Medicare doesn’t solve all health care problems over age 65 especially in the last 5 years of life. From ScienceDaily:
They measured total out-of-pocket healthcare expenditures in the last five years of life, and looked at these costs as a percentage of total household assets. More than three quarters of households spent at least $10,000, with spending for all participants averaging $38,688 in the last five years of life. Even more shocking was the fact that a quarter of participants made an average contribution of $101,791, and the same number spent more than their total household assets on healthcare.
Dementia was the most costly.
One solution is to buy life insurance with chronic illness benefits which allows the policy’s to be used long term care, if needed.