Medicare will cover all your healthcare costs!

This is one of the biggest misconceptions about Medicare, whether we are talking about long-term care or any other medical expenses a person may need help covering. For example, there are multiple types of Medicare coverage you can opt for, and only some of them cover dental expenses beyond the routine check-ups you may need to have done. So it is the same when we are talking about long-term care.

It is true that Medicare will cover LTC when it comes to rehabilitation after an illness or even an injury, but this is only going to be covered for short periods, and if you end up needing it for a longer period of time, it may not end up being able to cover it. Moreover, it does not cover any assistance with daily activities of living (also known as ADLs) that a lot of older seniors may be in need of in order to continue being independent.

And when it comes to nursing homes, Medicare will only cover them if your income is below a certain threshold and if your nest egg is almost gone. When you put these into balance, you may need to consider long-term insurance for peace of mind in your retirement.

You can find out more about medicare and the important decisions you have to make when it comes to it here!