With Medicare Part A & Part B (also known as Original Medicare) you are covered for about 80% or less of your medical services(1). The purchase of a Medicare Supplement or Medigap policy will help fill these gaps as well as the Part A & B deductibles which are not covered by Medicare. Many people think that all their bases are covered at that point, but that is often not the case. The following are 4 important expenses that are not covered by Original Medicare.
1. EYES: Routine eye exams, glasses (frames/lenses) and contact lenses
2. TEETH: Routine dental exams, cleaning, minor and major services.
3. Long Term Care (LTC): Original Medicare covers the first 20 days for skilled nursing care. A Medicare Supplement will pay for days 21-100, but that is it. Should you require a stay longer than 100 days, ALL additional expenses must be paid out of your pocket.
4. FINAL EXPENSES: Medicare will not cover the cost of a funeral and burial.
If you are curious to see the out-of-pocket expenses associated with these services; do a quick Google search. An annual eye exam can cost $100 or more. That amount quickly increases if you require glasses and/or contact lenses. Routine dental exams and cleanings could run you around $100 or more every 6 months. If you want a comprehensive exam including x-rays that number can easily double. A nursing home cost can vary depending on the facility and quality of care needed. An average facility can easily cost more than $200/DAY or $86,764 annually(2). Final expenses like a funeral and burial also carry a hefty price tag of $7,000-$10,000 even if you choose to be cremated.
As you can see these 4 expenses that Medicare does NOT cover can prove to be very costly. In retirement a large unexpected bill can throw off any budget and destroy a retirement plan. Eye care and/or dental care be added to existing insurance portfolios. Long Term Care or Short-Term Care Insurance can help with nursing home bills when funds are needed to pay nursing home or home healthcare, but this type of coverage must be obtained prior to needed it as with life insurance or burial policies cover final expenses. Consider these 4 costly expenses that are not covered by Medicare to save your family from the financial strains that these expenses can cause. Give us a call at 847-697-0104 so you can be sure that you and your family have all your bases covered!
Associate General Agent