Don’t make the mistake of believing Medicare will cover long-term care costs. It won’t. Medicare only pays for hospitalization and short-term rehabilitative care in a skilled nursing facility, and it only covers you for up to 100 days.
And while Medicaid—the government program for those who truly don’t have any money—will cover long-term care expenses, it should never be your first choice. You won’t have the quality of care you want, and you’ll have limited options.