Question 1

What are my Health Insurance options if I'm not working or can't get Medicare?

Accepted Answer

If you're not working or can't get Medicare, you still have options for health insurance. Here are a few places to look:
 • Medicaid
Medicaid is a government program that provides health insurance to low-income individuals and families. If you qualify for Medicaid, you'll have access to a wide range of health care services, including doctor visits, hospital stays, prescription drugs, and more.
 • Health Insurance Marketplace
The Health Insurance Marketplace is a government-run website where you can compare and purchase health insurance plans. If you don't qualify for Medicaid, you may be able to get a subsidized health insurance plan through the Marketplace.
 • COBRA
COBRA is a federal law that allows you to continue your employer-sponsored health insurance for a limited time after you lose your job. COBRA can be expensive, but it's an option to consider if you don't have other health insurance coverage.
 • Short-Term Health Insurance
Short-term health insurance is a temporary health insurance plan that can cover you for up to 12 months. Short-term health insurance plans are typically less expensive than traditional health insurance plans, but they don't cover as many benefits.
 • Health Sharing Ministries
Health sharing ministries are non-profit organizations that provide health care coverage to their members. Health sharing ministries are not insurance companies, so they don't have to follow the same rules as insurance companies. However, health sharing ministries can be a more affordable option for some people.

Question 2

What kinds of annuities are there?

Accepted Answer

1. Fixed Annuities
 • Guaranteed Return: Fixed annuities offer a predetermined interest rate for a set period, ensuring predictable income.
 • Consistent Income: Payments remain stable, providing financial security and peace of mind.
 • Principal Protection: Your initial investment is safeguarded from market volatility.
 • Suitable For: Risk-averse individuals seeking stable retirement income and principal protection.
2. Variable Annuities
 • Market-Linked Growth: Variable annuities invest in subaccounts tied to stocks, bonds, or mutual funds, offering the potential for higher returns.
 • Fluctuating Income: Payments vary based on the performance of the underlying investments.
 • Market Risk: Principal is not guaranteed and can fluctuate with market conditions.
 • Suitable For: Investors comfortable with market risk and seeking potential for higher growth and income.
3. Indexed Annuities
 • Hybrid Approach: Indexed annuities blend features of fixed and variable annuities.
 • Minimum Guarantee: They offer a minimum guaranteed interest rate, providing downside protection.
 • Market Participation: They also offer potential for additional growth linked to a market index (e.g., S&P 500).
 • Participation Caps and Spreads: Returns may be subject to caps, spreads, or other limitations.
 • Suitable For: Individuals seeking a balance of growth potential and downside protection.
4. Immediate Annuities
 • Instant Income: Immediate annuities start paying out income immediately after purchase.
 • Lifetime Income Option: They can provide guaranteed income for life, ensuring financial security in retirement.
 • Irrevocable: Once purchased, the annuity cannot be changed or canceled.
 • Suitable For: Retirees seeking immediate and guaranteed lifetime income.
5. Deferred Annuities
 • Tax-Deferred Growth: Deferred annuities allow your money to grow tax-deferred until you start taking withdrawals.
 • Accumulation Phase: During the accumulation phase, your money is invested and can grow over time.
 • Annuitization Phase: At a later date, you can annuitize the contract and start receiving regular income payments.
 • Suitable For: Individuals saving for retirement and seeking tax-deferred growth.
Additional Considerations
 • Fees and Expenses: Annuities can have various fees, including mortality and expense charges, administrative fees, and surrender charges.
 • Surrender Charges: If you withdraw money from the annuity early, you may incur surrender charges.
 • Tax Implications: Annuity income is generally taxed as ordinary income.
 • Liquidity: Annuities can be less liquid than other investments, especially during the surrender period.
 • Inflation Protection: Some annuities offer riders for inflation protection, ensuring your income keeps pace with rising prices.
Key Takeaway

Annuities can be complex financial products. It's crucial to carefully consider your financial goals, risk tolerance, and time horizon before purchasing an annuity. Consult with a qualified financial advisor to determine if an annuity is right for you and to choose the type that best suits your needs.

Question 3

What is a fixed annuity?

Accepted Answer

A fixed annuity is a type of investment contract that provides a guaranteed rate of return over a specified period of time. The rate of return is typically set when the contract is purchased and does not change for the life of the contract. Fixed annuities can be used to provide a steady stream of income in retirement or to save for a specific goal, such as a down payment on a house or a child's education.

