When you use the words “medicine” and “money” in the same sentence, most people — at least in the US — think of the cost of medical insurance, copays and deductibles, that is, the out-of-pocket costs of healthcare that US medical insurance doesn’t cover.

And there’s a lot that isn’t covered. Fidelity Investments has published estimates that couples over age 65 may see an average of $295,000 in medically related expenses that Medicare doesn’t cover. Amazingly, that figure excludes the cost of long term care, and nursing homes in the US can cost as much as $14,000 per month. The person who goes into old age not knowing about that financial risk can be in for a gigantic and very unpleasant shock.

(And for those of you living in other countries and used to complaining about your healthcare system, this might be a moment for reflection.)

However, that’s only part…