- Medicare doesn’t cover prescription drugs – Although Medicare doesn’t provide any coverage for outpatient prescription drugs, there is something you can do. You can buy a separate part D prescription drug policy that does cover it or a Medicare Advantage plan that covers medical and drug costs, but also some prescription drugs as well.
- Medicare doesn’t cover long-term care – Unfortunately, Medicare doesn’t cover one of the largest potential expenses in retirement, which is long-term care. To better understand the costs of this service, the median cost of a private room in a nursing home was $105,800 in 2020. Medicare covers some skilled nursing services, but not custodial care as well. But if you want, you can buy long-term care insurance to take care of your custodial care.
- Medicare doesn’t cover deductibles and co-pays – So, let’s recap: Medicare Part A covers hospital stays, and Part B covers any doctor service and outpatient care. In 2022, you’ll have to pay $1,556 before coverage kicks in, which is a Part A deductible. So, it’s important to remember that over your lifetime, Medicare will only help you for a total of 60 days over the 90-day limit. This is called a “lifetime reserve day”, and whatever comes after that, you’ll pay for yourself.
- Medicare doesn’t cover most dental care – Anything related to routine dental visits, such as teeth cleanings, fillings, dentures, or most tooth extractions, isn’t covered by Medicare. Even so, there are some Medicare Advantage plans that might cover some basic cleanings and X-rays, but to receive that, you’ll have to pay an annual coverage cap of $1,500.
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