Medicare Won't Cover It: 5 Common Health Expenses That May Blindside Retirees
Medicare covers a wide range of health expenses, but it does not cover everything. That can come as a surprise to retirees who think Medicare is a catch-all policy.
It’s not all obscure health expenses that don’t make it into medicare plans. Several everyday expenses are not covered, making it important to monitor how much you spend and to preserve your nest egg. While a Medicare Advantage plan can provide extra coverage, it’s still important to review the policy to see what recurring expenses are and aren’t included in your plan.
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Here are five common expenses that Medicare typically doesn't cover.
1. Dental care
Many routine dental care services like cleanings, fillings, extractions and dentures are usually not covered in an Original Medicare plan. While coverage may be granted for dental services that are directly tied to a covered medical procedure or hospitalization, it doesn’t apply to broad dental coverage.
All of these small costs add up, and it is best to account for them in your retirement planning.
2. Vision care and eyeglasses
Routine eye exams, glasses, and contacts also aren’t usually included in the Original Medicare plan. There are some exceptions, like for an eye exam if you have diabetes or for glaucoma screenings if you’re at high risk
Part B does cover a pair of eyeglasses with standard frames or a set of contact lenses after each cataract surgery that implants an intraocular lens. ("After you meet the Part B deductible, you pay 20% of the Medicare-approved amount for corrective lenses" after each surgery, according to the website).
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3. Hearing aids and hearing exams for fitting them
Although hearing loss gets more common as people get older, it’s typically not an expense that is covered in Medicare plans. You will have to pay for your own hearing aids or exams for fitting them if needed, but some Medicare Advantage plans offer limited hearing benefits and coverage.
4. Long-term care
Long-term care is the most expensive item on this list: a 65-year-old today would need to set aside $135,000 to cover the average, expected future lifetime costs of long-term care, according to a study by consulting firm Milliman.
Yet it’s another health expense that isn’t covered in Original Medicare, and Medigap generally doesn’t cover it either. While your plan may cover short-term skilled nursing or rehab in specific situations, you’ll likely have to dip into savings should long-term care become necessary. Some people consider long-term care insurance to help address these costs.
5. Health care outside the U.S.
If you travel outside of the U.S., you may want a separate travel health insurance policy that can cover any medical expenses. That’s because Medicare will typically not cover any expenses related to health conditions that take place outside the U.S. There are some exceptions. For instance, the Medicare website says Medicare Part B may "pay for inpatient hospital, doctor, and ambulance services you get in a foreign country in rare cases, if you’re eligible." Medigap policies may have limited foreign travel emergency coverage.
Before you head out on that international cruise or fly to a foreign country, consider your options, and what you would do if a surprise medical issue arises. You may want to consider travel health insurance.