More than 68 million Americans depend on Medicare for their health insurance. However, Medicare doesn’t cover everything. To fill in coverage gaps and protect both your health and your finances, you may need other insurance policies other than Medicare.
Prescription Drug Coverage
Original Medicare does not provide prescription drug coverage. If you’re in Original Medicare, you can buy a Medicare Part D plan to secure prescription drug coverage. If you’re in a Medicare Advantage plan, it likely provides prescription drug coverage.
Dental Insurance
Original Medicare doesn’t cover most dental services. In some cases, dental services may be covered because they are tied to covered medical treatments and considered medical necessary, for example, if you need dental care as part of your cancer treatment. However, if you need a routine cleaning, a filling, a tooth extraction, dentures or other types of dental care, you likely won’t have coverage under Original Medicare. Some Medicare Advantage plans provide dental coverage. Otherwise, you can consider purchasing a standalone dental insurance policy.
Vision Insurance
Under Original Medicare, and specifically under Medicare Part B, you are entitled to a glaucoma screening every 12 months if you’re considered high risk. People with diabetes are also eligible for covered eye exams to test for diabetic retinopathy. However, Original Medicare doesn’t cover routine eye exams, contacts or glasses.
Some Medicare Advantage plans cover eye exams and glasses or contacts, or you can consider purchasing a standalone vision insurance plan.
Long-Term Care Insurance
The Administration for Community Living says that most Americans aged 65 or older will need long-term care services at some point. Long-term care refers to assistance with daily tasks like eating, dressing and bathing. Although Original Medicare provides limited coverage for skilled nursing care after a hospital stay, it does not provide coverage for long-term care.
Some Medicare Advantage plans may offer some long-term care benefits, but this is likely limited. Many seniors end up relying on Medicaid to cover the costs of assisted living or nursing home care. You can also purchase a long-term care insurance policy or a hybrid life insurance policy with long-term care benefits.
Medicare Supplemental Insurance
Under Original Medicare, enrollees typically have a 20% copay for doctor services and durable medical equipment. There are also charges for inpatient hospital stays. In 2025, there’s no charge for the first 60 days (after the deductible is paid), but the cost for days 61 to 90 is $419 per day, and the cost for days 91 to 150 is $838 per day if you’re using your lifetime reserve days. After that, you pay all costs.
Many health insurance plans have an out-of-pocket maximum, but Original Medicare does not. If you get very sick and you only have Original Medicare, you could end up owing tens of thousands of dollars.
If that sounds scary, you have a couple of options. One option is to stay in Original Medicare and purchase a Medicare Supplement Insurance plan, commonly known as Medigap. You’ll have to pay a premium, but the supplemental policy will cover many of your out-of-pocket costs and make your expenses more predictable.
The other option is to switch to a Medicare Advantage plan. These plans are offered by private health insurance companies, and the premiums and copays vary. You may also have to deal with networks and pre-authorization requirements. However, the upside is that many Medicare Advantage plans provide additional benefits, and they come with an out-of-pocket maximum.
Life or Final Expense Insurance
Many people buy life insurance when they have young children. However, there are other reasons to own life insurance, and even retirees can benefit from this coverage.
For example, if you help provide care for a spouse, relative or friend, securing life insurance is one way to ensure that this person continues to receive care after you’re gone. You can also use a life insurance benefit as a tax-savvy way to leave a legacy to heirs or even a charity of your choice.
Even if you don’t think you need a big policy, you might consider purchasing a final expense policy. These life insurance policies usually provide payouts of around $10,000 to $25,000 and are intended to cover funeral and other final expenses.
Are You Covered?
You may not need every type of insurance listed here. You can decide to cover some costs out of pocket, or you may have a coverage from another source, such as retiree benefits from an old job. The important thing is to know what’s covered under Medicare – and what isn’t covered – so you can make realistic financial plans.
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