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Long- Term Care Insurance

VIEWS: 7 PAGES: 16

									Long-Term
Care Insurance
Shopper’s Guide
Kim Holland, Oklahoma Insurance Commissioner
1.800.763.2828 | 405.521.6628




Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628   1
    From the Commissioner
                 As Insurance Commissioner, I want to ensure that if you need long-term care
                 insurance, you understand what is available and make the choices that best fit
                 your needs.
                 Purchasing long-term care coverage can be very overwhelming. I encourage
                 you to invest the time you need to understand what is covered in the policy you
                 are considering. Your decision is important to your future, and I recommend that
                 you seek out one of Oklahoma’s knowledgeable insurance professionals who
                 specialize in Long-Term Care insurance to assist you.
                 The Oklahoma Insurance Department cannot advise you on which company
                 to use, but we can help you understand the terms of your policy. I invite you
                 to call the Oklahoma Senior Health Insurance Counseling Program (SHIP) at
                 1-800-763-2828. The call is free, and we appreciate the opportunity to assist you.




                 Kim Holland
                 Oklahoma Insurance Commissioner




2      1-800-763-2828 | (405) 521-6628 • Long-Term Care Insurance Shopper’s Guide
This guide contains information for individuals shopping
for long-term care insurance.
                                                                     Foreword
                                                              Advantage,	Medicaid,	long-term	care	insurance,	and	
                                                              other health insurance options.
The Oklahoma Insurance Department’s SHIP Division             If you would like to visit with a trained counselor or
has prepared this publication to assist you in your           are interested in becoming one, please contact SHIP
understanding of long-term care insurance. Given the          at 1-800-763-2828.	Many	of	our	volunteers	are	senior	
tremendous changes in long-term care insurance policy         citizens who enjoy volunteer work or are those who,
design within the last few years (for instance, elimination   by their professions, are involved in assisting the aging
of prior hospitalization requirements, expansion of           population in Oklahoma.
available benefits and coverage of additional sites),
                                                              This booklet is intended as a “guide.” Once you have
buyers today are clearly receiving more benefits for their
                                                              selected a company, you should consult with the
premium dollars.
                                                              insurance company or its representative to determine
Long-term care insurance is a complex product with            policy specifics and review the options that are available
many variations among companies. Properly comparing           with that company. If a company is not listed, please
any two policies is a challenge. Complicating the             contact the SHIP office for further information.
process even further, many companies offer more than
                                                              Consumer brochures explaining other insurance
one comprehensive plan or offer riders that effectively
                                                              coverage are available to Oklahoma residents.
convert a basic comprehensive plan into an enhanced
plan. Compiling information from many sources—no              These, too, are available from:
matter how careful the data compilation—is difficult.         Oklahoma Insurance Department
Please keep this in mind when you draw conclusions            P.O. Box 53408
from this guide.                                              Oklahoma City, OK 73152-3408
If you need personal assistance and consultation, the
Senior Health Insurance Counseling Program staff can          For additional Insurance Department information, call:
help you understand and sort out problems with:               Toll Free Number: 1-800-522-0071
	 •	Medicare                                                  Complaints & Claims: (405) 521-2991
	 •	Medicare	Supplement	Insurance
                                                              Information on Licensed Companies: (405) 521-3966
	 •	Medicare	Advantage
	 •	Medicaid                                                  General Information: (405) 521-2828
	 •	Long-Term	Care	Insurance	                                 Questions on Life & Health Policies: (405) 521-3541
	 •	Other	Health	Insurance	Options                            Information	on	Insurance	Agents:	(405)	521-3916
The Senior Health Insurance Counseling Program                Property & Casualty Rates
(SHIP) trains and utilizes a volunteer staff of insurance     and Policies Information: (405) 521-3681
counselors statewide who provide one-on-one counseling
and assistance to senior citizens. These volunteers           Medicare	Fraud	1-888-967-9100
provide free, accurate, and objective information that
can	help	Medicare	recipients	make	informed	decisions	
about their health care needs.
The SHIP volunteer counselors are trained by the SHIP
staff who have completed a required two-day course
covering	Medicare,	Medicare	supplements,	Medicare	


Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628                                         3
T able of Contents
    OkLAHOMA	SHOpper’S	GuIde	TO
    LONG-TerM	CAre	INSurANCe
     What is long-term care? .................................................................................................................................... 5
     How much does long-term care cost? ............................................................................................................ 5
     How would you pay for long-term care services? ........................................................................................ 6
     Who may need long-term care services?........................................................................................................ 6
     Do you need long-term care insurance? ......................................................................................................... 6
     What is a federally tax-qualified long-term care insurance contract? ...................................................... 7
     What is a long term-care insurance partnership policy? ............................................................................. 8
     How can you buy long-term care insurance? ................................................................................................. 9
     How do policies work? ........................................................................................................................................ 9
        What services are covered? .......................................................................................................................... 9
        How are benefits paid? ................................................................................................................................. 10
        When do benefits begin? .............................................................................................................................. 10
        What happens when long-term care costs rise? ..................................................................................... 11
        Other policy options to consider when purchasing coverage ............................................................... 12
     Will your health affect your ability to purchase a policy?........................................................................... 12
     What happens if you have pre-existing conditions?.................................................................................... 13
     Can you renew your coverage?....................................................................................................................... 13
     What do policies cost? ..................................................................................................................................... 13
     Long-Term Care Shopping Tips ....................................................................................................................... 14
     Insurance Company Listing .............................................................................................................................. 14




4                      1-800-763-2828 | (405) 521-6628 • Long-Term Care Insurance Shopper’s Guide
                                            L ong-Term Care
Shopping for Long-Term Care
WhaT iS LonG-Term Care?
Long-term care involves a wide variety of services           If individuals have physical illnesses or disabilities,
for people with long physical illnesses, disabilities,       they will often need hands-on help with their
or	cognitive	disorders	(such	as	Alzheimer’s	disease).        activities	of	daily	living	(AdLs).	These	AdLs	include	
                                                             bathing, continence, dressing, eating, toileting and
Long-term care includes many different services
                                                             transferring. If individuals have cognitive impairments,
that help people with chronic conditions overcome
                                                             they will usually need supervision, protection or verbal
limitations that keep them from being independent.
                                                             reminders to do their everyday activities.
Long-term care helps individuals maintain their
levels of functioning, rather than improving or correcting   The way long-term care services are provided will
medical conditions. Long-term care                           continue to change. However, skilled care and
services include, but are not limited to, help with          personal care are the terms most often used to describe
activities of daily living, home health care, respite        long-term care and the type or level of care
care, adult day care, nursing home care, and assisted        you may need.
living care.




   Skilled Care vs. Personal Care
   Skilled Care:                                              Personal Care:
   People usually need skilled care for medical               This is also called custodial care. It helps
   conditions that require care by medical                    individuals perform activities of daily living,
   personnel, such as registered nurses or                    such as bathing, continence, dressing, eating,
   professional therapists. This care is often                toileting and transferring. Personal care is less
   provided 24 hours per day, is ordered by a                 involved than skilled care and may be provided
   physician, and follows a treatment plan.                   in many different settings.

   Note: Medicare and Medicaid have their own definitions
   of skilled nursing care. They do not necessarily match
   the definitions found in long-term care policies.


hoW muCh doeS LonG-Term Care CoST?
Long-term care can be expensive. The cost will depend on the amount and type of care you need and where it is
provided. Long-term care can be paid for in a variety of ways, such as personal resources, long-term care insurance
and	Medicaid	assistance.




Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628                                        5
                                hoW WouLd you Pay for LonG-Term Care ServiCeS?
                                Long-term care services are usually paid for by one or more of the
                                following methods:
                                •	 Individual Out-of-Pocket:
                                   Individuals and their families pay less than one-third of all nursing
                                   home costs out of their own funds. Generally, the money is obtained
                                   from savings or investments or by selling their assets, such as land or
                                   their homes.
                                •	 Medicaid:
                                   Medicaid	pays	for	more	than	half	of	all	nursing	home	care.	Medicaid	
                                   may also pay for some home and community-based services. To
                                   qualify, you must meet federal poverty guidelines for income and
                                   assets. You may have to “spend down” or use up most of your assets
                                   before	Medicaid	is	able	to	help.	Many	people	begin	paying	for	nursing	
    how would you pay for          home care out of their own funds and then spend down their financial
    long-term care services?       resources	until	they	are	eligible	for	Medicaid.	Medicaid	will	then	pay	
                                   part or all of their nursing home expenses.
    Who may need                •	 Long-Term Care Insurance:
                                   Long-term care insurance is designed to help pay for an individual’s
    long-term care services?
                                   long-term care expenses. Depending on the plan you choose, it may
                                   pay part or all of your care. This guide will help you decide if you
    do you need                    need a long-term care insurance policy. If you decide to purchase one,
    long-term care                 this guide will provide information to select the one that will best fit
    insurance?                     your needs.
                                •	 Long Term Care Insurance Partnership Products:
                                   Several states, including Oklahoma, offer an additional type of long-
                                   term care insurance policy. These products are available as a result
                                   of	a	public-private	partnership	that	allows	state	Medicaid	programs	
                                   to disregard assets equal to the benefits paid by certified partnership
                                   polices	if	a	person	applies	for	Medicaid	benefits.