Should You Buy a Fixed Annuity?

Whether or not you should buy a fixed annuity depends on your individual circumstances and financial goals. Here are a few things to consider:
 • Your risk tolerance. Fixed annuities are considered to be a low-risk investment, as the rate of return is guaranteed. However, you should still consider your own risk tolerance before investing in a fixed annuity.
 • Your investment goals. Fixed annuities can be a good way to save for retirement or a specific goal. However, they are not suitable for everyone. If you need to access your money before the end of the contract term, you may have to pay surrender charges.
 • Your tax situation. Fixed annuities are taxed differently than other investments. You will not pay taxes on the earnings in your annuity until you withdraw the money. However, you may have to pay taxes on the principal if you withdraw the money before the end of the contract term.
Alternatives to Fixed Annuities

If you are considering a fixed annuity, you should also consider other investment options, such as:
 • Certificates of deposit (CDs). CDs are another low-risk investment option that offers a guaranteed rate of return. However, CDs typically have shorter terms than fixed annuities.
 • Bonds. Bonds are another relatively low-risk investment option that can provide a steady stream of income. However, bonds are subject to interest rate risk, which means that their value can decline if interest rates rise.
 • Mutual funds. Mutual funds are a diversified investment option that can offer the potential for higher returns than fixed annuities or CDs. However, mutual funds are also subject to market risk, which means that their value can fluctuate.

Question 4

What is a fixed indexed annuity?

Accepted Answer

A fixed indexed annuity (FIA) is a type of annuity that provides a guaranteed minimum return on your investment, while also offering the potential for higher returns based on the performance of a specified market index, such as the S&P 500.

FIAs are designed to provide a steady stream of income during retirement, while also protecting your principal investment from market downturns. They are often considered a safe and conservative investment option for retirees, as they offer a guaranteed minimum return and the potential for tax-deferred growth.

How FIAs Work:
 • When you purchase an FIA, you agree to invest a certain amount of money for a specified period of time, typically 5 to 10 years.
 • The insurance company that issues the FIA then invests your money in a portfolio of stocks, bonds, and other investments.
 • The insurance company guarantees that you will receive a minimum return on your investment, regardless of how the underlying investments perform.
 • In addition to the guaranteed minimum return, you also have the potential to earn additional returns based on the performance of a specified market index.
 • The amount of additional return you can earn is typically capped at a certain percentage, such as 3% or 5%.
Benefits of FIAs:
 • Guaranteed minimum return
 • Potential for higher returns based on the performance of a specified market index
 • Tax-deferred growth
 • Steady stream of income during retirement
 • Protection from market downturns
Risks of FIAs:
 • Surrender charges: If you withdraw your money from an FIA before the surrender period ends, you may have to pay a surrender charge.
 • Market risk: While FIAs offer a guaranteed minimum return, you could still lose money if the underlying investments perform poorly.
 • Inflation risk: The guaranteed minimum return on an FIA may not keep up with inflation over time.

Question 5

What to do with my retirement account when I retire?

