Medicare covers most health costs, but it doesn’t cover everything. That may come as a surprise to retirees who think Medicare is a catch-all policy.
Not all obscure health expenses make it into medical plans. Everyday expenses are not covered, making it important to monitor your spending and preserve your nest egg. Although a Medicare Advantage plan may offer additional coverage, it is still important to review the policy to see what expenses are covered and not included in your plan.
Here are five common costs that Medicare typically does not cover.
1. Dental care
Many routine dental care services such as cleanings, fillings, extractions and dentures are generally not covered by the Original Medicare plan. While coverage may be provided for dental services directly related to a covered medical procedure or hospitalization, it does not apply to comprehensive dental care.
All of these small expenses add up, and it’s good to account for them in your retirement plans.
2. Vision care and glasses
Routine eye exams, glasses, and contacts are usually not covered by the Original Medicare plan. There are exceptions, such as an eye test if you have diabetes or a glaucoma test if you are at high risk
Part B covers a pair of eyeglasses with standard frames or a set of contact lenses after each cataract surgery that involves intraocular lens implantation. (“After meeting the Part B deductible, you pay 20% of the Medicare-approved price for corrective lenses” after each surgery, according to the website).
3. Hearing aids and fitting hearing tests
Although hearing loss is more common as people age, it is not usually an expense covered by Medicare plans. You will have to pay for your hearing aids or fitting tests if needed, but some Medicare Advantage plans offer limited hearing benefits and coverage.
4. Long-term care
Long-term care is the most expensive thing on this list: a 65-year-old person today will need to set aside $135,000 to cover the average, expected future living costs of long-term care, according to a study by the Milliman company.
However, it is another health expense that is not covered by Original Medicare, and Medigap usually does not cover it either. While your plan may include short-term skilled nursing or rehabilitation in certain situations, you will likely have to tap into savings if long-term care is needed. Some people consider long-term care insurance to help cover these costs.
5. Health care outside the US
If you are traveling outside the US, you may need separate travel health insurance to cover any medical expenses. That’s because Medicare generally won’t cover any costs related to medical conditions that occur outside of the U.S. There are exceptions. For example, the Medicare website states that Medicare Part B may “pay for inpatient hospital, physician, and ambulance services you receive in another country in rare circumstances, if you qualify.” Medigap policies may have a foreign travel emergency limit.
Before you board that international flight or fly to another country, think about your options, and what to do if an unexpected medical problem arises. You may want to consider travel health insurance.
