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Frequently asked questions - Medicare

When can I enroll in Medicare?

You can enroll during your Initial Enrollment Period (IEP), which starts 3 months before your 65th birthday and ends 3 months after. There are also Annual Enrollment Periods and Special Enrollment Periods.

What’s the difference between Medicare Part A, B, C, and D?

Part A: Hospital insurance

Part B: Doctor visits and outpatient care

Part C (Medicare Advantage): Private plans that bundle A, B, and often D

Part D: Prescription drug coverage

Do I need Medicare if I’m still working?

It depends on the size of your employer and your current coverage. Many delay Part B to avoid paying extra premiums.

What’s the difference between Original Medicare and Medicare Advantage?

Original Medicare is government-provided (Parts A & B); Medicare Advantage (Part C) is a private plan that may offer extra benefits like dental, vision, and hearing.

Does Medicare cover dental, vision, or hearing?

Original Medicare does not cover these services. Many Medicare Advantage plans do.

Is Medicare free?

Part A is usually premium-free if you worked 10+ years. Part B has a monthly premium. Part C and D premiums vary by plan.

What is a Medicare Supplement (Medigap)?

A Medigap policy helps cover out-of-pocket costs from Original Medicare. It can’t be used with Medicare Advantage plans.

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Frequently asked questions - Life Insurance

Do I really need life insurance?

If someone depends on your income—like a spouse, child, or aging parent—life insurance helps protect them financially if you pass away.

What’s the difference between term and whole life insurance?

Term: Temporary coverage (e.g., 10, 20, 30 years)

Whole (or permanent): Lifelong coverage with a cash value component

How much life insurance do I need?

A common rule is 10–15x your income, but it depends on your debt, income, expenses, and future needs like college for kids.

Is a medical exam required?

Many policies require one, but there are also no-exam and simplified issue policies available.

Can I get life insurance if I have health issues?

Yes, but options may be limited or premiums higher. Guaranteed issue policies are available for those with serious health problems.

Does life insurance payout get taxed?

No, death benefits are generally tax-free for beneficiaries.

Frequently asked questions - Annuities

What is an annuity?

An annuity is a financial product that provides a stream of income, typically for retirement, in exchange for an upfront payment or series of payments.

How do annuities work?

You invest a lump sum or series of payments with an insurance company. In return, you receive periodic payments starting now or later.

What types of annuities are there?

Fixed Annuity: Guaranteed return

Variable Annuity: Tied to investment performance

Indexed Annuity: Linked to market indexes with downside protection

Immediate vs. Deferred: Income starts right away or in the future

Are annuities safe?

Fixed annuities are backed by the insurance company’s financial strength. Indexed and variable annuities have more risk/reward potential.

Are annuities taxable?

Earnings grow tax-deferred. When you withdraw, the growth portion is taxed as ordinary income.

Can I withdraw money early?

Yes, but early withdrawals often come with surrender charges and tax penalties before age 59½.

Who should consider an annuity?

Those seeking guaranteed retirement income, tax deferral, or protection from market downturns may benefit.

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