Extended care insurance helps protect your retirement fund from the high cost of long-term care. Find out what other benefits this policy offers in this guide
Once you turn 65 years old, there’s roughly a 70% chance that you will eventually need long-term care support or services, according to the latest estimates from the Administration for Community Living (ACL). But the high cost of these services can easily deplete your retirement savings.
Unfortunately, your health insurance won’t cover this type of expense. To be protected, you will need to take out extended care insurance, more popularly known as long-term care insurance (LCTI).
Insurance Business discusses the pros and cons of this form of coverage in this article. We will also give you a walkthrough of the different factors to consider when searching for the right plan. If you’re planning for your own care or helping an older loved one, this guide can prove useful. Read on and find out the answers to the most pressing questions about extended care insurance.
Extended care insurance pays for the cost of long-term medical and non-medical services for seniors who have lost the ability to care for themselves due to age-related impairments. This type of care can be accessed in the following venues:
- At home
- Assisted living facilities
- Nursing homes
- Adult day care centers
The eligibility requirements for long-term care benefits under this form of covera