Here's what you should know about Medicare

When you grow old, one of the benefits that may be open to you is Medicare. Some people believe that Medicare is all they need in their old age to cover their medical needs. That could not be further from the truth.

There are many things you should know about Medicare before you decide to rely on it. For instance, did you know that Medicare doesn't pay for non-skilled assistance with the normal activities of daily living (ADL)? ADL services make up the majority of care services for long-term needs, so this can add up to a large expense if you're not prepared for it.

It's true that long-term care can cost more than you think. A breakdown of some of the average costs of long-term care in the United States as of 2010 are as follows:

A semi-private room in a nursing home costs an average of $205 daily. The average monthly price is $6,235. Having a home health care aide will cost approximately $21 per hour, while services provided at an adult day health care center will cost around $67 daily. Homemaker services are approximately $19 daily, and private rooms in nursing homes cost approximately $6,965 a month.

Long-term care costs widely vary depending on the needs of your loved one, the time of day the care is needed and extra charges that might be applied, like charges for activities or hair care. Your attorney can help you understand your rights under Medicare, so you know how much you need to save for your long-term care needs in the future.

Source: Administration on Aging, "Planning Ahead Between the ages of 51 and 64," accessed July 27, 2017

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