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Q&A: "If You're Over 65 and Covered by Medicare, Does That Mean You Don't Have to Worry About Health Expenses in Old Age?"

Healthcare & Medicare

Question: 

If you're over 65 and covered by Medicare, does that mean you don't have to worry about health expenses in old age?

Answer: 

I wish I could give you that peace of mind, but unfortunately no. While Original Medicare (Parts A & B) covers a lot, it by no means covers everything.

You'll still have to pay deductibles, copayments, and coinsurance amounts...and these can vary depending on the benefit period. You'll also have certain limits and maximum payouts to contend with. Plus there are certain services that aren't covered, such as:

  • most dental care and dentures
  • eye exams for glasses prescriptions
  • hearing aids
  • routine foot care
  • long term care (custodial in nature)
  • many prescription drugs (if you don't also have Medicare Part D)

To help fill the "gaps" in coverage, many seniors will buy a Medicare Supplement ("Medigap") policy in addition to their Medicare Parts A, B & D coverage, or a Medicare Advantage plan with broad coverage and an annual out-of-pocket maximum for covered expenses. 

Here's a helpful link to Medicare.gov's page on What's Not Covered by Part A & Part B?