A major concern of many seniors and their families is how to cover the cost of long-term care and whether long-term care insurance is a smart investment. The following explains the plans that are available and whether getting coverage is The Right Call for you.

What is long-term care insurance?

Long-term care is not covered by Medicare so some individuals purchase long-term care insurance to help pay for the cost of care, should they need it. The first step is determining if this insurance is appropriate for your situation. If it is, shop around. No two policies are the same and several factors affect your cost and coverage – health status, risk factors, finances, preferences, age and family status.

Is Long-Term Care Insurance Right for You?

• You cannot afford the premiums.
• You have limited liquid assets.
• Your only source of income is a Social Security benefit or Supplemental Security Income (SSI).
• You often have trouble paying for utilities, food, medicine or other important needs.
• You are on Medicaid.

You should CONSIDER buying Long-Term Care Insurance if:

• You have significant assets and income.
• You want to protect some of your assets and income.
• You can pay premiums, including possible premium increase, without financial difficulty.
• You want to stay independent of the support of others.
• You want to have the flexibility of choosing care in the setting you prefer or will be most comfortable in.

If, after careful consideration, you decide that long-term care insurance is right for you, check out a company and agent before buying your policy. Insurance companies and agents must be licensed in the state to sell long therm care insurance. If you’re not sure, contact the Oklahoma Insurance Department at 1-800-522-0071.