The Medigap open enrollment period can have a big impact on the cost of your supplemental coverage. designer491/Getty Images

Inflation has been climbing and remains above the Federal Reserve's 2% target right now. As a result, Americans are continuing to feel the pinch of higher prices , particularly older adults. Rising costs for essentials like healthcare, housing, gas and groceries have left many retirees struggling to make ends meet. One of the biggest expenses for seniors is healthcare, and those costs are rising faster than inflation. According to the latest Consumer Price Index report, medical care costs have increased by 3.4% over the past 12 months, while inflation across all items rose by 2.9%.

Amid this economic environment, it's hardly surprising that many seniors are

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