As you plan for your retirement budget, remember to include out-of-pocket spending on healthcare services. You will be subject to monthly premiums, annual deductibles, and co-payments on a variety of medical services, treatments, and medications. But some services might not be covered at all, so you will need to plan another way to pay for them.
Dental care. Original Medicare does not include coverage for things like routine dental check-ups, cavity fillings, and root canals. However, you can add a standalone dental coverage plan to your existing policy. Or, you can add a dental coverage plan to your existing policy.
Vision care. If you sustain an injury to your eye, or contract a disease of the eyes, Medicare will cover the treatment. But routine vision exams, and corrective lenses (glasses or contact lenses) are not covered by Original Medicare.
Podiatry. You might be surprised to learn that many treatments of your feet will not be covered by Medicare. You will need to consult with your podiatrist and/or your plan’s customer service team to learn more about your coverage for podiatry services.
Hearing aids. Hearing aids are another seemingly necessary item that are not covered by Medicare. Luckily, many types of hearing aid are now sold over the counter, making them much more affordable when you pay out-of-pocket.
Cosmetic surgery. Cosmetic surgery is sometimes covered by Medicare when reconstruction is needed after an illness or injury. Otherwise, this is a service for which you will self-pay.
Care in other countries. If you get sick or injured while traveling, your Medicare plan won’t kick in to cover medical bills from other countries. But a Medigap plan can help with this, if you’ve enrolled in one.
Long-term nursing care. Medicare coverage for nursing home stays is extremely limited (for short periods in rehabilitative facilities only). Investigate your options, including long-term care insurance, Medicaid, or self-paying, before you settle on a retirement budget.
As you might have noticed, while Medicare coverage for the above services are limited, you do have other options. Call to speak with one of our licensed insurance agents for no-cost, no-obligation assistance.