Accepted Answer

1. Review Your Retirement Account Options
 • Identify Account Types:  Begin by listing all your retirement accounts, such as 401(k)s, traditional IRAs, Roth IRAs, pensions, and any other retirement savings plans you may have.
 • Understand Account Rules:  Familiarize yourself with the specific rules and regulations that govern each account type, including withdrawal age requirements, contribution limits, and potential penalties for early withdrawals.
 • Consolidate Accounts (Optional):  Consider consolidating similar retirement accounts to simplify management and potentially reduce fees. It is important to weigh the pros and cons of consolidation before making any changes.
2. Assess Your Financial Situation
 • Estimate Retirement Income Needs:  Calculate your estimated monthly and annual expenses in retirement. It is important to take into account factors such as housing, healthcare, transportation, food, travel, and leisure activities.
 • Evaluate Income Sources:  Identify all your potential sources of retirement income, including Social Security benefits, pensions, retirement account withdrawals, and any other income streams.
 • Create a Retirement Budget:  Develop a comprehensive retirement budget that outlines your expected income and expenses. Ensure that your income will adequately cover your needs throughout retirement.
 • Assess Risk Tolerance:  Determine your comfort level with investment risk and how much risk you are willing to take with your retirement savings.
3. Choose a Withdrawal Strategy
 • Required Minimum Distributions (RMDs):  Familiarize yourself with RMD rules, which mandate that you begin taking minimum withdrawals from certain retirement accounts at a specified age.
 • Withdrawal Options:  Explore different withdrawal strategies, such as taking regular withdrawals, systematic withdrawals (based on a fixed percentage or dollar amount), or a combination of both.
 • Longevity Considerations:  Plan for a potentially long retirement by ensuring that your withdrawal strategy will provide income for your entire lifespan.
 • Market Fluctuations:  Consider how market fluctuations and economic downturns may affect your withdrawal strategy.
4. Consider Tax Implications
 • Tax-Deferred vs. Taxable Accounts:  Understand the tax treatment of withdrawals from different types of retirement accounts, such as tax-deferred accounts (e.g., traditional IRAs and 401(k)s) and taxable accounts (e.g., Roth IRAs).
 • Tax-Efficiency:  Develop a tax-efficient withdrawal strategy that minimizes your tax liability in retirement.
 • Tax Brackets:  Consider how your withdrawals may affect your tax bracket and overall tax burden.
 • State Taxes:  Be mindful of state taxes on retirement income, which can vary depending on your state of residence.
5. Consult with a Financial Advisor
 • Professional Guidance:  Seek guidance from a qualified financial advisor who specializes in retirement planning.
 • Personalized Plan:  Work with your advisor to create a personalized retirement income plan that aligns with your financial goals, risk tolerance, and individual circumstances.
 • Regular Reviews:  Meet with your advisor regularly to review your plan and make adjustments as needed.
 • Peace of Mind:  Benefit from the expertise and support of a financial advisor to help you navigate the complexities of retirement planning and achieve financial security in your retirement.
We do not handle any investment accounts; however, we have relationships with financial advisors we trust to help our clients best meet their financial goals in their retirement years

Question 6

What are  the types of Life Insurance?

Accepted Answer

There are generally three main types of life insurance options:
1. Term Life Insurance:
    • Provides coverage for a specific period, such as 10, 20, or 30 years.
    • Typically offers lower premiums than permanent life insurance.
    • Suitable for people who need coverage for a limited period, such as while raising a family or paying off a mortgage.
2. Whole Life Insurance:
    • Provides coverage for the entire lifetime of the insured.
    • Premiums are typically higher than term life insurance but remain level throughout the policy's life.
    • Includes a cash value component that accumulates over time and can be accessed through loans or withdrawals.
    • Suitable for people who want permanent coverage and a potential source of savings.
      1. Final Expense Life Insurance
         1. Designed specifically for people aged 50 or over.
         2. Provides coverage for final expenses associated with the passing of the insured.
         3. Premiums are typically very affordable and can be tailored to meet budget.
         4. While underwriting is a factor, the terms of qualification are typically lighter than other types of life insurance.
         5. Premiums are set and never change
         6. Coverage never changes and is typically immediate unless the insured has a medical history which requires a one or two year waiting period.
3. Universal Life Insurance:
    • Offers flexible coverage and premium payments.
    • Allows policyholders to adjust the death benefit and premium payments within certain limits.
    • Includes a cash value component that can be accessed through loans or withdrawals.
    • Suitable for people who want permanent coverage with more flexibility than whole life insurance.
      1. Indexed Universal Life Insurance:
         1. Indexed universal life insurance (IUL) is just like a Universal Life policy, but differentiates in the way interest is credited to the policy. In addition to offering a traditional declared interest rate, IUL also offers the ability to earn interest that is linked to the movement of a selected stock market index over a specific period of time.
Choosing the Right Option

The best life insurance option for you will depend on your individual needs and circumstances. Consider factors such as:
 • Coverage amount needed
 • Length of coverage needed
 • Budget for premiums
 • Desire for a cash value component
 • Future financial goals
It is recommended to consult with a licensed insurance agent to discuss your specific situation and determine the most suitable life insurance option for you.

Question 7

How do Life Insurance Quotes work?

Accepted Answer

Life insurance costs can vary significantly based on a multitude of factors. Understanding these factors can help you make informed decisions when choosing a policy that suits your needs and budget.

