Check the background of this investment professional on FINRA’s BrokerCheck
1064 104th Street, Suite 100, Naperville, Illinois 60564
Client Portal
Upload
(630) 819-6040
Free Consultation
Loop Image

Chicago Long-Term Care Insurance Planning Advisors: Protecting Your Future

Planning for the future means being prepared for life's unexpected turns. While none of us can predict what tomorrow holds, long-term care insurance can provide financial security and peace of mind, especially as healthcare costs continue to rise. At Platinum Financial Associates, our knowledgeable Chicago long-term care insurance planning advisors are here to guide you through the process of finding the right coverage for your needs.

Free Consultation

How We Can Help with Long-Term Care Planning in Chicago

Choosing the right long-term care insurance plan can feel daunting. Our Chicago long-term care insurance advisors provide personalized guidance to help you make informed decisions.

  • Understanding Your Needs

    We'll take the time to understand your unique circumstances, including:

    • Assessing Your Health & Family History: We'll discuss your health history and any potential risk factors that may influence your long-term care needs.
    • Determining Your Coverage Goals: We'll help you determine the level of coverage that aligns with your desired care options and financial resources.
    • Exploring Care Options: We'll discuss various long-term care options, such as home health care, assisted living facilities, and nursing homes, to help you make informed decisions about your future care preferences.

  • Finding the Right Policy

    We'll guide you through the complexities of long-term care insurance policies:

    • Comparing Policy Features & Benefits: We'll help you compare policies from different insurance carriers, considering factors such as benefit periods, daily benefit amounts, elimination periods, and optional riders.
    • Navigating Elimination Periods & Benefit Amounts: We'll explain the nuances of elimination periods (the waiting period before benefits begin) and benefit amounts (the daily or monthly amount the policy will pay) to help you choose the right level of coverage.
    • Understanding Inflation Protection Options: We'll discuss the importance of inflation protection to help your benefits keep pace with the rising costs of care over time.

  • Integrating Long-Term Care Insurance into Your Financial Plan

    We'll align your long-term care insurance plan with your overall financial strategy:

    • Coordinating with Retirement Income Strategies: We'll integrate your long-term care insurance plan with your retirement income plan so that you have the financial resources to cover your expenses throughout your retirement years.
    • Estate Planning Considerations: We'll work with you to incorporate your long-term care insurance policy into your estate plan, minimizing potential tax liabilities and resulting in a smooth transfer of assets to your beneficiaries.

Get a Personalized Long-Term Care Insurance Quote Today

Don't wait to protect your future. Contact Platinum Financial Associates today to schedule a complimentary consultation and receive a personalized long-term care insurance quote.

CONTACT US
(630) 819-6040

Understanding Long-Term Care Insurance Plans

Long-term care insurance is designed to cover the costs of care when you can no longer perform everyday tasks independently due to aging, illness, or disability. This care can be provided in various settings, including your home, an assisted living facility, or a nursing home.

  • Traditional Long-Term Care Insurance

    Offers comprehensive coverage for a wide range of long-term care services, with benefits paid directly to you.

  • Long-Term Care Partnership Plans

    These plans offer asset protection benefits and may allow you to access Medicaid benefits while still receiving long-term care coverage.

  • Hybrid Long-Term Care Insurance

    Combines long-term care coverage with a life insurance or annuity component, providing more flexibility and potential financial benefits.

Factors to Consider When Choosing a Plan

  • Benefit Period

    The length of time the policy will pay benefits (e.g., 2 years, 5 years, or lifetime).

  • Daily Benefit Amount

    The amount the policy will pay per day for covered services.

  • Elimination Period

    The waiting period before benefits begin after you become eligible for coverage.

  • Inflation Protection

    Ensures that your benefits keep pace with the rising costs of care over time.

Why Choose Platinum Financial Associates for Long-Term Care Planning in Chicago?

