Long Term Care Insurance For Individuals and Families in Lake Forest, IL

 

Long Term Care Insurance (LTCI) provides coverage for a person who has a chronic problem and needs help with at least 2 of 6 activities of daily living –  bathing, dressing, transferring in and out of a bed or chair, feeding (get food from plate to mouth or chewing or swallowing), toileting, and continence. LTCI also provides coverage for individuals with a cognitive impairment such as Alzheimer’s or Dementia. Health Insurance and Medicare will not pay for chronic care. 

Many people in Lake Forest, IL don’t picture themselves having chronic health problems later in life. If that’s you, consider these facts and stats:

  • 70% of individuals over 65 will have a long term care event1_1
  • The average cost of an assisted living facility was $51,600, a home health aide for 44 hours a week was $54,912, and private room in a nursing home was $105,8521_2

These numbers are national averages. Your costs will depend on where you live and the care you need.

Have You Built A Plan For Your Retirement?

Our clients plan their financial futures. They’ve spent their adult lives building their financial plans for a secure and enriching retirement. None of them knows if they will have a long term care event, how long it may last or how much it might cost. They purchase LTCI to protect their financial future against a potentially costly long term care event. If this sounds like you, Do I Need Long Term Care Insurance is a video series we created to help you understand if Long Term Care Insurance is a good option.

Senior Citizen Planning

Types of Long Term Care Insurance For Individuals and Families in Lake Forest, IL

Stand-Alone Long Term Care Insurance

Couples Planning

Also known as Traditional LTCI, Stand-Alone policies have been available for over 40 years. The cost will vary based on your health history and status, how much coverage you want, inflation protection, and other factors.

Traditional LTCI policies usually are more affordable than Hybrid policies. You get benefits from your policy when you qualify for them. If you never need to make a claim you won’t get benefits. This creates a “use it or lose it” scenario with Traditional policies, similar to auto insurance and homeowners insurance. Some clients are okay with it while others want more of a guarantee.

You can learn more about Traditional LTCI policies on our website, Types of Long Term Care Insurance.

Hybrid Long Term Care Insurance

Also known as Asset-Based LTCI, Hybrid plans combine Long Term Care Insurance with either Life Insurance or a qualified annuity. While usually more expensive than Traditional policies, you’re guaranteed to use up the full benefits – either as LTCI, life insurance or qualified annuity, or both.

You can learn more about Hybrid LTCI policies on our website, Types of Long Term Care Insurance.

Senior Citizen Plan

Our Long Term Care Insurance Services

Purchase A New LTCI Policy

We work very hard to make Long Term Care Insurance easy for individuals and families in Lake Forest, IL. That starts with selecting the best policy. We work with every client to find the best policy to meet their needs – traditional vs. hybrid policy, amount of coverage, inflation protection, and other factors. We file the application and see it through until it’s approved. If it’s not approved, we’ll recommend other options.

File A LTCI Claim

Filing a LTCI claim can be complicated. What’s more, many agents who sell Long Term Care Insurance policies aren’t very skilled at filing a claim. We are. We help clients and non-clients file claims. We’ve honed our process over our 40 years in business. It’s efficient and ensures a smooth, successful claims process. To learn more, go to our File a Long Term Care Insurance Claim page.

Who We Are

We are Murray A. Gordon & Associates (MAGA) Long Term Care Planning, a Long Term Care Insurance agency based in Bannockburn, IL. We’re a family owned business that has specialized in LTCI continuously since we opened in 1975. We’re considered experts in LTCI, are quoted often in financial journals and magazines, work only with the top insurance carriers, and are licensed nationally.

Murray A. Gordon, Founder
Murray A. Gordon, Founder
CEO
Brian I. Gordon, CLTC
Brian I. Gordon, CLTC
President
Peter R. Florek, CLTC
Peter R. Florek, CLTC
Vice-President

Testimonials From Happy Clients

Contact Us

If you have questions, please let us answer them! You can call us at 800-533-6242, email us at maga@magaltc.com, or fill out our contact form.

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[1-1] U.S. Department of Health and Human Services

[1-2] Genworth’s 2020 Cost of Care Survey