Fiction: Medicare will cover my expenses if I need a nursing home or other care as I get older.

Fact: Under certain limited conditions, Medicare will pay for some nursing home costs for Medicare beneficiaries who require skilled nursing or rehabilitation services.

Costs for long-term stays in a nursing home, however, come out of your pocket and currently average $60,000-$75,000 a year. That's why some individuals plan for long-term care expenses with either their own assets or through the purchase of long-term care insurance (LTCI).


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