As you head into retirement you may be looking forward to more time with your family, or traveling, or investing significant time in your hobby. What you may not be looking forward to are navigating health issues in a new system. If you retire after you qualify for Medicare – a government program designed for the 65-plus – you may be surprised to learn it does not cover routine dental care or more complex dental procedures. In fact, only 40% of those over 65 currently have dental insurance. So, what should you do if you plan to retire soon?
First, before you retire schedule a visit to your dentist. Do this months prior to leaving employment so you can schedule any needed procedures before your dental insurance runs out. If you have already retired, don’t worry. A small number of retirees still have access to their dental insurance from the previous employer. Many times this is dependent upon the industry and any pension of long-term health benefits typically negotiated by a union.
While traditional Medicare doesn’t cover dental services; Medicare Advantage does. Unlike traditional Medicare, these plans are offered through private insurance companies and many times offer additional services like dental or eye insurance. Since these plans actively compete against each other for customers, it is easy to find plans that fit your changing needs as you head into retirement. It is important to remember to enroll in Medicare in the seven months surrounding your 65th birthday. If you don’t enroll in that time frame, you may be subject to higher rates. If you enroll in a plan that you don’t like, or want to choose a plan that offers additional benefits like dental, open enrollment happens annually from October 15-December 7.
In addition to dental plans included in Medicare, retirees can also choose to purchase individual commercial plans through groups like the AARP. Premiums for private plans can be quite reasonable – sometimes as little as $15 a month. However, it is important to read your policy carefully since many of the protections offered by group dental plans are nonexistent in the individual market. This could include being subject to waiting periods before an insurer pays for a major procedure and over caps on yearly spending by the provider. Not being aware of these provisions could lead to high out of pocket costs for the retiree.
For many low income seniors and retirees, even $15 a month is too steep. If you qualify, Medicaid may cover some dental services. Since Medicaid is a joint federal and state program, states decide which extra benefits to offer. Unfortunately, not all states offer dental insurance to adult enrollees.
Finally, most retirees pay for their dental care completely out of pocket. While this may be the only option for some individuals, it can come at a high cost. In 2012, Americans 65 and older paid $870 out of pocket in dental costs. For example, the average crown procedure can run you almost $3,000 in some places in the country. These large out of pocket costs contribute to the nearly 34% of seniors who have not seen in a dentist in at least two years or 22% who haven’t seen one in more than five years.
Research has shown a direct correlation between poor oral health and an increased prevalence of heart disease and diabetes. Maintaining good oral health is vitally important as you enter your senior years. If you are thinking about retiring or are concerned about losing your dental insurance, meet with your dentist to discuss options and to create a plan to ensure the health of your mouth is taken care of.
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