8. Prescription Drugs

Prescription Medication

You’ll have to purchase a separate policy to cover prescription drugs. A Part D prescription drug policy (purchased separately) covers the expense of prescription pharmaceuticals. At the time you sign up for Medicare, you can choose to enroll in Medicare Advantage or Part D to cover your prescription expenses.

7. Long-Term Care

Nursing Homes

Sadly, long-term care is expensive for seniors. Many will end up in a nursing home, which costs up to $100,000 per year. Medicare does cover skilled nursing, but it does not cover custodial care.

6. Dental Care

Dentists

Medicare does not offer coverage for routine dental care. Some Medicare Advantages do provide some care. However, it has an annual coverage cap that is usually set at $1,500. You can also purchase separate dental insurance policies to cover expenses or enroll in a dental discount plan to save money. Other options include saving money in a health savings account.

With a health savings account, you can use the money tax-free for any dental or medical expenses. However, please be aware that once you sign up for Medicare, you can no longer make any contributions to your HSA.

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