FAQS

We suggest you start the process 6 months before turning 65.

• Turning 65, you can sign up 3 months before, the month of, and 3 months after the month you turn 65.
• Retiring and coming off of a group plan, you have 8 months to enroll.
• Over 65 and 3 months and not on a group plan, you can apply during Medicare open enrollment, Jan 1st through March 31st and it will start July 1st.

• No, if you are covered by a credible coverage, typically someone’s current employment group plan, with more than 20 employees. If you are happy with your current coverage you do not have to sign up for Part A or B, but you may want to.
• Yes, if you don’t have group coverage through current employment, or if you work for a company with less than 20 employees. You'll want to consider signing up for both.
• Every situation is different. It would depend on a variety of variables, such as but not limited to your current coverage options, other people affected by your decision, the medicines you take, contributing to an HSA, etc.

• No, if you have credible coverage. Basically, if you are currently employed and/or covered by a currently employed spouse's group insurance plan you will not be penalized.
• Yes, if you don’t have group coverage through current employment. If you have an individual plan like the Affordable Care Act, or if you don’t have insurance at all then you will want to sign up for both A and B to avoid any future penalties. You would also want to sign up if you plan on being on a retiree group plan or Cobra for over 8 months after retiring.

• No, if you have creditable drug coverage through a currently employed group insurance plan.
• Yes, if you don’t have credible drug coverage through a current employer or Veterans Affairs (VA) and you want to avoid a penalty in the future.

• Turning 65 and currently collecting Social Security, you will be automatically enrolled in both Part A and B. Your card should show up about 3 months before your birthday. If you don’t want Part A or B for some reason, then mail it back in the provided envelope.
• Turning 65 and not collecting Social Security and don’t plan on doing so, you can fill out an application online, you can go to the Social Security department, or you can contact us. We can come to your home first to help you decide if you should sign up, and then to start the sign-up process. We will also show you your Medicare insurance options and help you pick the best plan for you.
• Over 65 and coming off a group plan you will need to take the IRS form L564 to your employer benefits person and have them fill out and sign their portion. You then need to take that form to your local Social Security department and clearly articulate when you want your Part B to start.

• Part A: Covers inpatient hospitalization, skilled nursing, home health services, and hospice.
  Part B: Covers medical procedures and tests, doctors’ appointments, ER visits, preventive services, and durable medical equipment, to name a few.
  Part C: Also referred to as Medicare Advantage. 
  Part D: The Rx or Prescription drug plan.
• Place a link here to Medicare Plan Page

• A Medicare deductible is the amount you are responsible for before Medicare pays its 20%. These deductibles are annual.
• Part A: Hospital deductible is $1,632.
• Part B: Medical deductible is $240 annually.
• Part C: Medical Deductible varies on plans and the Prescription deductible is $0 -$545.?These deductibles will vary among carriers and programs; however, the prescription drug deductible cannot exceed $545 and typically does not apply to generic medicines.
• Part D: The Prescription deductible is $545 annually.

• Medicare only + Part D Prescription Drug Plan (PDP)
• Medicare + Medicare Supplement / Medigap+ Part D (PDP)
• Medicare Advantage / Part C

• A Medicare deductible is the amount you are responsible for before Medicare pays its 20%. These deductibles are annual.
• Part A: Hospital deductible is $1,632.
• Part B: Medical deductible is $240 annually.
• Part C: Medical Deductible varies on plans and the Prescription deductible is $0 -$590.?These deductibles will vary among carriers and programs; however, the prescription drug deductible cannot exceed $590 and typically does not apply to generic medicines.
• Part D: The Prescription deductible is $590 annually.

• How old you are when you buy the policy
• The maximum amount that a policy will pay per day
• The maximum number of days (years) that a policy will pay
• The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
• Any optional benefits you choose, such as benefits that increase with inflation

Life insurance gives you peace of mind that the people you love will be cared for upon your death. You pay a monthly or annual premium to an insurance company, and in exchange the company pays a tax-free lump sum of money to your beneficiary if you die while the policy is active. You can customize your life insurance policy to fit your family’s needs by choosing the type of policy you buy, the number of years you want it to last, and the amount of money paid out. Think of it as A “Love Letter” to those left behind showing you cared enough to plan.

• Co-signed debt, including student loans
• Mortgages
• College expenses for your kids
• Living expenses for your family
• Home labor expenses (cooking, cleaning, etc.)
• Burial expenses
• Estate taxes that your heirs must pay for other assets
• Medical expenses
• Charitable contributions

Term life insurance: These policies last for a specific number of years and are suitable for most people. If you don’t die within the time frame specified in your policy, it expires with no payout. It’s often the most affordable, and it's sufficient for most people.

Universal Life: A type of permanent life insurances. It combines a savings component (cash value) with lifelong protection.

Whole life insurance: These policies last your entire life and usually include a cash value component, which you can withdraw or borrow against while you’re still alive. It’s typically more expensive than term life.

Immediate Annuity: Annuity that begins paying income to you soon after you buy it. Immediate annuities provide a guaranteed income stream for life, but they do not offer annuity withdrawals for regular liquidity. Annuitized payments do not offer withdrawals either. This means that once you start receiving payments from an immediate annuity, you cannot stop or change the amount you receive.

Deferred Annuity: Annuity that begins at a later date of your choosing. They have an accumulation period and a payout period. During the accumulation period, the value of your annuity changes based on the type of annuity. During the payout period, the annuity makes income payments to you. Once you deposit money into the annuity plan, you generally don't have easy access to those funds. If you want to cancel the contract and take back the money you put in, there will be surrendering penalties.

Fixed Annuities: A type of insurance contract helping to protect against loss and generally offering fixed rates of returns-based o your contribution amount.

You will usually pay a premium every month for health coverage, and you may also have to meet a deductible each year. A deductible is the amount you owe for covered health care services before your health insurance or plan begins to pay. The deductible may not apply to all services. Your out-of-pocket costs for services may include coinsurance(set % amount) or copayment(set $ amount). Your plan will have a maximum out of pocket amount for in and out of network services. However, if you get care from a provider out of the plan’s network you may have to pay a bigger share of the bill.