Turning 65 may mean Medicare eligibility, but it won’t cover everything. Dental, eye, and hearing services are not included, and long-term care is a big expense that Medicare won’t handle. Average costs in 2024: Home health aide $77,792/yr, Assisted living $70,800/yr, Nursing home $111,325-$127,750/yr.

Medicare does not pay for long-term care due to it being non-medical, leaving retirees vulnerable financially. Planning ahead is crucial, as care costs can vary and last for weeks, months, or years. Boosting retirement savings or purchasing long-term care insurance are essential strategies to cover these expenses.

Read more at Yahoo Finance: Medicare Doesn’t Cover This Key Expense — and It’s a Big One