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Planning Beginner: Introduction to Medicare

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1.
Medigap policies help pay Medicare coinsurance, copayments, deductibles, and a portion of basic living expenses.
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False. These policies help pay coinsurance, copayments, and deductibles, but not living expenses.
2.
What is the income limit on which Medicare tax is paid?
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There is no limit. Unlike the Social Security tax, there is no ceiling on the income on which the Medicare tax is paid.
3.
What is the risk of buying a Medigap policy after the open enrollment period for it has ended?
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The insurance company is allowed to charge you more if you have health problems. This is why it is best to buy during open enrollment.
4.
When does open enrollment for Medigap normally begin?
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The month you turn 65 and are enrolled in Medicare Part B. It automatically begins then.
5.
Medicare Part D covers _______.
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Prescription drugs. Part D helps cover the cost of outpatient prescription drugs through private insurance plans.