On the other hand, if you have a large amount of assets but don’t want to use them to pay for long-term care, you may want to buy a long-term care insurance policy. Many people but a policy because they want to stay independent of government aid or the help of family. They don’t want to burden anyone with having care for them. However, you should not buy a policy if you can’t afford the premium or aren’t sure you can pay the premium for the rest of your life.

If you already have health problems that are likely to mean you will need long-term care (for example, Alzheimer’s disease or Parkinson’s disease), you probably won’t be able to buy a policy. Insurance companies have medical underwriting standards to keep the cost of long-term care insurance affordable. Without suck standards, most people would not buy coverage until they needed long-term care services.

Some states have a regulation requiring the insurance company and the agent to go through a worksheet with you to decide if long-term care insurance is right for you. The worksheet describes the premium for the policy you’re thinking about buying and asks you questions about the source and amount of your income and the amount of your savings and investments. You don’t have to fill out this worksheet, but it might help you decide if long-term care insurance is right for you.

Not everyone should buy a long-term care insurance policy. For some, a policy is affordable and worth the cost. For others, the cost is too great, or the policy they can afford doesn’t offer enough benefits to make it worthwhile. You should not buy long-term care insurance if the only way you can afford to pay for it is by not paying other important bills. Look closely at your need and resources, and discuss it with a family member to decide it long-term care insurance is right for you.

Insurance companies must be licensed in your state to sell long-term care insurance. If you decide to buy a policy, be sure the company and the agent, if one is involved, is licensed in your state. If you’re not sure, contact your state insurance department.