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Renowned Insurance Executive Laurel Blond

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Laurel Blond on the Right Time to Buy Long-Term Care Insurance (Part 2 of 2)

Laurel Blond of New York’s Maurice Blond Agency continues to answer questions about long-term care insurance.

Question: Who needs long-term care insurance?

Laurel Blond: While most adults can benefit from long-term care insurance, only three percent of Americans currently carry long-term care policies. While premiums can be high, the average nursing home stay costs $87,000 a year, and home health aides usually cost $20 an hour. The insurance can protect seniors from exhausting their retirement savings on nursing home stays. Without long term care insurance, many seniors, especially those who don’t have children or large savings accounts, risk ending up in a state-run nursing home.

Question: When is the best time to buy long term care insurance?

Laurel Blond: Most of my clients prefer to buy long term care insurance when they’re in their 50s. At that point, their health is still good, so they can get the best deal on premiums and aren’t yet uninsurable due to chronic health conditions. On the other hand, clients in their 30s and 40s may gain more utility from a life insurance policy or from a good plan to build savings for retirement.


From the Desk of Laurel Blond: Long-Term Care Insurance

If you have health insurance, your insurance pays your medical bills in the event of illness or injury. Health insurance, however, usually does not cover the costs of long-term care, which may present a significant financial risk.

Long-term care insurance offers protection if you require sustained support due to a disability or chronic illness. The insurance covers care both in a nursing home and in your own home or an assisted-living facility. A long-term care policy might also cover the cost of services such as visiting nurses, meal preparation, help with household chores, or adult daycare.

Long-term care is expensive, though the amount depends on the length of time and the level of care required. Most long-term care expenses are borne by the patient and the family. Medicare pays a limited amount and often covers only short-term care. Medicaid is available for people who meet federal poverty guidelines and for nursing home residents who have exhausted their savings.

Several types of long-term care insurance exist. Premiums vary depending on the level of benefits you choose as well as your age and other factors. A licensed agent who specializes in long-term care insurance is the best source for extensive information.

Maurice Blond Agency, Inc., offers a comprehensive range of insurance, including disability, health, and life. Laurel Blond serves as President of the agency, which is located on New York’s Fifth Avenue. Possessing expertise in long-term care insurance, Ms. Blond shares her knowledge at numerous seminars. Laurel Blond is married to Rabbi Leib Tropper. The couple has three children and one grandchild.