An experienced insurance professional, Laurel Blond currently oversees the Maurice Blond Agency, Inc., as the New York-based company’s president. Laurel Blond’s professional expertise includes life insurance and long-term care insurance.
Despite the fact that most people will need some sort of long-term care after they retire, a relatively small number of Americans sign up for long-term care insurance. In fact, only 7 percent of the nation’s population currently has any such protection. Although many people may be unaware that this type of insurance exists, the main reason more individuals do not purchase long-term care coverage is the cost.
While prices vary, depending on personal factors, such as age and health, the annual cost for long-term care insurance is typically no more than a few thousand dollars. However, the annual cost of long-term care without insurance can run anywhere from $30,000 to $100,000. In addition to having financial benefits, long-term care insurance can provide peace of mind and protect caregivers, including adult children, from the physical and emotional strain of caring for an ailing parent.