Here’s What Medicare May Not Cover…Are You Prepared?

You may think that Medicare covers all of your medical expenses when you retire…but it doesn’t. We often see clients who have a really solid retirement plan that takes almost everything into account except for medical expenses. They often think, “Well, I’m healthy now, so I’ll be healthy in the future.” But that isn’t always the case.

Here are a few areas that some Medicare plans and option configurations may not cover. If you’re aware of the different ways Medicare coverage may or may not cover certain services, you’ll be better equipped to choose a healthcare option that works best for you:

Eye Care: While ophthalmologic expenses like cataract surgery are covered by some Medicare plans, not everything is! Eye exams, glasses, and contacts are sometimes not covered by Medicare plans.^[1]

Hearing aids: You will not be able to get hearing aids covered by Original Medicare. If you have ear-related medical issues, they may be covered, but hearing aids specifically will likely be something you’ll have to pay for yourself if you need them.^[1]

Dental work: Dental is not covered by Original Medicare. Keep this in mind if you anticipate needing any expensive dental work like dentures or root canals. There are options for private dental insurance that can help cover these costs.^[1]

Nursing home care and long-term care: Most Medicare plans don’t cover the costs of long-term care.^[1] While it may cover some services for a short period, it won’t cover those services for longer periods. In addition, it’s no cost to shrug off; nursing homes can be expensive. The national average cost of a nursing home is about $90,000 per year and can go up from there.^[1] If you have no plan in place for long-term care and you end up needing it during your retirement, it can set you back financially, given how expensive it can be.^[1] However, there are plenty of solutions you can use to get your healthcare and long-term care plans solidified so they won’t wreck your retirement budget.

If you realize that your Medicare coverage isn’t comprehensive enough, consider reaching out to one of our professionals today for a complimentary review of your finances and healthcare situation. We can help you get a sense of what most people need to cover their expenses and give you specific advice based on your unique situation.