Welcome to our FAQ page! We’ve compiled answers to commonly asked questions about Medigap, Medicare Advantage, ACA, ICHRA, Whole Life Insurance, and Long-Term Care Insurance. If you need more information or have specific questions, feel free to contact us.

Medigap (Medicare Supplement Insurance)

1. What is Medigap? Medigap is a type of supplemental insurance sold by private companies that helps cover costs not paid by Original Medicare (Part A and Part B). This includes copayments, coinsurance, and deductibles.

2. How does Medigap differ from Medicare Advantage? While Medigap supplements Original Medicare by covering additional costs, Medicare Advantage (Part C) replaces Original Medicare and often includes additional benefits like vision and dental care.

3. Can I use Medigap with a Medicare Advantage plan? No, you cannot use Medigap with Medicare Advantage. Medigap is only for those enrolled in Original Medicare. If you switch to Medicare Advantage, Medigap coverage will end.

4. Are Medigap plans standardized? Yes, Medigap plans are standardized into 10 different plans (A, B, C, D, F, G, K, L, M, N) that are uniform across insurers, though premiums and additional services may vary.

Medicare Advantage (Part C)

1. What does Medicare Advantage cover? Medicare Advantage plans combine the benefits of Medicare Part A (hospital insurance) and Part B (medical insurance). Many plans also include prescription drug coverage (Part D), and additional benefits like dental and vision care.

2. How do I choose between Medicare Advantage and Original Medicare? Choosing between Medicare Advantage and Original Medicare depends on your healthcare needs, budget, and preferences. Medicare Advantage may offer additional benefits and cost limits, while Original Medicare provides a more traditional coverage structure.

3. Can I switch from Medicare Advantage to Original Medicare? Yes, you can switch during specific enrollment periods, such as the Annual Enrollment Period (AEP) or Special Enrollment Periods (SEPs). Be aware of the timing and potential changes in coverage.

Affordable Care Act (ACA)

1. What is the ACA? The Affordable Care Act (ACA) is a federal law that aims to increase health insurance coverage, lower costs, and improve healthcare quality. It includes provisions for individual and family health insurance plans and subsidies based on income.

2. How do I apply for health insurance under the ACA? You can apply through the Health Insurance Marketplace at Healthcare.gov or your state’s exchange. You may also qualify for Medicaid or the Children’s Health Insurance Program (CHIP) based on your income.

3. What are subsidies and how do they work? Subsidies, or premium tax credits, are financial assistance provided to lower-income individuals and families to reduce the cost of health insurance premiums. Eligibility is based on your income and household size.

Individual Coverage Health Reimbursement Arrangements (ICHRA)

1. What is ICHRA? ICHRA (Individual Coverage Health Reimbursement Arrangement) allows employers to provide employees with a fixed monthly allowance to reimburse for individual health insurance premiums and other qualified medical expenses.

2. How does ICHRA benefit employees? Employees can choose their own health insurance plans and use the allowance to cover premiums and out-of-pocket costs. This offers greater flexibility and personalized coverage.

3. Can employers customize ICHRA plans? Yes, employers can customize ICHRA plans to fit different employee categories, set spending limits, and determine the types of expenses eligible for reimbursement.

Whole Life Insurance

1. What is whole life insurance? Whole life insurance is a type of permanent life insurance that provides coverage for the insured’s entire lifetime, as long as premiums are paid. It also includes a cash value component that grows over time.

2. How does whole life insurance differ from term life insurance? Whole life insurance provides lifelong coverage and builds cash value, while term life insurance covers a specific period and does not accumulate cash value. Whole life tends to have higher premiums compared to term life.

3. Can I borrow against my whole life insurance policy? Yes, you can take a loan against the cash value of your whole life insurance policy. However, unpaid loans and interest will reduce the death benefit.

Long-Term Care Insurance

1. What does long-term care insurance cover? Long-term care insurance helps cover costs for services that assist with activities of daily living (ADLs) or care for chronic conditions, such as in-home care, assisted living, or nursing home care.

2. When should I consider purchasing long-term care insurance? It’s best to consider purchasing long-term care insurance in your 50s or 60s, before you need care. Premiums are generally lower when you’re younger and in good health.

3. How do I choose the right long-term care insurance policy? Consider factors such as coverage options, benefit amounts, inflation protection, and your personal health needs. Our agents can help you compare policies and find the best fit for your situation.

If you have additional questions or need personalized assistance, don’t hesitate to reach out to our team. We’re here to help you navigate your insurance options and find the coverage that best meets your needs.