It’s important to understand that Medicare Part A and Part B leave some significant gaps in your health-care coverage. In addition to the cost of deductibles, co-pays, and co-insurance, Medicare does not provide coverage for the following:

 

 

Prescription Drugs

Medicare doesn’t provide coverage for outpatient prescription drugs, but you can buy a separate Part D prescription-drug plan that does, or a Medicare Advantage plan that combines Part A, Part B, and Prescription Drug coverage.  Note: Some retiree health-care policies cover prescription drugs.  Prescription drugs can be very costly and getting coverage thru a Part D plan or a Medicare Advantage plan is a must.

 

Most Dental Care

Medicare doesn’t provide coverage for routine dental visits, teeth cleanings, fillings, dentures or most tooth extractions.  Some Medicare Advantage plans cover basic cleanings and x-rays, but they generally have an annual coverage cap of about $1,000.  You could also get coverage from a separate dental insurance policy, contact us for additional information.

 

Routine Vision Care

Medicare generally doesn’t cover routine eye exams or glasses, exceptions include an annual eye exam if you have diabetes or eyeglasses after having certain kinds of contract surgery.  Some Medicare Advantage plans provide limited vision coverage.  You could also get coverage from a separate insurance policy that provides vision care along or includes both dental and vision care, contact us for additional information. 

 

Hearing Aids

Medicare doesn’t cover hearing aids and exams for fitting of hearing aids, which can cost as much as $3,000 per ear.  Some Medicare Advantage plans help pay for hearing aids and fitting exams.  You can also get coverage from a separate hearing insurance policy, contact us for additional information.

 

 

Long-Term Care

One of the largest potential expenses in retirement is the cost of long-term care.  The median cost of a private room in a nursing home can be at least $100,000, a room in an assisted-living facility can cost $40,000 or more a year, and 40 hours a week of care from a home health aide can cost $50,000 are more a year. Medicare provides coverage for some skilled nursing services but not for custodial care.  You can buy long-term-care insurance or a combination long-term-care and life insurance policy to cover some of these costs.

 

Medical Care Overseas  

Medicare usually doesn’t cover care you receive while traveling outside of the U.S., except for limited circumstances.  But Medicare Supplement Plans do provide some cover when traveling overseas.  To learn more about Medicare Supplement medical care coverage outside the United States contact us.

 

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