It's not ideal to drive it with +5V. Putting a 1k or so resistor between the TX of the Arduino and RX of the Bluetooth module would help, though a potential divider circuit (say 1.5k from Arduino to Bluetooth RX and 3.3k from Bluetooth RX to ground) would be a better approach.
There are many simple voltage divider circuits out there, including ones using a diode and resistor amongst other things. Given that the serial is relatively slow (9600 baud) any of these will work.
For Bluetooth TX to Arduino RX you shouldn't need anything.