Factors Influencing Life Insurance Costs
1. Age and Gender: Age plays a crucial role in determining premiums. Younger individuals generally enjoy lower rates due to lower mortality risk. Gender also factors in, as women tend to have longer life expectancies than men, leading to slightly lower premiums for women in some cases.
2. Health and Medical History: Your overall health and medical history are key determinants of your insurability and premium costs. Insurers often require a medical exam to assess your health. Pre-existing conditions, such as high blood pressure, diabetes, or a history of smoking, can lead to higher premiums or even denial of coverage. Maintaining a healthy lifestyle can improve your chances of securing lower rates.
3. Coverage Amount and Policy Type: The amount of coverage you choose directly impacts your premiums. Higher coverage amounts naturally translate to higher costs. The type of policy you select also plays a role. Term life insurance, which provides coverage for a specific term, is generally more affordable than whole life insurance, which offers lifelong coverage and a cash value component.
4. Term Length: For term life insurance, the length of the term you choose affects your premiums. Shorter terms typically have lower premiums than longer terms.
5. Occupation and Lifestyle: Your occupation and lifestyle choices can influence your premiums. Individuals in high-risk occupations, such as pilots or construction workers, may face higher rates. Similarly, engaging in risky hobbies like skydiving or motorcycle racing can also lead to higher premiums.
6. Family Medical History: Your family's medical history, particularly for conditions like heart disease or cancer, can sometimes impact your premiums.
7. Insurance Company and Underwriting: Different insurance companies have varying underwriting practices and pricing structures. It's advisable to compare quotes from multiple insurers to find the best rates.
Additional Considerations
 • Riders: You can add riders to your policy for additional coverage, such as accidental death or disability benefits. These riders will increase your premiums.
 • Beneficiaries: You can designate one or more beneficiaries to receive the death benefit upon your passing.
 • Policy Conversion: Some term life policies offer the option to convert to a whole life policy later, potentially at a higher premium.
Getting a Quote

To obtain a personalized quote for life insurance, you can contact a licensed insurance agent or use online comparison tools. Be prepared to provide information about your age, health, occupation, and desired coverage amount.

Remember, life insurance is a crucial financial safety net for your loved ones. By understanding the factors that influence costs and comparing quotes, you can find a policy that provides adequate protection at a price you can afford.

Question 8

When should I sign up for Medicare?

Accepted Answer

Situation One: Receiving Social Security Benefits
      If you're already receiving social security benefits, you'll likely be automatically enrolled in Medicare Parts A and B when you turn 65. Your Part B premiums will be deducted from your social security benefits. This process is generally straightforward and automatic, ensuring you have coverage when you reach eligibility.
Situation Two: Working Past 65 and Delaying Part B
      If you're working past 65 and have employer-provided health insurance, you might choose to delay enrolling in Medicare Part B. Since Part A usually doesn't have a premium and can help with group insurance claims, it can be beneficial to keep. However, you'll want to consider when to enroll in Part B to avoid late enrollment penalties and ensure continuous coverage when you eventually retire.
Situation Three: Expensive Employer Coverage and Exploring Medicare Options
      If your employer health plan is expensive or has high deductibles and out-of-pocket maximums, you might consider enrolling in Medicare and exploring options like Medicare Supplement (Medigap) or Medicare Advantage plans. These plans can offer additional benefits and potentially lower your overall healthcare costs. Comparing your current coverage to Medicare options and understanding the differences between Medicare Advantage and Medicare Supplement plans is crucial in making an informed decision.
Situation Four: Under 65 with Disability Benefits
      If you're under 65 and receiving disability benefits, you might be eligible for Medicare. This can be a valuable source of health insurance coverage for those who are unable to work and may not have other options for affordable healthcare.
Additional Considerations:
 • Initial Enrollment Period (IEP): This is a 7-month period that starts three months before your 65th birthday, includes the month you turn 65, and ends three months after your birthday. Enrolling during this period ensures you avoid late enrollment penalties.
 • Special Enrollment Period (SEP): If you're covered by employer-provided health insurance when you turn 65, you may qualify for a SEP to enroll in Medicare later without penalty.
 • General Enrollment Period (GEP): If you miss your IEP and don't qualify for a SEP, you can enroll in Medicare during the GEP (January 1-March 31 each year). However, you may face late enrollment penalties.
Seeking Guidance

Navigating Medicare options can be complex, with various plans and enrollment periods to consider. If you're unsure which path is best for you, seeking guidance from a licensed insurance agent specializing in Medicare can be beneficial. We can provide personalized advice, compare plans, and help you make informed decisions about your healthcare coverage.

