قالب وردپرس درنا توس
Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Do not Count on Medicare to Cover These 4 Things – The Motley Fool

Do not Count on Medicare to Cover These 4 Things – The Motley Fool



Most retirees rely on Medicare once they turn 65 to cover their healthcare expenses. The government-run program offers coverage for doctor visits, hospital stays, lab tests, prescription drugs, and more. But some people do not realize that Medicare covers few healthcare costs in full, and there are some costs that it does not cover at all. If you are not prepared to cover these costs on your own, you could be in serious trouble.

Below, I discuss four of the most common healthcare costs that Medicare does not cover, along with ways that you can prepare for

 Image Source: Getty Images </p>
</div>
<h2> 1. Dental care </h2>
<p> Medicare, unfortunately, does not pay for teeth cleaning, dentures, fillings, nor any other type of dental work. Retirees will have to pay out of their pockets for their dentist visits unless they have a supplementary insurance policy that covers them. purchase and Medigap policies. These are also issued by private insurers and specifically cover healthcare costs that Medicare does not. If you purchase one of these policies, it will have its own deductible, premiums, and copay. This will increase your monthly health care costs, but it should hopefully reduce the amount you pay out of the pocket when you need to visit the dentist </p>
<p> Another alternative is to enroll in a dental savings plan. This is not insurance, but it can reduce your out-of-pocket costs for dental care. If you have a health insurance account (HSA) or a flexible spending account (FSA), you can use the funds for your dental work. </p><div><script async src=

in them to pay for dental care as well. These accounts allow you to set aside pre-tax earnings, and as long as you spend the money for a qualifying medical expense, you will not pay taxes on it when you withdraw it either. Used in combination with a dental savings plan or supplementary insurance policy, they will save you even more.

2. Vision which

Medicare Part B covers some preventive and diagnostic eye examinations, including glaucoma and macular degeneration tests, and routine eye examinations for those who have diabetes. And if you need cataract surgery, Medicare covers this as well as the cost of any vision-correcting products you need after the surgery. You will, however, have to pay your deductible and a 20% copay unless you have a supplemental insurance policy that covers them.

However, if you are a healthy individual who needs glasses or contacts, including some eye examinations, glasses, and contact lenses, fall to you.

Some Medicare Advantage plans to provide coverage for routine eye examinations and other vision services. However, Medigap policies typically do not, so you will have to look into a vision savings plan to help reduce your out-of-pocket costs. This is worth considering if you know you are going to have a vision cost in retirement, but if your eyesight is good, you may not feel the need to spend extra money on vision care


Related Articles

3. Hearing aids

One of the most surprising omissions from the list of things that Original Medicare covers is hearing aids. You pay 1

00% of your out-of-pocket costs for hearing aids, batteries, and examinations for fitting hearing aids. However, Medicare may pay up to 80% of the cost of a diagnosis hearing exam if your doctor orders it.

Medicare Advantage plans may cover hearing aids, depending on the plan you choose, but you will still have to pay deductibles and possibly copays in addition to your monthly premiums. There are also some charities that provide free hearing aids to low-income individuals

4. Long-term care

If you become physically or mentally incapable of caring for yourself in your old age, you may need to either hire someone to care for you or move to a nursing home. A semi-private room in a nursing home averaged $ 225 per day back in 2016, according to the most recent statistics from the U.S. Department of Health and Human Services, and your costs could be much higher if you live in a costly area

Medicare does not pay for any of these costs, so you might want to consider investing in a long-term care insurance policy. These specifically cover the costs of long-term care, but they are not cheap. Premium can average more $ 2,700 per year, according to LifePlans.

If you can not afford to spend that much on a policy, start saving as much as you can in an HSA, if you're eligible for one. To qualify for an HSA, you must have a high-deductible health plan – one with a deductible of at least $ 1,350 for a single adult or $ 2,700 for a family. In 2019, individuals may contribute up to $ 3,500 to HSAs, and families may contribute up to $ 7,000. People 55 and older may contribute an extra $ 1,000. (19659002) Nobody can predict just what kind of medical expenses you will incur in retirement, but the chances are, you will need at least one of the services listed above. Planning for them today can help ease the burden on finances later.


Source link