Many Americans are grossly underinsured against the risk of devastating long-term care costs.
According to the 2020 annual “Cost of Care Survey” from Genworth, the average yearly cost for a semi-private room in a long-term care skilled nursing facility is $93,075 and rising, while the average assisted living facility costs $51,600 per year. Both are enough to swallow most or all of the income produced by many pensions and other sources of retirement income.
But wait, you say, Medicare will cover it. Not so fast.
The vast majority of long-term care expenses are not covered under Medicare. Instead, long-term care costs for chronic conditions not related to a very recent hospitalization must be funded either via private long-term care insurance or paid for out of pocket.
Here’s a look at what Medicare will cover, and the limits.
Click here to read full article: Does Medicare Cover Long-Term Care?