Question 9

What is the difference between Medicare Supplement and Medicare Advantage Prescription Drug Plan?

Accepted Answer

Medicare supplement plans and Medicare Advantage prescription drug plans are both types of Medicare coverage that can help you pay for prescription drugs. However, there are some key differences between the two types of plans.

Medicare Supplement Plans
 • Also known as Medigap plans
 • Help pay for out-of-pocket costs associated with Original Medicare, such as copayments, deductibles, and coinsurance
 • Do not include prescription drug coverage
 • Can be purchased from private insurance companies
Medicare Advantage Prescription Drug Plans
 • Also known as Medicare Part D plans
 • Include prescription drug coverage in addition to coverage for other Medicare benefits, such as hospital and medical care
 • Can be purchased from private insurance companies
 • May have lower out-of-pocket costs than Original Medicare and a Medicare supplement plan
Which Type of Plan Is Right for You?

The best type of plan for you depends on your individual needs, budget, network and preferences. If you have high prescription drug costs, a Medicare Advantage prescription drug plan may be a good option for you. If you have low prescription drug costs, a Medicare supplement plan may be a better option.

It is highly recommended that you meet with a licensed insurance agent who specializes in Medicare and has access to multiple companies.

You can also compare Medicare supplement plans and Medicare Advantage prescription drug plans at Medicare.gov.(http://medicare.gov/)

Question 10

What does medicare cover?

Accepted Answer

Medicare, a federal health insurance program primarily for individuals 65 and older and certain younger people with disabilities, provides coverage for a wide array of medical services and supplies. Understanding what is and isn't covered is crucial for effectively managing healthcare costs and making informed decisions about supplemental coverage.

Medicare Coverage: What's Included
 • Hospital Stays: This includes inpatient hospital care, including room and board, semi-private room, general nursing, and other hospital services and supplies.
 • Skilled Nursing Facility Care: Medicare covers skilled nursing care in a skilled nursing facility (SNF) if you meet certain conditions, such as requiring daily skilled care or rehabilitation after a hospital stay.
 • Home Health Care: Medicare covers certain home health services, including part-time or intermittent skilled nursing care, physical therapy, occupational therapy, speech-language pathology, and medical social services.
 • Hospice Care: Medicare covers hospice care for terminally ill patients who have a life expectancy of six months or less. Hospice care focuses on pain and symptom management and provides support for the patient and their family.
 • Doctor's Visits: Medicare covers medically necessary doctor's visits, including office visits, hospital visits, and other outpatient services.
 • Lab Tests: Medicare covers medically necessary lab tests, such as blood tests, urine tests, and imaging tests.
 • X-rays and Other Imaging: Medicare covers medically necessary diagnostic imaging, such as X-rays, MRIs, and CT scans.
 • Prescription Drugs: Medicare Part D provides coverage for prescription drugs through private insurance plans.
 • Preventive Care Services: Medicare covers a variety of preventive care services, such as annual wellness visits, screenings, and vaccinations.
Medicare Coverage Gaps: What's Not Included
 • Long-Term Care: Medicare does not cover long-term care, such as custodial care in a nursing home or assisted living facility.
 • Dental Care: Routine dental care, such as cleanings, fillings, and dentures, is generally not covered by Medicare.
 • Vision Care: Routine vision care, such as eye exams, glasses, and contact lenses, is generally not covered by Medicare.
 • Hearing Aids: Medicare does not cover hearing aids or exams for fitting hearing aids.
 • Cosmetic Surgery: Cosmetic surgery and other procedures that are not considered medically necessary are not covered by Medicare.
 • Foot Care: Routine foot care is not covered unless it is medically necessary to treat a specific condition.
Supplemental Coverage Options

To fill the gaps in Medicare coverage, many people choose to purchase supplemental insurance, such as Medigap policies or Medicare Advantage plans. These plans can provide coverage for services that Medicare doesn't cover, such as dental, vision, and hearing care.

Key Takeaways

Medicare provides valuable coverage for a wide range of medical services, but it's essential to understand its limitations. By carefully reviewing your coverage and considering supplemental insurance options, you can ensure that your healthcare needs are met while effectively managing your out-of-pocket costs. Remember to consult with your healthcare provider and insurance advisor to determine the best coverage options for your individual needs.

Question 11

Can I Delay Enrolling in Medicare?

