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.
Try any of our Foolish newsletter services free for 30 days. 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.