It is believed that retirement is the time when you can finally relax and enjoy life. But health care costs can be stressful when they exceed your budget.
TD Bank reveals seven common and unexpected health care costs in retirement that you might not have considered. With careful planning, there should be no surprises on co-payments and services not covered by your insurance.
Perhaps the most important information you need to know can be found at medicare.gov, the website for the federal health insurance program for people age 65 and older. Additionally, you can take steps to prepare financially so that your retirement years can truly be golden.
Many doctors now recommend regularly taking over-the-counter supplements to address certain problems. Although Medicare Part B may pay for supplements in some cases, only a few are covered. Diagnosis of any specific medical condition is also necessary. If your doctor recommends supplements as part of your treatment plan or for general health, you may have to pay for them yourself.
It’s normal for vision to change as we age, and people 65 and older are recommended to have an eye exam at least every two years. Although Medicare Part B may cover eye exams for certain eye-related diseases and injuries, it does not cover routine eye exams. Prescription glasses and contact lenses are also not covered. If you need corrective lenses, a vision insurance policy can be purchased to help you with this expense.
Keeping teeth and gums healthy isn’t just about having a beautiful smile. Poor dental health can contribute to many medical problems, including heart disease, pneumonia, endocarditis and others.
Regular dental exams and cleanings every six months are recommended. Unfortunately, these dental visits and any dental repairs you may need are not covered by Medicare. A dental insurance policy can be purchased that covers part or all of these services.
Therapy services are sometimes necessary to help people fully recover from an injury or illness. For example, physical or occupational therapy may be needed after recovering from a fall. And speech therapy is often used to aid stroke recovery. If you need medical services and they are considered medically necessary, you may likely have to pay a 20% co-pay if you have already met your Medicare Part B deductible.
Doctor visits may become more frequent in your retirement years than when you were younger. In addition to seeing your primary care provider, you may also be referred to specialists for additional consultation and treatment.
Medicare Part B typically covers 80% of doctor visits after your deductible is met. However, if follow-up appointments are required, co-pay costs can increase rapidly. A Medigap supplemental insurance policy can be purchased to help with co-pays for doctor visits and other costs associated with your health care in retirement.
Without coverage, the cost of monthly prescription drugs can be a major expense. Although Medicare Parts A and B do not cover prescription drugs, a prescription drug plan (Medicare Part D) can be added for a monthly premium. Prescriptions purchased through Medicare Part D require a deductible and co-payment.
Medicare Part B may cover some medically necessary supplies and equipment used at home, including:
However, additional spending may be incurred on supplies that are used to increase convenience or comfort such as air humidifiers, stair lifts, and grab bars. And don’t forget, common medical supplies like bandages and gauze are not covered by Medicare.
this story was produced by td bank And reviewed and distributed by Stacker Media.
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