                                Who may need LonG-Term Care ServiCeS?
                                The need for long-term care may begin gradually as you find that you
                                need more and more help with your activities of daily living, such as
                                bathing or dressing. Or you may suddenly need long-term care after an
                                illness, such as a stroke or heart attack. If you do need care, you may
                                need nursing home or home health care for only a short time, or for
                                months, years or the rest of your life.

                                do you need LonG-Term Care inSuranCe?
                                People buy long-term care insurance for a variety of reasons.
                                These reasons include:
                                	 •	Having	significant	assets	and	income
                                	 •	Wanting	to	stay	independent	of	the	support	of	others
                                	 •	Wanting	the	flexibility	of	choosing	care	in	the	setting	of	your	choice


6               1-800-763-2828 | (405) 521-6628 • Long-Term Care Insurance Shopper’s Guide
Who ShouLd noT buy LonG-Term Care inSuranCe?                                                  Who should not buy
You should not buy long-term insurance if you:                                                long-term care
	 •	Cannot	afford	the	premiums,                                                               insurance?
	 •	Have	limited	assets,	or
	 •	Are	on	Medicaid
                                                                                              What is a federally
WhaT iS a federaLLy Tax-quaLified                                                             tax qualified
LonG-Term Care inSuranCe ConTraCT?                                                            long-term care
Federally tax-qualified long-term care insurance contracts provide certain federal            insurance contract?
income tax advantages. These qualified contracts were created by the passage of the
Health	Insurance	portability	and	Accountability	Act	of	1996	(HIpAA).	If	you	are	              Tax-qualified vs.
paying a premium for a qualified long-term care contract, you may deduct part or the          non tax-qualified
entire premium.                                                                               policies table
The premium can be added to your other deductible medical expenses. If this total
amount exceeds 7.5% of your gross income, you may claim a deduction for the amount
exceeding 7.5% of your gross income on your federal tax return.
The maximum amount you can add to your other deductible medical expenses is
based on your age at the end of each tax year. Benefits you receive from a qualified
long-term care insurance contract are generally not taxable as income.

 Tax-qualified Policies                       non Tax-qualified Policies
 Premiums can be included with other          You can’t deduct any part of your annual
 annual, uncompensated medical                premiums.
 expenses for deductions from your
 income in excess of 7.5% of adjusted
 gross income up to a maximum amount
 adjusted for inflation.
 Benefits that you may receive will           Benefits that you may receive may or may
 not be counted as income.                    not count as income. The U.S. Department
                                              of the Treasury has not yet ruled on this
                                              issue.
 Benefit triggers may be more restrictive     Policies can offer a different combination
 than those which may be allowed in non       of benefit triggers. Benefit triggers may not
 tax-qualified policies. The federal law      be restricted to 2 of 6 ADLs.
 requires you be unable to do from 2 to 5
 out of 6 possible ADLs without substantial
 assistance.
 “Medical necessity” can’t be used as a     “Medical necessity” and/or other
 trigger for benefits.                      measures of disability can be offered as
                                            benefit triggers.
 Disability must be expected to last for at Policies don’t have to require that the
 least 90 days.                             disability be expected to last for at least 90
                                            days.
 For cognitive impairment to be covered,    Policies don’t have to require “substantial
 a person must require “substantial         supervision” to trigger benefits for
 supervision.”                              cognitive impairments.

Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628                                  7
    information on              PoLiCieS PurChaSed before January 1, 1997:
    policies purchased           •	HIpAA	“grandfathered”	these	older	policies	to	be	considered
    before January 1997            “federally tax-qualified,” although they may not have all of the
                                   provisions of the new policies.
    What is a long-term         	 •	The	same	income	tax	treatment	applies	to	the	grandfathered	policies.
    care insurance
    partnership policy?         	 •	You	should	carefully	examine	the	advantages	and	disadvantages	of	
                                    trading the grandfathered policy for a new one. In most cases, keeping
                                    your old policy will be to your advantage.
                                Policies sold after January 1, 1997, that are intended to be considered tax-
                                qualified for favorable income tax treatment must meet certain
                                federal standards.

                                In order to be a qualified long-term care policy:
                                	 •	It	must	provide	coverage	only	for	qualified	long-term	care	services.
                                	 •	It	must	be	guaranteed	renewable,	generally	cannot	provide	a
                                    cash surrender value, and must include a number of consumer
                                    protections.


                                WhaT iS a LonG-Term Care inSuranCe
                                ParTnerShiP PoLiCy?
                                If the policy you buy is a Partnership policy, then assets equal to
                                the dollar amount paid in policy benefits will be disregarded should
                                you	apply	for	Medicaid.	Simply	stated,	if	you	purchase	a	partnership	policy,	
                                you	may	qualify	for	Medicaid	and	still	be	able	to	pass	along	assets	to	your	
                                heirs. (Note: Medicaid’s income eligibility requirements will still apply.)
                                Partnership policies are very similar to other long-term care policies
                                but have these important differences:
                                	 •	The	insured	must	be	a	resident	of	Oklahoma,	or	another
                                    partnership state, at the time the policy is issued.
                                	 •	The	policy	must	be	tax-qualified.
                                	 •	When	issued	to	an	individual	under	the	age	of	76,	the	policy	must
                                    contain a specified minimum inflation protection benefit.
                                	 •	The	applicant/buyer	will	receive	disclosures	to	show	that	the
                                    policy was issued as a partnership policy.
                                	 •	In	some	instances,	a	buyer	may	be	able	to	exchange	a
                                    non-partnership policy for a partnership policy.
                                For more information on long-term care partnership policies, please visit
                                www.okltcpartnership.org.


8               1-800-763-2828 | (405) 521-6628 • Long-Term Care Insurance Shopper’s Guide
hoW Can you buy LonG-Term Care inSuranCe?                                      how can you buy
Private insurance companies sell long-term care insurance policies.            long-term care
You can purchase this coverage through:                                        insurance?
	 •	Your	insurance	agent
                                                                               how do policies work?
	 •	A	group	policy	of	an	employer
	 •	A	life	insurance	policy                                                    What services
Insurance companies must be licensed in this state to sell long-term care      are covered?
insurance. If you decide to purchase a policy, please contact the Oklahoma
Insurance Department to determine if the company you are considering is
licensed and in good standing.
The number for information on licensed companies is (405) 521-3966
or toll free (800) 522-0071 and ask for the Financial Division.


hoW do PoLiCieS Work?
Long-term	care	insurance	policies	are	not	standardized	like	Medicare	
supplement plans. Instead, companies are selling policies that combine
a variety of benefits and coverage in different ways.
Policies may also be complicated. Since there are so few standards for these
new policies, every company must be careful to define its terms, benefits,
and exclusions in the policy. Companies must deliver to a prospective buyer
an “Outline of Coverage” which helps to explain these terms.
Bottom line: Be thorough when shopping for long-term care coverage.



WhaT ServiCeS are Covered?
You need to understand what services your long-term care insurance policy
covers and the many types of long-term care services you might use. Some
policies cover only stays in nursing homes. Others cover only care in your
home.	Still	others	cover	both	nursing	home	and	home	health	care.	Many	
policies also include coverage for adult day care centers, assisted living
centers or other community facilities.
Home health care coverage also varies. Some policies pay benefits only for
skilled nursing care performed in your home by registered nurses, licensed
practical	nurses,	and	occupational,	speech,	and/or	physical	therapists.




Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628                        9
                                 hoW are benefiTS Paid?
                                 Insurance companies usually pay benefits in one of two ways:
                                 the expense-incurred method or the indemnity method.


                                  expense-incurred vs. indemnity method
                                  expense-incurred:
                                  The insurance company pays either you or the provider for the
                                  actual expense up to the daily limits in your policy. The company
                                  will pay benefits to you only for services covered in your policy.
                                  Most policies bought today pay benefits using this method.
                                  indemnity method:
     how are benefits paid?       In the indemnity method, the benefit is a set dollar amount. Once
                                  the company decides that you are eligible for benefits, it will pay
     When do benefits begin       benefits directly to you, not the provider. The policy spells out the
     (elimination period)?        amount the company will pay.



