized the value of this experience. In order not to burden my family and to provide myself with the same quality of care my aunt received, I decided to purchase Home Healthcare coverage as well as Long-Term Care coverage. The combination of the two will allow me to be cared for in my home by a qualified caregiver — allowing me to maintain my independence and have a better quality of life. For me, it is the realization that Long-Term Care coverage is extremely valuable to everyone’s future.”

– Mary M., Chicago

“Eleonore was able to guide me through the process of obtaining health insurance with minimal anxiety. She provided the relevant information in a way that enabled me to make my decisions easily. Her caring, sensitive focus on my needs, aided with a no pressure approach, was refreshing.”

– A. Booker, Chicago

“Eleonore Weber has a comprehensive knowledge of life insurance, annuities and long-term care insurance and is dedicated to finding the most suitable and cost-efficient insurance solutions for her clients. I have referred financial planning clients to Eleonore to meet their insurance needs and have been consistently impressed not only by the creativity of her solutions, but by her attention to detail and client service both before and after the purchase.”

– Alexandra Baig, MBA & CFP Companions on Your Journey LLC

“I've always been impressed with Eleonore’s ideas and insights and how she works with customers, solving their problems and finding solutions. She's a listener, a thinker and a doer.”

– R. Richard Williams, Director of Career Services, Triton College

“Eleonore is our go-to for all questions on health, life and long-term care insurance. She listens carefully to each person’s needs and helps choose the best solution for each person. We have referred her to friends who she had helped and they in turn have referred her to others.”

- The Burke Family, Oak Park

“If you are looking for a broker that’ll provide you with sincere patience, knowledge of the insurance industry and find you tailor-made products to fit both your lifestyle and your time of life, Eleonore Weber is the insurance broker for you. I’ve had the pleasure of working with Eleonore on four major policies, all of which required a lot of time and some tough choices on my part. She assisted me every step of the way, making it easy for me to understand how to make the correct choices for myself and for my future. Insurance policies are a necessary requirement in our lives. Eleonore Weber is a valuable asset to make sure we choose those policies correctly and secure our money soundly!”

– Linda P., Westchester, IL

“I call Eleonore ‘my new girlfriend.’ Her friendly personality, knowledge and honesty help her to go above and beyond when helping you understand all the available policies. She aids in your decision-making process and shows comparisons in all different plans. Thank you, Eleonore, for all your help.”

– Gloria, Under the Gingko Tree Bed & Breakfast in Oak Park

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Eleonore understands everyone's Life and Financial obligations are different. You can start today to minimize the potential emotional and financial gaps and pitfalls when the unexpected happens.

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