Retirees often make some incorrect assumptions about health insurance, which can cause them to struggle financially.
One assumption is that health insurance under Medicare is free. Most enrollees pay no premium for Part A, which covers hospital care. But Medicare Part B covers outpatient care, and enrollees are charged a monthly premium.
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Another important assumption about health insurance is that it will cover every medical service you need. In fact, Medicare does not pay for many public services. Paying these costs yourself can be a huge pain.
Many seniors are surprised to learn that Medicare will not cover dental care. This means cleanings, fillings, crowns, dentures, and other common procedures will be your responsibility.
Routine vision care is another service that Medicare does not cover. If you need your vision checked, Medicare won’t pay for it, and if your prescription needs to be renewed, Medicare won’t pay for new glasses.
Finally, Medicare will not pay for hearing aids. As they age, many people begin to experience hearing loss. In addition to not covering the hearing aids themselves, Medicare typically won’t pay for the exams needed to get them fitted.
You may be disappointed and shocked to learn that Medicare does not cover dental care, eye exams, and hearing aids. But there are many Medicare Advantage plans you should know about Do These services are covered.
Medicare Advantage plans are offered by private insurance companies and must provide at least the same level of coverage as original Medicare. However, some Medicare Advantage plans offer substantial expanded coverage that provides enrollees with additional benefits beyond dental care, eye exams, and hearing aids.
However, before you sign up for a Medicare Advantage plan to cover additional services, realize that these plans have certain disadvantages. For one thing, while Medicare Advantage is often promoted as an affordable alternative to original Medicare, they don’t guarantee lower costs.
Additionally, Medicare Advantage plans limit enrollees to specific provider networks. Leaving your plan’s network could mean facing hefty fees.
Finally, Medicare Advantage plans often require prior authorization for intensive or expensive diagnostics and care. This requirement often results in delays in care.
For these reasons, don’t think it’s wise to sign up for Medicare Advantage for your dental, vision, and hearing needs. You may find that it’s better to find other ways to cover costs, whether that’s exploring alternative insurance options, putting money into a health savings account, or adding to your general retirement savings.
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Medicare won’t pay for these common medical expenses in retirement. Here’s How to Cover Them Originally published by The Motley Fool