Long-Term Care Insurance

For more information about long-term care insurance, get a copy of "A Shopper's Guide to Long-Term Care Insurance" from either your State Insurance Department (call 1-800-MEDICARE to get their telephone number), or the National Association of Insurance Commissioners, 2301 McGee Street, Suite 800, Kansas City, MO 64108-3600. Or, call your State Health Insurance Assistance Program (see Other Important Medicare Contacts for their telephone number). If you decide to buy long-term care insurance, be sure that the company and the agent, if one is involved, is licensed in your state. If you aren't sure, call your State Insurance Department. Other options for paying for long-term care are explained below. Reverse Mortgages--"Reverse mortgages" are a type of loan that allow some homeowners to use the equity in their home as a source of income, without losing ownership. Visit www.medicare.gov on the web for more information. Life Insurance--Some insurance companies let you use your life insurance policy to pay for long-term care. Ask your insurance agent how this works. Personal Resources--You can use your savings to pay for long-term care. For other options and more information about long-term care, visit www.medicare.gov on the web. Select "Search Tools" and then "Plan For Your Long-Term Care Needs." Or, call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048. (Primary Source: Centers for Medicare and Medicaid Services - Medicare and You Handbook 2007. This content may have been added upon by Q1Group LLC to include further examples, explanations, and links.)