Senior couple doing the income tax declaration online goodluz / Shutterstock

The annual open enrollment period for Medicare runs from Oct. 15 through Dec. 7, and millions of Americans age of 65 or older will sign up for the first time or shop around for new coverage.

As with all insurance policies, you should have a clear understanding of the terms -- because, like other insurance, Medicare has quite a few restrictions on what it will pay for.

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