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Planning Beginner: Introduction to Medicare

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1.
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.
2.
Medicare Part D covers _______.
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Prescription drugs. Part D helps cover the cost of outpatient prescription drugs through private insurance plans.
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.
Medigap policies _______ cover your share of costs under other health coverage policies.
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Do not. Medigap policies do not cover them.
5.
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.