Becoming Medicare-eligible is a significant milestone for many Americans, but it’s important to keep in mind that Medicare isn’t without flaws. Anticipating your healthcare needs as you get older and understanding the coverage options available will have a significant impact on your long-term financial well-being.
Your healthcare needs are unique, and there’s no such thing as a one-size-fits-all Medicare or private insurance plan. We’ll help you assess your Medicare options and determine if you need additional coverage through private or employer-provided insurance.
It may not seem obvious at first, but your Medicare choice is a major element of your financial plan. Even if you’re generally healthy today, unexpected events could result in huge medical costs and derail your financial plan if you don’t have the appropriate insurance coverage in place. Ask yourself some basic questions to determine your Medicare and health insurance needs.
Medicare Parts A and B don’t provide coverage for prescriptions, so you’ll need to take out Part D coverage, which comes with a higher premium.
Medicare doesn’t cover most dental care, so you’ll likely have to take out a separate private dental insurance plan.
Medicare doesn’t cover exams related to obtaining prescription glasses or hearing aids, so you’ll need to supplement Medicare with private insurance for these services.
Medicare and most private insurance plans have very limited coverage for long-term care services such as assisted living, in-home nursing, memory care, and homemaker assistance. A private long-term care plan will help you cover these costs.