Long-Term Care: Avoid These 3 Common Mistakes

Long-term care insurance can be a great thing, but there are three common mistakes millions may encounter as they prepare for retirement.

Jul 12, 2014 at 12:12PM

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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4 in 5 Americans Are Ignoring Buffett's Warning

Don't be one of them.

Jun 12, 2015 at 5:01PM

Admitting fear is difficult.

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KPMG advises we're "on the cusp of revolutionary change" coming much "sooner than you think."

Even one legendary MIT professor had to recant his position that the technology was "beyond the capability of computer science." (He recently confessed to The Wall Street Journal that he's now a believer and amazed "how quickly this technology caught on.")

Yet according to one J.D. Power and Associates survey, only 1 in 5 Americans are even interested in this technology, much less ready to invest in it. Needless to say, you haven't missed your window of opportunity. 

Think about how many amazing technologies you've watched soar to new heights while you kick yourself thinking, "I knew about that technology before everyone was talking about it, but I just sat on my hands." 

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David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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