Frequently Asked Questions

Medicare Advantage (Part C) is an all-in-one plan from a private carrier that replaces Original Medicare and often bundles prescription, dental, and vision coverage — usually with a network of doctors. A Medicare Supplement (Medigap) works alongside Original Medicare to pay the deductibles, copays, and coinsurance Medicare leaves behind, and lets you see any provider in the U.S. that accepts Medicare. They serve the same goal but in very different ways.

Your Initial Enrollment Period (IEP) is a 7-month window around your 65th birthday — the 3 months before, the month of, and the 3 months after. There's also an Annual Enrollment Period each year from October 15 to December 7 when you can change plans for the following year, plus Special Enrollment Periods triggered by life events like moving or losing employer coverage.

Yes. You can change Medicare Advantage and Part D plans every year during the Annual Enrollment Period (Oct 15 – Dec 7). Medicare Advantage members also get a one-time switch during the Medicare Advantage Open Enrollment Period (Jan 1 – Mar 31). Medicare Supplement changes can usually happen any time, but you may need to answer health questions outside of your initial 6-month open enrollment window.

Original Medicare doesn't cover most routine dental, vision, or hearing care, long-term custodial care, cosmetic surgery, or care received outside the United States in most cases. Some of these gaps can be filled with a Medicare Advantage plan, a Medicare Supplement, or supplemental coverage.

Original Medicare (Parts A and B) doesn't cover most outpatient prescriptions. You'll need a stand-alone Medicare Part D drug plan or a Medicare Advantage plan that includes drug coverage (called MAPD). We compare formularies against your specific medication list so there are no surprises at the pharmacy.

Medicare Part A is hospital insurance. It covers inpatient hospital stays, skilled nursing facility care, hospice, and some home health care. Most people pay no premium for Part A because they (or a spouse) paid Medicare taxes while working.

Medicare Part B is medical insurance. It covers doctor visits, outpatient care, preventive services, lab work, and durable medical equipment. Part B has a standard monthly premium that's set by the government and can be higher for high-income earners.

Medicare Part D is prescription drug coverage. It's offered by private insurance companies and can be added to Original Medicare or bundled into a Medicare Advantage plan. Each plan has its own formulary (list of covered drugs), so the right plan depends on the medications you actually take.

Most people pay $0 for Part A. Part B has a standard monthly premium set annually by the government (with higher premiums for higher incomes). On top of that, you may pay a premium for a Medicare Advantage plan, a Medicare Supplement, or a Part D plan — these vary by carrier, zip code, and the level of coverage you choose.

Missing your Initial Enrollment Period can trigger lifetime late-enrollment penalties for Part B and Part D, and you may have to wait for the General Enrollment Period (Jan 1 – Mar 31) to sign up. If you had qualifying coverage from an employer, you may be eligible for a Special Enrollment Period without penalty. We help clients sort this out every week.

With Original Medicare and most Medicare Supplements, no referral is needed — you can see any specialist who accepts Medicare. With Medicare Advantage HMO plans, referrals are often required. PPO Advantage plans usually don't require referrals but may cost more out-of-network.

Original Medicare doesn't cover routine dental cleanings, fillings, dentures, eye exams for glasses, or hearing aids. Many Medicare Advantage plans include some dental and vision benefits, and stand-alone dental/vision plans are available as supplemental coverage.

A common starting point is 10 to 12 times your annual income, but the right amount depends on your mortgage, your kids' education plans, your spouse's income, and how long you want the coverage to last. We walk through it together — no spreadsheets required.

Yes, in most cases. Different carriers underwrite differently — some are more lenient with diabetes, heart conditions, or mental health history than others. As an independent agency, we shop your application to carriers that look favorably on your specific situation.

Term life covers you for a set number of years (typically 10, 20, or 30) at a lower price — ideal for income replacement and mortgage protection. Permanent life (whole or universal) lasts your entire life as long as premiums are paid and builds cash value you can borrow against. Many families combine both.

Long enough to cover your biggest financial obligations. If your youngest is 5 and you want coverage until they finish college, a 20-year term is a fit. If you've got 25 years left on your mortgage, look at 25 or 30 years. We help match the term length to your actual goals.

Whole life is a type of permanent life insurance with a fixed premium, a guaranteed death benefit, and guaranteed cash value growth. Premiums are higher than term, but the coverage lasts your entire life and the cash value can be used during retirement or in an emergency.

Most policies pay out for any cause of death once the contestability period (usually the first two years) has passed. Within the first two years, the insurer can investigate the application for misrepresentation. Suicide is typically excluded during the contestability period as well. Honest, accurate applications are critical.

You name beneficiaries directly on the policy application — typically a primary beneficiary (who receives the payout) and a contingent beneficiary (who receives it if the primary has passed). You can name people, trusts, or charities, and you can update beneficiaries anytime as life changes.

Yes. Many people stack policies — for example, a large 20-year term policy to cover income and a smaller whole life policy for final expenses or legacy planning. Carriers will look at your total coverage when underwriting, but multiple policies are completely normal.

It can be. Even single adults often want coverage for final expenses (so family isn't stuck with the bill), to pay off co-signed debts, to leave a legacy, or to lock in low rates while young and healthy in case dependents come later.

With term life, the policy lapses and coverage ends — often after a 30-day grace period. With whole or universal life, the built-up cash value may keep the policy in force for a while, and you may have options to reduce coverage rather than lose it entirely. Reach out before you cancel — there's almost always a better option.

An annuity is a contract with an insurance company. You put in a lump sum (or a series of payments), and in return the carrier promises future income — either for a set number of years or for the rest of your life. Annuities are designed to turn savings into reliable retirement income.

Yes — it's one of the biggest risks in retirement. Strategies that include guaranteed lifetime income (like an income-rider annuity or a deferred income annuity) are specifically designed to make sure a check keeps showing up no matter how long you live.

Common approaches include shifting a portion of your portfolio to principal-protected products like fixed or indexed annuities, building a cash bucket for short-term needs, and using guaranteed income to cover essential expenses so market downturns don't force you to sell at a loss.

A fixed annuity pays a guaranteed interest rate for a set period — similar in concept to a CD, but issued by an insurance company and usually tax-deferred. Your principal is protected, and you know exactly what you'll earn.

An indexed annuity (sometimes called a Fixed Indexed Annuity or FIA) credits interest based on the performance of a market index like the S&P 500, with a cap or participation rate. You can participate in market gains without exposing your principal to market losses.

The earlier the better — but it's almost never too late. In your 20s and 30s, focus on saving consistently and taking advantage of employer matches. In your 50s and 60s, the focus shifts from accumulation to income planning, tax strategy, and protecting what you've built.

A common rule of thumb is 70% to 80% of your pre-retirement income annually, but the real answer depends on your lifestyle, healthcare costs, debts, and how much guaranteed income (Social Security, pensions, annuities) you'll have. We build a personalized retirement income plan rather than relying on rules of thumb.

A fixed annuity guarantees your principal and a stated interest rate. A variable annuity invests your money in market-based sub-accounts — you get more growth potential but also market risk and typically higher fees. Indexed annuities sit in between, offering market-linked growth with principal protection.

Start by mapping your essential monthly expenses, then cover those first with guaranteed sources — Social Security, pensions, and lifetime-income annuities. Use the rest of your portfolio for growth and flexibility. The goal is to make sure your needs are met no matter what the market does.

You can claim as early as 62, at full retirement age (66–67), or as late as 70. Waiting boosts your monthly benefit by about 8% per year past full retirement age, but the right answer depends on your health, marital status, other income sources, and tax picture. We help clients model the trade-offs.