Myth: Medicare will pay for 100% of your nursing home stay.

Medicare may pay for the first 20 days if you have a need for skilled nursing or therapy services (often it is much less than 20 days). After this, you pay out-of-pocket. If your aging parent qualifies for Medicaid, some nursing homes accept Medicaid. Long-term care insurance may also pay for a portion.

Average daily cost: $260/day.
One nurse and one aide caring for many patients.

Myth: Medicare and/or Medicaid will pay for assisted living.

Not true. Long-term care insurance may cover a portion; VA Aid and Attendance pension (if you qualify) may cover a portion; the majority is self pay.

Average daily cost: $135/day plus additional expenses based on care needs and amenities.
If you need assistance, you will pay additional hourly rates for caregiver services to supplement your basic care.

Myth: It is less expensive and easier to hire your own caregiver.

Beware: hiring your own caregiver may seem less expensive, but suddenly you are also vulnerable to a host of problems including Workers Comp, tax, fraud, abuse, neglect, and inexperience liabilities. Additionally, it is a significant time commitment to hire and employ a private caregiver, and they are not able to provide skilled medical services.

Cost: A consistent hourly rate vs. unknown, unpredictable expenses.
Receive one-on-one care from your home care company, and pay only for what you need. The alternative is uncertain.