A recent study by the AARP found that 68% of Americans aged 65 and older will need long-term care during their lifetime. Given this reality, a growing number of seniors approaching retirement are purchasing long-term-care insurance policies. Deciding to buy insurance is just the first step, though. Long-term care insurance can be complicated, and there are important differences between policies that can dramatically affect your retirement security. Here are five of the most common pitfalls to avoid when purchasing long-term-care insurance:
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