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).
