What Does Medicare Not Cover?

Here are some of the most common expenses Medicare does not cover.

Dental Care

Routine dental care is one of the most common Medicare coverage gaps. Medicare generally does not cover cleanings, fillings, dentures, or most other routine dental services.

This can become important later in retirement, when dental needs may increase. If you expect to have ongoing dental expenses, consider how you will pay for them when creating your retirement healthcare budget.

Vision and Hearing

Medicare also has limited coverage for routine vision and hearing needs. Generally, Medicare does not cover routine eye exams for glasses or contact lenses, eyeglasses, or hearing aids.

These may seem like relatively small expenses, but costs can add up over the course of retirement. Some Medicare Advantage plans may offer additional vision and hearing benefits, depending on the specific plan.

Long-Term Care

One of the biggest misconceptions about Medicare is that it will pay for long-term care if you eventually need assistance with everyday activities.

Medicare does not generally cover long-term custodial care, such as ongoing assistance with bathing, dressing, eating, or other daily activities. It may cover certain short-term skilled nursing services when specific requirements are met, but that is different from paying for extended long-term care.

Because long-term care can be expensive, it is worth considering how your retirement plan would handle this type of expense if it becomes necessary.

Healthcare Outside the United States

If international travel is part of your retirement plans, keep in mind that Medicare generally does not cover healthcare received outside the United States, although there are limited exceptions and some supplemental policies may provide certain benefits.

For retirees who plan to spend significant time abroad, international healthcare coverage may be something to consider as part of the overall plan.

Planning for Costs Medicare Doesn’t Cover

When planning for retirement, it can be easy to focus on Medicare premiums and forget about the expenses that Medicare may leave you responsible for.

A good retirement healthcare plan should consider more than just your insurance premiums. Think about potential dental, vision, hearing, prescription, and long-term care costs, along with the possibility of unexpected medical expenses.

You also have options for managing some of these gaps. Depending on your situation, you may have Medicare Advantage, Medigap, prescription drug coverage, or other insurance options available to you.

The right approach will look different for everyone, which is why healthcare planning should be considered as part of your larger retirement strategy.

Medicare can be an important part of your retirement healthcare plan, but it shouldn’t be your entire plan.

Knowing what Medicare does and doesn’t cover can help you estimate your future expenses, determine how much you may need to save, and avoid being caught off guard by costs in retirement.

When building a retirement plan, the goal isn’t to predict every healthcare expense you’ll ever have. It’s to make sure your financial plan has enough flexibility to handle the costs you can’t always anticipate. If you are interested in learning more about how to plan for retirement healthcare costs, schedule a free consultation with one of our financial advisors today.