IllINOIS COMMENTARY

Plan for your long-term health care now

Recognizing that our elderly population is the fastest growing group in America, the Illinois House of Representatives has urged Illinoisans to plan for their long-term health care needs. The Illinois House passed such a resolution during the 2003 General Assembly session.

Unfortunately, the cost of not being covered for long-term health care is something that few people want to talk about. At least until they experience it!

With the assistance of a health care and insurance professional, I drafted and passed House Resolution 162. Within the resolution it states that 40 percent of persons age 65 and over can expect to have a nursing home stay and that while costs are now from $100 to $150 per day, it is anticipated that these costs will increase to more than $300 per day within 15 years.

Not many of us could afford to pay $300 per day for the care of a loved one over an extended period without incurring financial difficulty. This is one reason we must plan now for our future.

One of the ways to plan to meet our families' long-term health care needs is to purchase what's commonly called long-term care insurance.

Financial planning is becoming more and more a part of our lives. We all try to plan and save for the education of our children and grandchildren, and we all strive to secure a comfortable retirement income for our later years, as well as to provide for our basic health care needs.

But far too often we fail to address the cost of long-term care should we become dependent upon others to care for us.

The Illinois House recognizes that the benefits of long-term care insurance are many. Not only can it protect families from having their life savings drained, it also reduces the burden of even greater state Medicaid payments, provides our nursing homes with more private-pay residents, and stabilizes the rates being paid by private-pay families.

And what used to be called nursing home insurance now does so much more. Many insurance companies now offer expanded policies that cover care within one's home, adult daycare, and assisted living facility care, in addition to nursing home care. Knowing that benefits can be used at home should indeed help some people decide to purchase long-term care insurance.

Another benefit of having long-term care insurance is that your locally, preferred nursing home would be much more likely to admit your loved one. How sad it is, on the other hand, when families must place parents miles away and probably in a facility where they do not wish for their loved ones to be.

Most of us pay substantial sums of money to insure our homes from fire or natural disasters. Over the next 10 years, the owner of a $150,000 home may pay up to $10,000 to insure the protection and replacement of that asset - but too often little thought is given to insuring that house and other assets from the potential financial disaster of long-term care costs.

Some employers now offer long-term care insurance as part of employee benefits packages, and some professional and service organizations offer it to their members, also.

In its resolution, the Illinois House encourages all Illinoisans to investigate the costs and benefits of long-term care insurance and urges us to consider its purchase.

All types of policies and coverages are available, so it is important to have a professional advise you. For yourself and your family, please talk with your local insurance agent and/ or financial planner and see if long-term care insurance is right for you.

State Representative Keith Sommer is a resident of Morton and represents the 106th Legislative District in central Illinois. He is also a member of Corn Belt Energy and is well known for his support of adoption and families. The opinions and views of guest commentators are their own and may not represent those of the Association of Illinois Electric Cooperatives or the electric co-ops of Illinois.

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