Most Popular FAQ's: Medicare, Life Insurance, and Retirement Planning

Many are interested in the same questions or concerns just like you.

The top asked FAQ’s are below.

Medlock and Associates’ FAQ questions can help speed up the process to helping YOU achieve YOUR goals quicker!

Most Common FAQ

Can I gather all the information myself and do it all on my own?

Although not entirely impossible, it is advisable to have a team of specialized experts to work by your side through the entire Medicare, Life Insurance, or Retirement process.  We have access to all the current information, which can include a broader spectrum of choices available to you.  Don’t miss out on potential savings or overpay for the same high quality product you are looking for.

Do you charge a fee for your services?

No. We get paid directly by insurance companies, just as if you were to call them directly.  The difference is we are contracted by many insurance companies that offer that same products at a different price.  We are able to customize plans specifically for you and speed up the whole Medicare process by saving you time and money.

How can I make sure I can trust you?

In order to be contracted with insurance companies, you have to undergo various background checks, hold licenses and yearly training in the states you do business.  Licenses can also be verified by the Sate Department of Insurance website pertaining to the state you live in. 

What type of payment is accepted?

All insurance companies offer their preferred forms of payment.  Most common include Electronic Bank Draft, Credit/Debit Card, or check/money order (this option could have fees or restrictions).  Some companies are more flexible than others.  We never take payment from you- it goes directly to the insurance company you do business with.

Is my information safe?

We take regulations and guidelines to protect the privacy of our clients, contractors, and business very seriously.  We take all measures necessary to ensure your information and privacy are always protected. 

How do I register for Medicare Part A & Part B?

Some individuals will automatically be enrolled in Medicare Part A and B, while others may elect to delay their benefits until a later date.  It also depends whether you are getting Social Security Benefits.

There are several ways you can enroll.  The most common way is to contact your local Social Security Administration Office, make an appointment, and have them start the enrollment process. Other ways:

Does a more recognized company name pay better than a lesser known name company?

No.  All Medicare Supplement plans are standardized with same standard benefits based on plan letter.  All companies pay the same based on same standard plan benefits for a Medicare Supplement. There are other factors that can weigh your decision when choosing the right plan and company.

Are plan prices the same with all companies?

No.  All companies can charge different prices for the same plan.  Price can also vary per state.  There are also other factors that can weigh your decision when choosing the right plan and company.  Price isn’t always everything. 

What type of payment is accepted?

All insurance companies offer their preferred forms of payment.  Most common include Electronic Bank Draft, Credit/Debit Card, or check/money order (this option could have fees or restrictions).  Some companies are more flexible than others.  We never take payment from you- it goes directly to the insurance company you do business with.

When can I change a medicare supplement plan?

Medicare Supplement Plans can be changed all year long.  When changing plans after your initial enrollment, health questions and prescriptions check is performed.  All companies have different qualification guidelines. 

What if I enroll in a plan and then i am not satisfied with it?

Your plans can always get reviewed.  A 30-Day free look period is standard on all insurance policies.  If health conditions permit, you can always switch to another plan and company.  Most people tend to stay in their plans for a few years before they want a new recommendation. 

What is OEP or Open Enrollment Period?

Open Enrollment Period runs from January 1st through March 31st annually.  Medicare Beneficiaries currently enrolled in a Medicare Advantage plan can:

  • Can drop Medicare Advantage Plan and return to Original Medicare
  • Enroll in a stand-alone Prescription Drug Plan or Cancel plan
  • Change to another Medicare Advantage Plan

What is AEP or Annual Enrollment Period?

Annual Enrollment Period runs from October 15 through December 7th annually.  Medicare Beneficiaries can:

  • Make plan changes to stand-alone prescription drug plans, or enroll in a plan if you don’t have one   
  • Leave a Medicare Advantage Plan and return back to Original Medicare
  • Change Medicare Advantage Plan

What is IEP or Initial Enrollment Period?

IEP happens when you become eligible for Medicare due to age.  It is a seven-month period where  you have the time to elect and enroll in the plan of your choice.  IEP runs three months before, the month of, and three months after your 65th birthday.  

 

What is a SEP or Special Election Period?

Special election periods are granted during certain applicable circumstances.  One may be that you delayed your Part B because you were still working at the age of 65 and had health insurance through your employer that was equally as good as Medicare’s coverage or better. 

Is life insurance expensive?

There are various types of life insurance products available in today’s competitive market. Life insurance products range in price based on what you are looking for , need, and health condition if applicable.  However, you can save money on the same or similar products with different insurance companies. 

Do I need life insurance if i have a policy from work?

Some employers offer life insurance where they pay for it, a portion of it, or you may pay for it at a lower group cost.  However, many times policies through an employer can have restrictions or limitations. 

For example:

  • You may lose your policy if you quit, get fired, or retire.
  • You may have the option to keep your life insurance policy after you retire, but it is no longer offered at a group price and only at the age you are currently at.
  • You may have a term life insurance policy that goes up every so often to the point where you can no longer afford it.
  • Some employer policies only pay if you die at work, business related death, or during business hours.
  • Some employers only offer life insurance if you meet a certain quotas or goals and you can lose it at any give moment if you do not meet standards.

Regardless if you have a policy from work, it is always advised to review your policy contract to know the terms and get an outside policy in the event you lose the coverage. It is always good to have extra insurance during your prime working years. 

What IF, I don't think I need life insurance or believe in it?

Although you have every right to not have any life insurance or believe in it, there are many factors to consider that can affect what happens after your death.

  • Any debt you have can carry over to your family members.
  • Having a family that needs and counts on you to be the provider.
  • Your income may be lost if you are a single-income home, a single-parent, or a couple who rely on both incomes.
  • You may not have enough money in your checking, savings, or retirement accounts to last a while when the worst happens.
  • There could be someone in your household that is disabled or who needs your help and medical assistance.

The list goes on and on of factors that can greatly impact whether you need a life insurance policy and how much of it you need.

Can I make more money if I leave it in a Savings Account?

Although that is an option, the interest rate in a Savings Account are very low to non-existent.

How can I make more interest on my money without any risk?

There are many retirement vehicles available that give you the gains of the stock market but not the loses. 

What type of retirement accounts are available?

There are various types of investment options. 

Some include:  401K, 403B, Traditional IRA, Roth IRA, TSP, SEP, Annuity, and many more. 

It depends what type of work you are retiring from. 

Every FAQ Matters

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