My dad called me up earlier this year to explain a new law in Kentucky that ended up saving him a huge chunk of change — more than $3,000 this year alone. Kentucky is the latest state to enact a Medicare “birthday rule” law (also called a “birthday law”), and while they’re not simple, these rules can make a big difference in your health care costs.
While Medicare covers health care services like hospital stays, doctor visits and surgeries, once you reach your deductible, you’re on the hook to pay out of pocket for additional coverage. Medicare Supplemental Insurance, or Medigap, can help defray those out-of-pocket costs. These private insurance plans help Medicare enrollees pay for health care that isn’t covered by original Medicare.
Medicare participants can purchase Medigap insurance during a six-month period after they enroll in Medicare Part B. After that enrollment period,…
