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Preparing for Retirement: Medicare Costs

Retirement is here! Are you ready? You’ve been preparing for this your entire life, but are you prepared for not only your Medicare costs, but what Medicare doesn’t cover?

A common misconception with new retirees is that Medicare will cover all of your healthcare expenses. However, there are many services that Medicare does not pay for, as covered in our article “What Medicare Part A and B Won’t Cover.” Here are some pointers on how to prepare for the costs that Original Medicare doesn’t cover.

Dental, Vision, and Hearing

Typically, Original Medicare doesn’t cover dental, vision, or hearing care.

This means it doesn’t cover things like dentures, routine cleaning, and glasses. However, if a dental condition involves an emergency or a complicated procedure, it could be covered in your Medicare costs. Vision checks are in the same category. If you have an eye condition, you could have Medicare coverage available to you.

Most Medicare Advantage plans have dental and vision coverage included, but it’s limited. Do your research to figure out which Medicare Advantage plan could give you the best coverage for your situation.

Find Your Perfect Medicare Plan
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Medicare Supplement Plans

Medigap plans are privately sold policies that are designed to help with out-of-pocket expenses that Medicare doesn’t cover. These plans don’t include drug benefits, but they help with costs like deductibles, copayments, and coinsurance.

In 47 of the 50 states, there are up to 10 standardized Medigap plans. The plans are designated with a letter starting from A, all the way to N.

Medigap plans only supplement Original Medicare. They don’t work with Medicare Advantage plans, so you won’t need or be able to buy both types of plans.

Be Prepared

The best way to avoid extra, unnecessary Medicare costs is to do your research. It’s important to understand what Medicare costs do and don’t cover. Make a plan for things that you know aren’t covered by Original Medicare.

No matter what you choose to do, it’s important to go into retirement with a plan. Keep yourself educated on your Medicare costs to avoid being caught off guard.

The new Medicare Plus Card saves you up to 75% on things not covered by Medicare

Medicare doesn’t cover everything. Luckily, those on Medicare can now start saving on out of pocket expenses like prescription drugs, dental, vision, hearing, and more. Over 1 million people have already received their free Medicare Plus Card.

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