Many people do not fully understand what Medicare and life insurance are or how they work. This is partly because both are somewhat complex, and partly because they are both very flexible type and offer many. Many people do fully understand what Medicare and life insurance are or how they works. This is partly because both are somewhat complex, and partly because they are both very flexible type and offer many. Read on for answers to common questions about life insurance and Medicare and how you can take steps to protect your loved ones in the future.



Medicare doesn’t cover everything.

Medicare helps you get the coverage you need, but you should expect to pay some of the costs. If you choose Medicare Part A and Part B, you’ll find gaps in the coverage. Many people enroll in a Medicare Advantage, Part D Prescription Drug and/or a supplemental plan to help pay for the costs and benefits that aren’t covered by Original Medicare.

  • Medicare Part C (Medicare Advantage plans) covers all the services that Parts A and B cover.
    • Part C may also include prescription drug coverage, as well as vision, hearing and dental coverage, and preventive services.
  • Medicare Part D plans help with prescription drug costs.
  • Medicare Supplement Insurance plans (Medigap) help cover some of the costs that

Parts A and B don’t cover. As you get ready to join Medicare, it helps to know a little about when you become eligible for Medicare and who handles the paperwork when you join.

It’s easy to know if you’re eligible.

If you’re turning 65, you have an opportunity to enroll in a Medicare plan. You can enroll three months before the month you turn 65, the month of your birthday and three months after. If you wait to enroll in a plan, there is a chance you’ll have fewer plan choices, and you may have to pay more.

When are you eligible?

  1. You are eligible for Medicare if
  2. 1. You’re 65 or older, or have a qualified disability.
  1. 2. You’re a U.S. citizen or legal resident for five consecutive years.

Your plan choices don’t have to be permanent.

If your health care needs change over time. So will the health plans you want to choose. You’re not locked into one plan permanently. You’ll have an opportunity to change plans at least once a year.

Here are some things to know about the “age 65” rule.

  • Even if you’re already collecting Social Security, you must wait until you’re 65.
  • You must be 65. Your spouse’s age doesn’t count.
  • Even if you’re not collecting Social Security yet, you’re eligible at age 65.

If you have questions about when you will be eligible for Medicare, visit, or call your local Social Security Administration office for more information.

Who does the paperwork?

The Social Security Administration handles most of the paperwork for joining Medicare. The first letter you get in the mail about Medicare will probably come from Social Security. If you’re drawing Social Security benefits when you turn 65, Social Security will automatically enroll you in Medicare Part A and Part B.

Social Security can also help you find out if you’re eligible for extra help with the cost of Medicare coverage.

What happens to the health coverage I have now?

As you make your decisions about Medicare, keep your current health coverage in mind. This could be retiree health coverage from your former employer or your union, if you’ve retired.

If you’re still working, you may have health coverage from your current job. Or you may have purchased your own health insurance.

You’ll need to find out whether you can keep any coverage you currently have, and what your costs might be. You may have more choices available to you than the standard choices described in this guide.

Explore your options with someone who’s familiar with the details of the coverage you have now. If it’s coverage from an employer or a union, you can start with a human resources manager or a benefits specialist. Or talk to customer service at the insurance company that provides the plan. Do your research well. In some cases, if you keep your current coverage and wait until later to join Medicare, you may have fewer choices and pay more.

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What is the difference between Whole Life Insurance and Term Life Insurance?

Any form of life insurance provides beneficiaries with an ongoing source of income in the event of the breadwinners passing. Highlighted below are the differences between Whole Life Policies and Term Life Policies.

    Whole Life Insurance   Term Life Insurance
Coverage Period  Lifetime Coverage Preset coverage period, typically 10, 15, 20 or 30 years
Premiums Premium amount is set for the lifetime of the insured Premium amount is guaranteed for the policy term selected
Cash Value Many policies generate a cash value which can be utilized during the lifetime of the insured Cash values are not available
Flexibility Can't be amended if your coverage needs change When your coverage needs adjust, your coverage amount or term length can too.

What is Term Life Insurance?

Term life insurance is the most affordable way to protect your family's financial security if something happens to you. It replaces your income and helps ensure that the ones who depend on you can support themselves in your absence.

Term Life insurance provides coverage for a specific period of time. Because you only pay for the coverage for as long as you need it, term insurance is considered more affordable than whole life insurance.

Who can buy term life insurance?

Most people between the ages of 18 and 80 can purchase term life insurance. It's possible for cancer survivors, diabetics and individuals who take medications for cholesterol, blood pressure and other conditions to obtain coverage.

How does term life insurance work?

You can purchase term life insurance for 10, 15, 20 or 30 years. As long as you pay your premiums on time, your policy will remain active. If something happens to you while the policy is active, your beneficiary will receive a death benefit for the amount of the policy.

Why are so many online quotes inaccurate?

Many instant online quotes are not accurate because they're based on very little personal information. Your health history and a number of personal factors are utilized to produce more accurate quotes. This is why it is important to speak to a licensed professional. Different companies have different prices and also can specialize in favorable rates for different risks.