                                 When do benefiTS beGin (eLiminaTion Period)?
                                 Your long-term care benefits may not begin the first day you enter
                                 a	nursing	home	or	begin	using	home	care.	Most	policies	have	an	
                                 elimination period (sometimes called a deductible or a waiting
                                 period).	With	an	elimination	period,	benefits	begin	20,	30,	60,	90	or	
                                 100 days after you start using long-term care. Some policies have a
                                 zero elimination period, but these tend to cost more. The elimination
                                 periods may also be shorter for home health care benefits. The number
                                 of days you wait will depend on the number of elimination days you
                                 select at the time of purchase. Of course, during the elimination
                                 period, you will have to cover the cost of nursing care.




10               1-800-763-2828 | (405) 521-6628 • Long-Term Care Insurance Shopper’s Guide
WhaT haPPenS When LonG-Term Care CoSTS riSe
(infLaTion ProTeCTion)?
Inflation protection can be one of the most important additions you
make to a long-term care policy. However, some people hesitate to
purchase this protection as it adds significantly to the cost of the policy.
unless	your	policy	provides	a	way	to	increase	your	daily	benefit,	
years from now you may find yourself owning a policy whose benefit
has	not	kept	pace	with	the	increasing	costs	of	nursing	home	services.	A	
nursing home that costs $100 today will cost $265 in 20 years, assuming
an inflation rate of 5% a year. Obviously, the younger you are when
you buy coverage, the more important adding inflation protection to
your policy becomes. You can usually buy inflation protection in two
ways. The first regularly increases your benefits each year. The second
lets you choose to increase your benefits regularly, such as every three
years, at the price the company is currently charging. Be sure you
understand the implications of accepting or rejecting an opportunity to
increase the inflation protection benefits of your policy. There are also two
types	of	increases	made	available,	simple	and	compound.	under	
both, benefits are increased by a fixed percentage, such as 5%, but
over time these differ based on how the interest is calculated.                 What happens when
                                                                                long-term care costs rise
These are explained as follows:
                                                                                (inflation protection)?

  Simple vs. Compound
  Simple:
  The dollar amount of the increase added to the benefit is the
  same every year. Example: A $100 per day policy that increases
  by 5% simple interest will provide $200 per day in 20 years.
  Compound:
  The benefits increase by an increasing dollar amount from one
  year to the next. Example: The same $100 per day policy as above
  which increases at 5% compounded interest will provide $265
  per day in 20 years.




Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628                           11
                                  oTher PoLiCy oPTionS To ConSider When
                                  PurChaSinG CoveraGe:
                                  You will be able to select from a number of other options or policy
                                  features.	each	may	add	to	the	cost	of	your	policy	but	will	enhance	
                                  your	coverage.	Many	of	these	will	not	cost	extra	as	they	are	included	in	
                                  the base price. Be sure to ask which features will increase the cost of
                                  your coverage. The most common benefits are assisted living facility,
                                  home health care, hospice care, respite care, alternate care services,
                                  case management services, restoration of benefits, medical equipment
                                  coverage, spousal discounts, survivorship benefits, bed reservation
                                  reimbursement, third party notice, and waiver of premium. Some of
                                  these options are described below.
                                  •	 Third Party Notice—This benefit is required to be offered in
                                     Oklahoma. It allows you to name someone that the insurance company can
     Policy options to consider      contact if your coverage is about to end due to non-payment of premium.
     when purchasing                 You can pick a relative, friend or a professional contact.
     coverage                        After	the	company	contacts	the	person	you	chose,	he	or	she	will	have	a	set	
                                     period of time to notify you to pay the premium or, if prior arrangements
     Will your health affect         have been made between you and your contact person, that person can
     your ability to purchase        pay the overdue premium. This is especially important for people who
     a policy?                       develop a cognitive impairment.
                                  •	 Waiver of Premium—This option allows you to stop paying your
                                     premium once you enter a nursing home, and the company has started
                                     to pay benefits. This may begin when the company makes its first
                                     payment, or it can be a set period of time such as 90 days.
                                  •	 Nonforfeiture Benefits—Nonforfeiture guarantees you will
                                     receive something (such as limited benefits or a return of premium)
                                     if you cancel the policy or the company cancels because your
                                     payments stop. It pays you back some value for the money you
                                     have paid into the policy.