Investment management for individuals and businesses

There’s no denying that planning for your future care needs is a significant decision. At Platinum Financial Associates, we understand that choosing the right long-term care insurance policy can feel overwhelming. That's why we're committed to providing personalized guidance and support every step of the way, making the process easier and more informed.

  • CPA-Led Knowledge

    Independent and Client-Focused

    We are an independent advisory firm, which means we work for you, not for any specific insurance company. This allows us to offer a wide range of long-term care insurance options and provide unbiased advice that's tailored to your unique needs and goals.

  • Tailored Solutions

    Highly Knowledgeable

    Our team of long-term care insurance planning advisors has been involved in helping countless clients with their long-term care planning. We stay up-to-date on the latest policy changes, industry trends, and available options to ensure you receive the most accurate and relevant information.

  • Dedicated Support

    Dedicated to Your Peace of Mind

     We understand that planning for long-term care can be emotionally challenging. Our advisors provide compassionate support and guidance, answering your questions, addressing your concerns, and helping you make informed decisions with confidence. We're here to help you protect your future and the well-being of your loved ones.

About Company

Meet Our Team of Caring Long-

Term Care Planning Advisors

Our team of passionate long-term care planning advisors is dedicated to providing you with compassionate guidance and support. We understand that planning for long-term care can be emotionally challenging, and we're here to answer your questions, address your concerns, and help you make the optimal decisions for yourself and your loved ones.

FAQ About Long-Term Care Insurance in Chicago

  • Why is long-term care insurance important?

    Many people overlook the potential need for long-term care, assuming their health insurance or Medicare will cover those costs. However, the reality is that these plans often provide limited coverage for extended care services. This can leave individuals and families vulnerable to significant financial strain if the need for long-term care arises.

    Here's why having a long-term care insurance plan is crucial:

    • Managing Rising Healthcare Costs: The costs of long-term care services, including in-home care, assisted living facilities, and nursing homes, continue to rise at an alarming rate. Without adequate insurance coverage, these expenses can quickly deplete your savings and affect your family's financial well-being.
    • Protecting Your Assets and Loved Ones: Long-term care insurance acts as a safety net, safeguarding your hard-earned assets and ensuring that your loved ones are not burdened with overwhelming healthcare costs. It allows you to preserve your legacy and provide for your family's future.
    • Maintaining Independence and Choice: A long-term care insurance plan gives you greater control over your future care options. You'll have the financial resources to choose the type of care that best suits your needs and preferences, whether it's receiving care at home or in a facility.

  • When is the best time to purchase long-term care insurance?

    While there's no one-size-fits-all answer, it's generally advantageous to purchase long-term care insurance when you're younger and in good health. Premiums are typically lower for younger applicants, and you'll have a wider range of policy options available to you.

    ‍

  • How much does long-term care insurance cost in Chicago?

    The cost of long-term care insurance varies depending on several factors, including your age, health, coverage amount, benefit period, and the insurance carrier you choose. Our Chicago long-term care insurance advisors can provide you with personalized quotes from multiple insurance companies to help you find the most competitive rates.

    ‍

  • What if I already have a health condition? Can I still qualify for long-term care insurance?

    While pre-existing health conditions can impact your eligibility for long-term care insurance, it doesn't necessarily mean you can't qualify for coverage. Even if you have health concerns, our team can help you explore your options and find a policy that meets your needs.

    ‍

  • What happens if I never need long-term care?

    While we hope you never need to use your long-term care insurance policy, it's important to have that peace of mind knowing that you're protected. Some policies offer a return of premium option, which allows you to recoup a portion of your premiums if you decide to cancel the policy later on.

    ‍

Let's Discuss Your Financial Goals

Plan For Your Future with a Long-Term Care Insurance Plan

Planning for the possibility of needing long-term care is essential for protecting your financial security and preserving your independence. Contact Platinum Financial Associates today to start the conversation and explore your long-term care insurance options.

(630) 819-6040

You will receive a response from us within 1 - 2 business days

Thank you!

Your message has been submitted.

Oops! Something went wrong while submitting the form.