Morningstar Expert Advises Retirees on Managing Dental Costs

Christine Benz, director of personal finance and retirement planning at Morningstar, advises retirees to proactively plan for dental care expenses because Medicare generally excludes this coverage except during specific emergency hospitalizations.

Benz identifies three primary strategies for managing these costs: purchasing stand-alone dental insurance, enrolling in Medicare Advantage plans, or paying out of pocket. She warns that stand-alone insurance often includes waiting periods and restrictive annual caps, while Medicare Advantage plans can limit provider choices and require referrals.

For retirees with sufficient assets, Benz suggests self-funding dental care through Health Savings Accounts (HSAs) to maintain more control and potentially achieve better value than paying insurance premiums. She cautions against allowing ancillary benefits like dental coverage to become the primary factor when deciding between traditional Medicare and Medicare Advantage plans.