Accepted Answer

Yes, you can delay enrolling in Medicare past the age of 65, but it's crucial to understand the potential consequences and penalties that may apply.Key Points to Consider
 • General Enrollment Period: If you miss your Initial Enrollment Period (the 7-month period starting 3 months before your 65th birthday), you can enroll during the General Enrollment Period, which runs from January 1 to March 31 each year. Coverage will start on July 1st.
 • Late Enrollment Penalties:  Late enrollment can result in permanent premium increases for Part B (medical insurance) and Part D (prescription drug coverage). These penalties are calculated as a percentage of the standard premium and are added to your monthly premiums for as long as you have Medicare.
 • Coverage Gaps: Delaying enrollment may leave you without health insurance coverage. This could result in high medical costs if you need care during the gap period.
 • Exceptions: Some exceptions may allow you to delay enrollment without penalties. These exceptions include continuing coverage under an employer's health plan (if the employer has 20 or more employees) or having other qualifying coverage, such as COBRA or retiree health insurance.
Important Considerations
 • Individual Circumstances: Your decision to delay enrollment should be based on your individual circumstances, including your health status, current coverage, and financial situation.
 • Employer Coverage: If you're still working and covered by your employer's health plan, you may be able to delay enrolling in Medicare without penalty. However, it's important to check with your employer and understand how your coverage coordinates with Medicare.
 • Prescription Drug Coverage: If you delay enrolling in Part D (prescription drug coverage), you may face a late enrollment penalty. This penalty is added to your monthly premium for as long as you have Part D coverage.
 • Financial Assistance: If you have limited income and resources, you may be eligible for financial assistance with Medicare premiums and costs.
Seek Guidance

It's highly recommended that you consult with a Medicare advisor or Social Security representative to discuss your options and make an informed decision about your Medicare enrollment. They can help you understand the rules, evaluate your situation, and determine the best course of action for your healthcare needs and financial situation. Remember, delaying enrollment can have significant consequences, so it's essential to weigh the pros and cons carefully before making a decision.

Question 12

What is  the Late Enrollment Penalty?

Accepted Answer

A late enrollment penalty is a financial consequence imposed on individuals who fail to enroll in Medicare Part B (medical insurance) when they first become eligible. This penalty is calculated as a percentage increase on the standard Part B premium and is incurred for each 12-month period that an individual could have had Part B coverage but chose not to enroll. This additional cost is added to the monthly Part B premium and remains in effect for as long as the individual has Part B coverage.

Understanding the Penalty Calculation

The specific penalty amount is determined by taking 10% of the standard Part B premium for each full 12-month period that an individual was eligible for Part B but did not have coverage. For example, if an individual was eligible for Part B for two years but did not enroll, they would face a 20% increase on their Part B premium (10% for each year). This penalty is not capped and can accumulate over time, leading to significant additional costs for those who delay enrollment.

Eligibility and Enrollment Periods

Medicare Part B eligibility typically begins at age 65, but individuals may also become eligible earlier due to certain disabilities. The initial enrollment period (IEP) is a seven-month window that includes the three months before, the month of, and the three months after an individual's 65th birthday. If an individual does not enroll during this period and does not qualify for an exception, they may have to wait until the general enrollment period (GEP), which runs from January 1 to March 31 each year, and their coverage will not start until July 1.

Exceptions to the Penalty

There are certain situations where an individual may be exempt from the late enrollment penalty. The most common exception is if an individual has creditable coverage from another source, such as an employer-sponsored health plan or a spouse's plan. This coverage must be considered as good as or better than Medicare Part B, and it must be maintained without any gaps. If this coverage is lost, the individual must enroll in Part B during a special enrollment period (SEP) to avoid the penalty.

Importance of Timely Enrollment

Timely enrollment in Medicare Part B is crucial to avoid unnecessary costs and ensure access to essential medical services. The late enrollment penalty can result in a substantial financial burden, especially for those on fixed incomes. By understanding the eligibility requirements, enrollment periods, and exceptions to the penalty, individuals can make informed decisions about their Medicare coverage and avoid costly mistakes.

Question 13

How can I reach Medicare or get information from them?

Accepted Answer

The official Medicare website, Medicare.gov, stands as the most reliable and comprehensive source of information about Medicare. It offers detailed guidance on eligibility requirements, the range of benefits covered, associated costs, and the enrollment process. Additionally, it provides contact information for local Medicare offices and access to a plethora of tools and resources designed to assist beneficiaries, such as the Plan Finder tool to compare Medicare plans in your area and the "What's covered" app for quick access to coverage information.

