Medigap Enrollment Window: Key Facts for 65-Year-Olds

The Medigap Open Enrollment Period is a six-month timeframe starting at age 65, during which insurers are required to sell any Medigap policy without denying coverage based on health. Original Medicare does not have an annual out-of-pocket cap, exposing retirees to high costs like a $1,736 Part A deductible. Once this enrollment window closes, individuals cannot switch plans without potential penalties or high premiums, a critical issue highlighted by a 67-year-old who faced a threefold increase in her premium after a cancer diagnosis. This information is vital for retirees to avoid significant financial impacts related to healthcare coverage.