                                  WiLL your heaLTh affeCT your abiLiTy
                                  To PurChaSe a PoLiCy?
                                  Companies that sell long-term care insurance “underwrite” their
                                  coverages. This means that companies look at health issues before
                                  they issue policies. Some companies do what is known as “short-form”
                                  underwriting. On their applications, they may ask questions to find
                                  out if applicants have been hospitalized recently or are confined to a
                                  wheelchair.	Most	companies	conduct	more	extensive	underwriting.	
                                  They may examine current medical records and ask for doctors’ health
                                  statements.




12                1-800-763-2828 | (405) 521-6628 • Long-Term Care Insurance Shopper’s Guide
WhaT haPPenS if you have Pre-exiSTinG CondiTionS?                           What happens if you
Insurance companies may have pre-existing condition limitations             have pre-existing
in their contracts. Pre-existing conditions are generally defined as        conditions?
conditions for which one seeks advice or treatment or had symptoms
within a certain period of time before the policy went into effect.         Can you renew
Most	companies	look	at	health	status,	as	explained	before,	and	they	        your coverage?
may review past history. This may be important to you if you have a
pre-existing	condition.	A	company	that	learns	you	didn’t	disclose	a	
pre-existing condition on your application might not pay for treatment      What do policies cost?
related	to	that	condition	and	might	even	cancel	your	coverage.	While	
some companies have pre-existing condition limitations in their
contracts, most do not have them if the condition is disclosed on the
application. In Oklahoma, the maximum period for a pre-existing
condition is six months.

Can you reneW your CoveraGe?
When	buying	a	long-term	care	policy,	you	must	consider	not	only	
whether you can afford to pay the premium now, but also whether
you will be able to continue to pay the premiums in the future.
premiums	on	these	policies	are	not	guaranteed.	When	a	policy	is	
“guaranteed renewable,” the company guarantees that it will offer you
the opportunity to renew the policy and continue the coverage; the
company does not guarantee you the opportunity of renewing at the
same premium. Premiums may rise over time as companies begin to
experience	a	greater	payout	in	claims.	All	individual	policies	sold	in	
Oklahoma must be guaranteed renewable.

WhaT do PoLiCieS CoST?
A	long-term	care	insurance	policy	can	be	expensive.	You	will	need	to	
be sure you can pay the premium for it and still afford your other health
insurance	coverage.	A	couple	aged	65	can	spend	around	$7,500	for	all	
of their health insurance coverage. The annual premium for a long-
term care policy with good inflation protection can run about $2,000 for
someone age 65.
Premiums will be lower for those who are younger and more for
those who are older. If you buy a policy at age 75, the premium will
generally be two and one half times greater than if you had bought the
policy at age 65. It could be six times higher than if you bought it at
age 55. Inflation protection can add 25 to 100 percent to the premium-
depending on your age at purchase. Nonforfeiture benefits can also add
significantly to the cost of the policy. Consider how much income you
have and how much you can afford to spend on a long-term care policy
now.	Also	try	to	project	what	your	income	is	likely	to	be	in	the	
future, what your living expenses will be, and how much you can pay for
long-term care premiums. If you do not expect your income to increase,
purchasing a policy now with a premium that is at the upper limit of
what you think you can afford may not be wise.

Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628                        13
LonG-Term Care ShoPPinG TiPS
DO:                                                      DON’T:
 •	do	your	homework.	Get	a	realistic	idea	of	what	       	 •	Don’t buy on the first sales visit.
   you need and how much you can afford to pay
                                                         	 •	Don’t sign a blank application.
   for it.
                                                         	 •	Don’t pay in cash. Don’t write checks payable
	 •	Shop	around.	There	are	lots	of	long-term	care	
                                                         	 	 to	agent.	Make	them	payable	to	the	insurance	
    policies with big differences in price and
                                                             company.
    benefits.
                                                         	 •	Don’t buy until you are sure you understand
	 •	read	the	outline	of	coverage	very	carefully.
                                                             exactly what you are getting.
	 •	Ask	questions	about	everything	you	
                                                         	 • Don’t buy unless you are sure you can afford to
    don’t understand.                                        make the payments every year. Keep in mind
	 •	Ask	your	lawyer,	a	friend	or	a	relative	to	review	       that premiums may increase in future years.
    the policy to see what you may have missed.

inSuranCe ComPany LiSTinG
The following is a list of companies that are licensed in the state of Oklahoma to sell long-term care
insurance policies. The Oklahoma Insurance Department has made every attempt to list all of the
companies and any exclusion is unintentional. This list does not constitute a recommendation by the
Oklahoma Insurance Department.

