Are You Prepared for These Four Senior Healthcare Expenses?


You probably already know that footing the bill for healthcare as a senior can become expensive. Adults over age 65 pay hundreds of dollars each month on Medicare premiums.

What you may not know is that Medicare won’t even cover all your health needs. There are other things you have to pay for out-of-pocket that can put quite a dent in your savings if you aren’t prepared.

Here are four expenses you should think about as you save for retirement.

1. Long-Term Care

Long-term care includes nursing aides and nursing homes, and it’s a major concern for seniors. Nearly three-quarters of them will require long-term care in their lifetime. That may not mean living in a special care facility; it encompasses other types of ongoing care you may need.

Medicare doesn’t cover custodial care required by aging vs. medical conditions. Custodial care means day-to-day tasks such as bathing, making dinner, getting dressed and so on. Medicare will cover the cost of care if you require it for a medical reason, like recovering from surgery. The older you get, the more likely you are to need the non-medical custodial care.

2. Dental Care

Did you know that basic Medicare doesn’t cover dental services? Many people find this surprising since dental care is such a necessary part of growing older. Without proper dental care, you can develop problems that impact other areas of your life, such as heart disease or pneumonia.

Cavities, root canals and dentures cost a lot, but you also need to cover regular preventative care — that is, six-month checkups.

One way to plan for dental care is to enroll in a Medicare Advantage program, which does cover dental care. You can talk to Jay about your best options.

3. Vision Care

Your eyesight tends to get worse as you age. Alas, Medicare doesn’t cover basic eye care, such as checkups or new eyeglasses. It will cover some eye problems, though, including surgery or care related to:

  • Eye trauma

  • Cataracts

  • Glaucoma

Surgery to correct vision related to these problems may also be covered, though it’s not if it’s unrelated to such a condition.

4. Hearing Services

Many people over 65 need hearing aids, even if their hearing has been practically perfect their entire lives. Medicare doesn’t cover hearing aids, which can cost thousands of dollars. But a Medicare Advantage plan might. You have to weigh the benefits of paying more for monthly care vs. how much a hearing aid would cost.

Plan for Your Healthcare Future Today

Now that you know what you’ll need to cover, it’s time to start planning. Here are some things to keep in mind:

  • Healthcare costs tend to rise every year, so allow for this inflation as you plan

  • Women spend more than men — because they live longer, so they accrue more lifetime costs

  • Medicare will not pay for all your healthcare costs in retirement

Jay can assist you with planning for these expenses and more in retirement. Get in touch with him today to schedule a consultation.

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