By skyforbes 
Don’t make retirement planning decisions based on faulty assumptions about what Medicaid will pay.
By Deb Hipp for Debt.com
Did you know that 7 in 10 people turning age 65 today will need some form of long-term care at some point in their lifetime? [1] Around 48% will receive some type of paid care over their lifetime, according to the U.S. Department of Health & Human Services. Even if you saved a substantial amount for retirement, a move into a nursing home could wipe out retirement savings faster than you think.
The national annual median cost for an assisted living facility is about $51,000 a year, according to the 2020 Genworth Cost of Care Survey.[2] According to the same survey, the national annual median cost for a private room in a nursing home is $105,000, and the median cost for home health aide services is around $55,000.
In 2021, Medicare pays for some in-home care services or skilled nursing facility expenses ordered by a doctor for the first 20 days after a hospital stay, after that period ends, you must pay $185 coinsurance per day for days 21–100 and all costs after 101 days.[3] For many, Medicaid is the only way they can receive long-term nursing home or other long-term care.