Helpful Info
MEDICARE
Who qualifies for Medicare?
Medicare is health insurance for people 65 or older. You may be eligible to get Medicare earlier if you have a disability, End-Stage Renal Disease (ESRD), or ALS (also called Lou Gehrig’s disease).
How do I apply?
You will apply through Social Security.
If you apply to start getting retirement benefits from Social Security (or the Railroad Retirement Board) at least 4 months before you turn 65, you’ll automatically get Part A (Hospital Insurance) and Part B (Medical Insurance) when you turn 65.
If you want to get Medicare when you turn 65, but aren’t planning to take retirement benefits at that time, you’ll need to sign up for Medicare.
What if I am still working?
Depending on your work situation and if you have health coverage through your employer, you may want to wait to sign up for Medicare. Some take Part A of Medicare and opt out of Part B until they decide to retire and no longer have their employer insurance. Others decide to sign up for both parts, drop their employer coverage and enroll into a Medicare Advantage plan or Medicare Supplement/Part D.
How much does it cost for Part A & B?
Part A: $0 for most people (because they or a spouse paid Medicare taxes long enough while working - generally at least 10 years). If you get Medicare earlier than age 65, you won’t pay a Part A premium. This is sometimes called “premium-free Part A.”
Part B: $174.70 each month for 2024 (or higher depending on your income). The amount can change each year. You’ll pay the premium each month, even if you don’t get any Part B-covered services.
Is there additional insurance that I can apply for to help with my Medicare out of pocket costs?
Yes. We are here to go over those coverage options with you. This will be based on your needs. There is not a one plan fits all. We will do a needs analysis to ensure that we find the plan to provide the coverage and benefits that you are looking for.
When can I make changes to my Medicare coverages?
Oct 15th- Dec 7th (Annual Enrollment Period)
Anyone on Medicare can make changes to their coverages. Changes you make during this open enrollment go into effect on Jan. 1, 2025.
Outside of this you would need a special enrollment period to make changes to your coverages. Get with us to see if you may qualify for a special enrollment period.
Important Links
https://www.medicare.gov/ (where you can find additional info on Original Medicare and how it works)
https://www.ssa.gov/medicare/sign-up (where you can apply for Medicare)
https://www.ssa.gov/medicare/part-d-extra-help (where you can apply for Extra Help to help lower your prescription drug costs- this is income based)
https://www.yourtexasbenefits.com/Learn/Home# (where you can apply for Medicaid/Medicare Savings Program-this is income based)
https://cdn.wacobaptists.org/wacobaptists.org/content/uploads/2019/04/11131210/Food-Pantry-2018-revised-3.19.19.pdf (food pantry list)
Medicare & You 2025 Book: https://www.medicare.gov/publications/10050-medicare-and-you.pdf
MARKETPLACE HEALTH INSURANCE
What is Marketplace Health insurance?
A service that helps people shop for and enroll in health insurance. The federal government operates the Health Insurance Marketplace.
Can I get help paying for my Marketplace health insurance plan premium?
When you apply for individual and family coverage through the Health Insurance Marketplace, you’ll provide income and household information. You’ll find out if you qualify for:
Premium tax credits and other savings that make insurance more affordable
Coverage through the Medicaid and Children’s Health Insurance Program (CHIP) in your state
LIFE INSURANCE
What is Term Life insurance?
Term life provides coverage for a set term or specific amount of time. They usually vary between 10 and 30 years long. If the policyholder passes away during that specified period, your beneficiary will receive the payout. Term life insurance usually costs less because it is only for a set number of years. After the term you can reapply for another term or convert your policy to a whole life if you decide to. It does not have a cash value.
What is Whole Life insurance?
Whole life provides coverage for your entire life. Typically, whole life insurance costs more. It serves as an investment because it grows a cash value. The premiums will not change throughout the course of your life and the death benefit is certain.