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.
How to get even more income during retirement
Just like Medicare doesn't cover everything, neither does Social Security. Although Social Security plays a key role in your financial security, it's not the only way to boost your retirement income. In our brand-new free report, our retirement experts give their insight on a simple strategy to take advantage of a little-known IRS rule that can help ensure a more comfortable retirement for you and your family. Click here to get your copy today.