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Think Medicare Covers Long-Term Care? Here's the Costly Truth.

April 05, 2026 — 10:07 pm EDT

Written by

Maurie Backman for

The Motley Fool->

Key Points

- There are some services Medicare won't pay for, and long-term care is one of them.

- The cost of long-term care could be large enough to deplete your savings.

- Make sure to research long-term care insurance so you have some options.

- The $23,760 Social Security bonus most retirees completely overlook ›

One big misconception about Medicare is that once you're enrolled, it will cover all of your health-related needs. In reality, there are a number of important services Medicare will not pay for, including dental cleanings, eye exams, and hearing aids.

Another big need Medicare won't pay for is long-term care. So, that's something you'll have to plan for on your own. And it's important that you do that planning ahead of time, given the costs involved.

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Image source: Getty Images.

Do you know what long-term care might cost you?

Many people are surprised to learn how expensive long-term care can be. Now, the following costs are national averages, and where you live, long-term care may be cheaper. But according to CareScout's most recent data, the annual cost of long-term care, on average, is as follows:

- Non-medical in-home caregiver: $80,080

- Assisted living community: $74,400

- Semi-private nursing home room: $114,975

- Private nursing home room: $129,575

These figures may be shocking in their own right. But keep in mind that some people end up needing long-term care for multiple years.

Now, imagine you saved $1 million for retirement, and by age 87, you've got $200,000 left. You might think you're in good shape. But if you end up needing a nursing home for two years, your remaining savings may not even be able to pay for it.

Don't put your finances at risk

You may not ever end up needing long-term care. Or you could end up requiring it for several years. There's no way to know. If you don't want to risk financial ruin, make sure to start researching long-term care insurance options.

Unfortunately, long-term care coverage doesn't tend to come cheap. But those annual premiums might more than make up for themselves if you end up requiring long-term care for an extended period of time.

If you're going to buy long-term care insurance, a good time to shop for it is during your 50s. At that point, you may be able to lock in more competitive premiums based on your health. The older you get, the more expensive that coverage might become.

Of course, long-term care insurance isn't your only option. But ignoring the potential need for long-term care isn't an option, either.

Since Medicare won't pay for it, you need some type of plan to cover it should you find yourself in that situation. So, if you decide that insurance isn't the right solution, you'll need to make sure you have another way to deal with that need later on.

The $23,760 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.