Suze Orman: Why Smart Seniors Should Add a Dental Savings Plan To Their Medicare Coverage
Written by
Catherine Collins
Edited by
Zuri Anderson
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Every year, millions of people use Medicare to get the healthcare they need in retirement. In fact, currently more than 66 million people are enrolled in Medicare, a federal health insurance program that offers coverage to those aged 65 and older.
However, according to a recent article by financial expert Suze Orman, there’s one critical part of healthcare that Medicare typically does not cover, and that is dental care. Dental care, especially for seniors, can be exorbitantly expensive.
Orman said paying for dental costs can cut into people’s retirement nest egg, and these bills can come as a surprise to many people who believe that they have dental care as part of their Medicare health plan.
Here’s what Orman suggests seniors purchase to get reduced dental costs during their retirement years.
Get a Dental Savings Plan (DSP)
Orman recommends that seniors enrolled in Medicare purchase a dental savings plan (DSP). A DSP, contrary to popular belief, is not dental insurance. These plans are more like a membership program that offers discounted rates on dental check-ups and procedures.
There are no spending caps, and most plans allow seniors to use them immediately. Typically, these plans start at $79 annually, according to DentalPlans.com.
While a dental savings plan won’t cover all dental costs, it can dramatically reduce out-of-pocket expenses.
Benefits of a Dental Savings Plan
The most significant benefit of getting a Dental Savings Plan is that seniors can avoid paying thousands of dollars out of pocket for dental emergencies. This can help them to protect their nest egg and preserve their retirement funds.Â
A dental savings plan also enables seniors to get the healthcare they need. Orman explains that it’s essential not to delay dental health care, as dental health is closely related to overall physical health.
Who Should Consider a DSP
People who should consider a dental savings plan are seniors without employer retiree dental coverage. Additionally, anyone on a fixed income who is delaying dental care because it’s too expensive should consider this option to save money.
Final Thoughts
Seniors need a full range of healthcare options, but as Orman points out, dental care is not often included in Medicare plans. Those enrolled in Medicare should first check whether they have any dental coverage. If they don’t, consider Orman’s advice to purchase a Dental Savings Plan to reduce out-of-pocket dental costs in retirement.
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