Sorry, seniors: Medicare won't cover all of your healthcare
needs.
Maurie
Backman (TMFBookNerd) Mar 2, 2020 at 8:49AM Author Bio
Millions of seniors get health benefits
through Medicare, and while the program does provide
access to a wide range of providers throughout the United States, it doesn't
necessarily offer the comprehensive coverage enrollees might expect. If you're
planning to sign up for Medicare in the not-so-distant future, you should know
that you'll have to pay for the following services yourself, since Medicare
won't cover them.
1. Dental care
You'd think dental care would be a standard
service covered by Medicare, but not so. Routine cleanings, cavity fillings,
and dentures are all services you'll need to pay for yourself. The only way
Medicare will pay for a dental visit is if the service in question relates to a
medical issue, such as needing an oral exam before having surgery.
2. Vision exams
Seeing well is important -- it can help seniors
avoid accidents and other dire consequences. But Medicare won't pay for you to
get your eyes checked, nor will it pay if you need glasses. That said,
Medicare will pay to screen for and treat certain eye diseases,
like glaucoma. But if your goal in visiting an eye doctor is to ensure that you
can see correctly, you're on your own.
3. Hearing aids
Many seniors suffer from hearing loss, but
surprisingly, Medicare won't pick up the tab for hearing aids. It will only pay
for hearing tests if you're experiencing issues that relate to a specific
illness or injury.
4. Long-term care
Long-term care is generally custodial in
nature -- meaning, it doesn't relate to a specific medical need or condition,
but rather, pertains to assistance with everyday living. Medicare won't pay for
care that's custodial in nature, so generally speaking, home health aides,
assisted living, and nursing home care are on you to pay for.
Have a backup plan
Clearly, there are numerous services that
Medicare won't pay for, and if you're worried about affording them, you have a
few options. First, pad your 401(k) or IRA. The more savings you have going
into retirement, the easier it'll be to cover these and other health-related
expenses.
Next, fund a health savings account, or HSA, if you're
eligible to do so. To qualify for an HSA, you must be enrolled in a
high-deductible health insurance plan, the definition of which changes from
year to year. But if you are eligible, you can contribute
money on a pre-tax basis (as is the case with a traditional 401(k) or IRA) and
withdraw funds for qualified healthcare expenses tax-free (just like a Roth
401(k) or IRA). And to be clear, HSA funds never expire, so if you put money
into an HSA in your 20s or 30s, you can carry it all the way into retirement
and use it to pay for the services Medicare won't.
Finally, consider a Medicare Advantage plan over original
Medicare. Advantage plans are offered through private insurers and typically
cover dental, vision, and hearing services. Some Advantage plans offer some
degree of coverage for long-term care, too, though unfortunately, this is
largely an expense that seniors have to absorb themselves.
If you're gearing up to enroll in Medicare, it
pays to read up on the services it will and won't cover. You should also dig
around to see what your costs might look like under Medicare. Having that
information will help you better plan for your senior years and avoid the
financial stress so many retirees face.
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