Home Bills 7 surprising things Medicare doesn’t cover

7 surprising things Medicare doesn’t cover


Although it surprises many older Americans, Medicare does not pay for long-term care — potentially one of the biggest expenses that can wreck a financial plan. A private room in a nursing home costs more than $100,000 a year and a stay in an assisted living facility about half that much, according to the 2018 Genworth Cost of Care Survey.

Solution: Possible solutions include stand-alone long-term care insurance or a life insurance policy with an LTC rider; earmarking a portion of an investment portfolio or annuity for potential LTC costs; or moving to a retirement community that provides all levels of care in exchange for a hefty entrance fee.

Read More