It’s a common misconception Medicare will take care of all care costs after age 65, but there are many costs Medicare doesn’t cover.
For example, Medicare won’t fund the cost of assisted living, adult day care, or an indefinite stay in a nursing facility. If you should need daily assistance with eating, bathing, and dressing in your own home, Medicare doesn’t cover these services either; find the annual average cost for various types of care2.
Could your finances withstand a multi-year nursing home stay? If not, long-term care insurance is worth considering. Benefits are available through a policy to cover the costs of nursing care. You could access coverage for care in your own home or an approved health facility.