When planning for your retirement budget, don\’t forget to factor in healthcare expenses. You will need to pay for monthly premiums, yearly deductibles, and co-pays for various medical services, treatments, and medications. However, some services may not be covered at all, so you should plan ahead to be able to pay for them.
Original Medicare does not cover routine dental care such as check-ups, cavity fillings, or root canals. However, you can purchase a separate dental coverage plan to supplement your existing policy. If you sustain an eye injury or contract an eye disease, Medicare will cover the treatment. Unfortunately, Original Medicare does not cover routine vision exams or corrective lenses such as glasses or contacts.
If you thought that Medicare would cover treatments for your feet, you may be surprised to learn that it does not. To learn more about your coverage for podiatry services, you should speak to your podiatrist and/or your plan\’s customer service team. Hearing aids are another important item that is not covered by Medicare; however, many types of hearing aid can now be purchased over the counter, making them much more affordable if you pay out-of-pocket.
Cosmetic surgery is sometimes covered by Medicare if it is needed to reconstruct an area of the body after an illness or injury. However, it is typically a service that you will need to pay for yourself. If you become ill or suffer an injury while abroad, Medicare will not cover the medical bills. However, if you have enrolled in a Medigap plan, it may be able to help with the costs.
It\’s important to be aware that Medicare coverage for long-term nursing care is very limited and only applies to short stays in rehab facilities. Before you plan your retirement budget, make sure to research all of your options, including long-term care insurance, Medicaid, or self-paying. If you need help deciding, our licensed insurance agents are available for free, no-obligation assistance.