Alliance Life Insurance Company of America               Constitution Life Insurance Company
P.O. Box 1344                                            1001 Heathrow Park Lane, Ste 5001
Minneapolis, MN 55440-1344                               Lake Mary, FL 32746
800-950-5872                                             800-789-6364
American Pioneer Life Insurance                          Continental General Insurance Company
1001 Heathrow Park Lane, Ste 5001                        P.O. Box 29136
Lake Mary, FL 32746                                      Mission, KS 66201
800-538-1053                                             877-291-5434
Berkshire Life and Casualty                              Equitable Life and Casualty
700 South Street                                         3 Triad Center, Suite 200
Pittsfield, MA 01201                                     Salt Lake City, UT 84180-1202
800-819-2468                                             Gen Worth Financial
Blue Cross Blue Shield of Oklahoma                       6620 West Broad Street
6620 West Brook Street                                   Richmond, VA 23230
Richard, VA 23230                                        800-844-6543
888-436-9678                                             Guarantee Trust Life Insurance Company
Combined Insurance Company of America                    1275 Milwaukee Avenue
5050 Broadway                                            Glenview, IL 60025
Chicago, IL 60640                                        800-338-7452
800-999-2170


14               1-800-763-2828 | (405) 521-6628 • Long-Term Care Insurance Shopper’s Guide
John Hancock Life Insurance Company             Pennsylvania Life Insurance Company
P.O. Box 111                                    1001 Heathrow Park Lane
Boston, MA 02117                                Lake Mary, FL 32746
800-543-6415                                    800-228-9100
Marquette National Life Insurance Company       Physicians Mutual Insurance Company
1001 Heathrow Park Lane, Ste 5001               2600 Dodge Street
Lake Mary, FL 32746                             Omaha, NE 68131
800-934-8203                                    800-228-9100
Med America Insurance Company                   Prudential Financial
651 Holiday Drive Forest Plaza                  290 West Mount Pleasant Avenue
Building 5, Suite 300                           Livingston, NJ 07039
Pittsburg, PA 15220                             800-732-0416
800-799-0902
                                                Pyramid Life Insurance Company
Metropolitan Life Insurance Company             1001 Heathrow Park Lane, Suite 5001
57 Green Farm Road                              Lake Mary, FL 32746
Westport, CT 06880                              800-777-1126
888-799-0902
                                                State Farm Mutual
Minnesota Life Insurance Company                Automobile Insurance Company
400 Robert Street North                         One State Farm Plaza
St. Paul, MN 55101                              Bloomington, IL 61710-0001
888-505-9817                                    Contact any local State Farm Agent
Mutual of Omaha Insurance Company               State Life Insurance Company
Mutual of Omaha Plaza                           One American Square
Omaha, NE 68175                                 Indianapolis, IN 46282
800-775-6000                                    800-428-2316
National States Insurance Company 1830          United American Insurance Company
Craig Park Court Suite 100                      3700 South Stonebridge Drive
St. Louis, MO 63146                             McKinney, TX 75070
800-868-6788                                    800-331-2512
Northwestern Long Term Care Insurance Company   Unum Provident Corporation
720 East Wisconsin Avenue                       2211 Congress Street
Milwaukee, WI 53202                             Portland, ME 04122
414-665-1444                                    800-331-1538
Penn Treaty Network America
Insurance Company
3440 Lehigh Street
Allentown, PA 18105-7066
800-362-0700




Long-Term Care Insurance Shopper’s Guide • 1-800-763-2828 | (405) 521-6628            15
This publication, printed by DCS-Central Printing, is issued by the Oklahoma Insurance
Department, as authorized by Kim Holland, Insurance Commissioner. Eight Thousand Two
                                                                                               Call the SHIP at:
Hundred Fifty copies (8,250) have been prepared and distributed at a cost of $6,050. Copies   1-800-763-2828
have been deposited with the Publications Clearinghouse of the Department of Libraries.
Funded by the Centers for Medicare and Medicaid Services. Grant #11-P-20203/6-16.              (405) 521-6628

								
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