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Long-Term Care: Avoid These 3 Common Mistakes

Long-term care insurance can be an incredibly beneficial resource for many of those in retirement, but there are three mistakes that could cost individuals thousands of dollars and endless headaches.

Thanks to the different types of policies, the wide variation in benefits, and the rapidly changing insurance industry altogether, long-term care insurance has undergone significant changes in recent years. Many have begun to wonder whether a plan itself is even worth it. 

Yet the benefits it can provide are enormous, as it can cover many things that Medicare and other resources neglect entirely. But if someone is approaching the stage of life in which they should consider it -- which is probably earlier than you think -- there are three big mistakes that should undoubtedly be dodged.

The following slideshow provides insight into three common mistakes, what their impact may be, and how they can be avoided.

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Long-Term Care: Avoid These 3 Common Mistakes from The Motley Fool

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  • Report this Comment On July 15, 2014, at 10:24 AM, edmundrussell wrote:

    These three common mistakes in long-term care prove to be the key in having a financially stable future once it's time to receive the said type of care. Long term care insurance is believed to be a great option when paying for long-term care. A lot of people fail to anticipate this need which often results into financial trouble. It's advisable to get covered because according to, long term care insurance policy helps pay for long-term care services like assisted living facilities, home care and nursing homes.

    It's recommended to consider this as early as possible in order to avoid using up your entire savings and becoming a burden to your loved ones.

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Patrick Morris

After a few stints in banking and corporate finance, Patrick joined the Motley Fool as a writer covering the financial sector. He's scaled back his everyday writing a bit, but he's always happy to opine on the latest headline news surrounding Berkshire Hathaway, Warren Buffett and all things personal finance.

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