Understand the Limits of Medicare to Effectively Plan for Retirement

The founder and a managing partner of Bergen Financial Group, Darcy Bergen has experience in trust management and wealth-transfer strategies. A member of the Million Dollar Round Table, Darcy Bergen delivers experienced financial advice to high-net-worth individuals who are planning for retirement. As you reach age 65 and become eligible for Medicare, it’s important to know in advance the limits of the government health plan, so you can plan accordingly.

​First, enrollees must pay a Medicare premium, which is deducted from their Social Security benefits. In addition, Medicare Parts A and B do not cover vision care, eyeglasses, hearing aids, dental care, foot care, or long-term care. In addition, the benefits for physical, occupational, and speech therapy are limited. Consult an advisor about planning for these healthcare costs according to your individual needs. Options may include purchasing a Medicare Part C, Medigap, a hybrid long-term care policy, or another healthcare plan to ensure you have coverage for necessary vision, hearing, dental, and physical therapy services.