One question that naturally arises is: what about Medicare?
Medicare offers only a partial solution to the long-term care problem.
Medicare actually does cover some skilled nursing home care, under very tight restrictions. You have to have stayed in a hospital for three days first and be discharged directly to a skilled nursing facility.
However, Medicare does not pay for custodial care.
Under these conditions, Medicare will cover the first 20 days completely. For the next 80 days, it will cover all but a deductible. And after 100 days, it doesn’t cover anything.
This assumes, of course, that you find a skilled nursing facility that accepts Medicare, and you meet the other conditions Medicare imposes.
Source: Medicare.gov, 2018