Medicare won’t cover this key expense, and it’s eating into retirees’ wallets
Dental costs can take a huge bite out of seniors’ finances, even if they have Medicare. In all, 65 percent of Medicare beneficiaries, or 37 million people, have no dental coverage, according to recent data from the Kaiser Family Foundation. The federal retiree health-care program doesn’t pay for cleanings, fillings, crowns or dentures — all of which are services seniors are likely to need.
Despite the hefty price tag, there’s a piece of good news about retirees’ health-care costs: They aren’t rising as quickly as they were even a few years ago. A healthy male-female couple retiring at age 65 in 2019 can expect to spend $285,000 on health-care expenses in retirement, according to Fidelity Investments’ annual analysis, released Tuesday. Broken down by gender, the estimate is $150,000 for women and $135,000 for men.
Putting those retirement plans on hold? What that means for your Medicare
Whether you’re required to sign up for Medicare at 65 even if you’re working and have access to insurance will largely depend on the size of your employer. It may make sense to enroll in Medicare and continue to maintain your coverage at work.