Beyond the official website, other valuable sources of Medicare information include:
 • 1-800-MEDICARE: This helpline provides direct access to Medicare representatives who can answer questions and provide assistance with enrollment, claims, and general Medicare inquiries. They can also mail you printed copies of Medicare publications and connect you with local SHIP counselors.
 • State Health Insurance Assistance Programs (SHIPs): These programs offer free, personalized counseling and assistance with Medicare enrollment, benefits, and navigating the complexities of Medicare plans. SHIP counselors are trained and unbiased, providing objective guidance to help you make informed decisions about your Medicare coverage.
 • Medicare publications: Medicare.gov provides a range of publications, including the "Medicare & You" handbook, which offers detailed information about Medicare plans, benefits, and costs. You can also find publications on specific topics, such as preventive services, prescription drug coverage, and long-term care.
 • Trusted healthcare providers and insurance agents: Your doctor, nurse, or other healthcare providers can be a valuable source of information about Medicare and how it relates to your specific healthcare needs. Licensed insurance agents who specialize in Medicare can also provide guidance and assistance with Medicare enrollment and plan selection. However, it's important to remember that agents represent specific insurance companies and may have a financial incentive to enroll you in their plans.
It's important to note that while there are many sources of Medicare information available, it's crucial to rely on trusted and reputable sources to ensure accurate and up-to-date information. Be wary of unsolicited offers or advice, especially those that come through phone calls, emails, or door-to-door solicitations. Always verify information with official Medicare resources before making any decisions about your Medicare coverage. Remember, Medicare will never call or visit you uninvited to sell you anything or ask for your personal information.

Additionally, be cautious about sharing your Medicare number with anyone other than your doctor, pharmacist, or other trusted healthcare providers. Scammers may try to use your Medicare number to fraudulently bill Medicare for services you didn't receive. If you suspect Medicare fraud, report it immediately to 1-800-MEDICARE or the Office of the Inspector General.

Question 14

How should I plan for final expenses?

Accepted Answer

The topic of final expenses is an unfortunate one, but it's also an unavoidable reality. The costs associated with dying are substantial, regardless of an individual's financial situation.

Over the years, I've heard many reasons why people don't plan for these expenses, but I don't find them entirely convincing.

Many people rely on employer-provided life insurance and delay purchasing individual coverage. However, this group life insurance usually isn't portable, meaning it cannot be taken with you if you leave the company due to layoff, retirement, or resignation. Even if it is portable, the premiums can become exorbitantly expensive after leaving the company.

So what to do….

We advise our clients to purchase permanent life insurance to cover their final expenses.Final Expense Life Insurance is the product we most frequently recommend. It is designed for individuals 50 and over who need coverage for a traditional burial, cremation, or memorial service and have not yet purchased life insurance.

We work one-on-one with our clients to determine the best coverage amount based on their individual needs and budget.

Research indicates a significant discrepancy between public perception and the actual cost of Final Expense Life Insurance. We've found that most people tend to overestimate the expense by roughly three times the actual cost.

To put it in perspective, our average monthly premium comes in at around $60. While some clients may pay slightly more or less depending on their specific needs and circumstances, we ensure that the cost always stays within a manageable budget.

Our commitment is to provide affordable coverage that aligns with your financial capabilities, offering peace of mind without straining your resources.

Insurability is another factor that often causes our clients to delay applying for coverage. While this type of insurance does require you to be insurable, the specific requirements vary by company.

For example, some companies may decline coverage for individuals being treated for diabetes, while others will provide coverage as long as there are no additional comorbidities or diagnoses, such as neuropathy or retinopathy.

As your representatives, our role is to consult with you on coverage and premium options, and then match you with the company that offers the highest likelihood of acceptance and the lowest possible premiums.

If you have already purchased life insurance, it is still crucial to review your existing coverage with a trusted representative. Due to the multitude of life insurance policies available, with each having unique terms and conditions, it is essential to have someone you trust to provide an honest and transparent explanation of your coverage.

Final Expense policies provide a guaranteed payout upon death, regardless of your age or how long you live after purchase. Plus, the coverage is typically immediate - depending upon health history and current medications- and the premiums remain the same throughout the life of the policy.