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.
• The Medicare General Enrollment Period is the yearly chance (Jan 1–Mar 31) for people who missed signing up for Medicare Part A or B to enroll. Coverage starts the next month, and late penalties may apply.

• No, if you have creditable 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 fewer than 20 employees. You’ll want to consider signing up for both.
• Every situation is different. It depends on a variety of variables, including your current coverage options, other people affected by your decision, the medicines you take, and whether you contribute to an HSA.

• No, if you have creditable 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, you will want to sign up for both Part A and B to avoid future penalties. You should also consider signing up if you plan to be 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 creditable 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 arrive about 3 months before your birthday. If you don’t want Part A or B for some reason, follow the instructions provided with your card.
• Turning 65 and not collecting Social Security and don’t plan on doing so, you can fill out an application online, visit your local Social Security office, or contact us. We can come to your home to help you decide if you should sign up, start the sign-up process, review your Medicare insurance options, and help you pick the best plan for you.
• If you are over 65 and coming off a group plan, you will need Form CMS-L564, the Request for Employment Information, completed by your employer. Take the completed form to your local Social Security office and clearly explain when you want your Part B coverage to start.

What is Form CMS-L564?

Form CMS-L564 is a Medicare employer verification form completed by an employer to confirm:

• The applicant had current employment-based group health coverage.
• The start and end dates of that coverage.
• Whether the employer is a large group health plan, which is important for disabled beneficiaries.

• 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 prescription drug plan.

• A Medicare deductible is the amount you are responsible for before Medicare pays its 20%. These deductibles are annual.
• Part A: Hospital deductible is $1,736.
• Part B: Medical deductible is $283 annually.
• Part C: Medical deductible varies by plan, and the prescription deductible is $0–$590. 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.

Awaiting Medicare Updates

• How old you are when you buy the policy.
• The maximum amount that a policy will pay per day.
• The maximum number of days or 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, such as cooking and cleaning.
• 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 option and is sufficient for many people.

Universal life: A type of permanent life insurance. 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: An annuity that begins paying income to you soon after you buy it. Immediate annuities can provide a guaranteed income stream for life, but once payments begin, you generally cannot stop or change the amount you receive.

Deferred annuity: An annuity that begins at a later date of your choosing. It has an accumulation period and a payout period. During the accumulation period, the value changes based on the type of annuity. During the payout period, the annuity makes income payments to you. Access to funds may be limited, and surrender charges may apply if you cancel the contract.

Fixed annuities: A type of insurance contract designed to help protect against loss and generally offering a fixed rate of return based on 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 (a set percentage amount) or a copayment (a set dollar amount). Your plan will have a maximum out-of-pocket amount for in-network and out-of-network services. However, if you get care from a provider outside the plan’s network, you may have to pay a larger share of the bill.