Suze Orman Shares 3 Benefits To Planning for Overlooked Medicare Shortfall
Many retirees assume Medicare will cover all their healthcare expenses, or at least needs, but that assumption can lead to costly surprises. According to personal finance expert Suze Orman, one of the most overlooked gaps in Medicare coverage could cost you thousands in retirement.
The truth? Medicare does not cover most dental care, leaving retirees vulnerable to unexpected bills. Here's why failing to plan for these costs can create major financial problems, and what you can do to protect your retirement budget.
The Dental Services Medicare Doesn't Cover
In general, Medicare will not cover any dental care costs you incur. "Here's the truth that many people don't realize until it's too late: Medicare does not cover most dental care," money expert Suze Orman shared on LinkedIn.
"Original Medicare (Parts A and B) covers hospital stays, doctor visits and medical treatments. But dental? That's a different story," Orman said. "Routine cleanings, X-rays, fillings, extractions, dentures and implants are not covered. In fact, unless a dental procedure is directly tied to a covered medical service, you'll be paying out-of-pocket."
Some Medicare Advantage plans may offer limited dental benefits, but they typically won't cover your costs in full.
"Those often come with caps of $1,000 or $1,500 per year," Orman said. "That might sound helpful, until you realize one dental implant can cost $3,000 to $5,000 or more."
Why Dental Care in Retirement Is a Major Expense
Many retirees will need both routine dental care and extra treatments -- and none of this is covered by Medicare.
"The very treatments you're most likely to need as you age -- like fillings, crowns, dentures, implants or even routine check-ups -- could leave you facing bills that run into the thousands," Orman said. "And those bills [...] can devastate a retirement budget if you're not prepared."
Retirees Should Consider a Dental Savings Plan
Orman recommended enrolling in a Dental Savings Plan (DSP) to help you pay for costs not covered by Medicare.
"A Dental Savings Plan is not insurance -- and that's actually a good thing," Orman said. "Instead of paying high premiums for minimal coverage, you pay a low annual fee for access to a network of dentists who offer significant discounts on treatments."
Orman outlined three distinct advantages of DSPs:
Savings can range from 10% to 60% on everything from cleanings to dentures and implants.
There are no annual limits. Your savings won't "max out" after you hit a cap.
Plans activate quickly, so you don't have to delay care.
"With a DSP, you can protect both your health and your budget," Orman said. "No surprise bills. No annual cap to worry about. Just consistent, reliable savings when you need care most."
Caitlyn Moorhead contributed to the reporting for this article.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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