Not caring about long-term care costs 

Another misconception that baby boomers have is they think Medicare will pay for their long-term care. More than 70% of them will need some kind of long-term care, and the average cost of it is $89,000.

A stunning number of 46% of baby boomers believe that Medicare will take care of it, as a recent survey explained. But in reality, Medicare does not pay for long-term care, not even a nickel.

Many don’t understand how the Medicare program actually works. There’s actually a survey that was taken on baby boomers, to see how much they know about this kind of program – many of them weren’t able to answer some basic questions about the program. Someone should really wake up these folks.