Question 1

When should I enroll in Medicare?

Accepted Answer

You should enroll in Medicare during your Initial Enrollment Period (IEP), which is the 7-month window around your 65th birthday (3 months before, the month of, and 3 months after). Enrolling during this window avoids late enrollment penalties. If you're still working and have employer coverage, you may be able to delay Part B without penalty.

Question 2

What is the difference between Medicare Supplement and Medicare Advantage?

Accepted Answer

Medicare Supplement (Medigap) works alongside Original Medicare  -  you keep Medicare as your primary insurance and the supplement pays the gaps. Medicare Advantage replaces Original Medicare with a private plan that often includes extra benefits but restricts you to a network. Medigap offers more flexibility; Medicare Advantage often has lower premiums.

Question 3

What does Medicare Plan G cover?

Accepted Answer

Plan G covers all Medicare cost-sharing except the Part B deductible ($257 in 2025). That means it covers the Part A deductible ($1,676 in 2025), Part A coinsurance, Part B coinsurance (20%), skilled nursing facility coinsurance, foreign travel emergency care (80%), and more. It's the most comprehensive plan available to new Medicare enrollees.

Question 4

How much does Medicare Supplement insurance cost?

Accepted Answer

Plan G premiums for a 65-year-old female non-smoker typically range from $100-$200/month depending on the carrier and state. Plan N is usually $30-$50/month less. Premiums increase with age and vary significantly by location. The best way to find your exact rate is to compare all carriers in your area  -  which Patriot Plans does for free.

Question 5

Can I be denied Medicare Supplement coverage?

Accepted Answer

Outside of your Medigap Open Enrollment Period (the 6 months after you turn 65 and enroll in Part B), you can be denied coverage or charged more based on your health history. During Open Enrollment, you have guaranteed issue rights  -  no carrier can deny you or charge you more for pre-existing conditions.

Question 6

What is the Medicare Annual Enrollment Period?

Accepted Answer

The Annual Enrollment Period (AEP) runs October 15 - December 7 each year. During this time, you can switch Medicare Advantage plans, switch from Medicare Advantage to Original Medicare, join or switch Part D drug plans, or drop a Part D plan. Changes take effect January 1.

Question 7

How much life insurance do I need?

Accepted Answer

A common rule of thumb is 10-12 times your annual income, but the DIME method gives a more precise answer: add up your Debt, Income replacement needs (years until retirement × annual income), Mortgage balance, and Education costs for children. Our free Insurance Needs Calculator walks you through this in minutes.

Question 8

What is the difference between term and whole life insurance?

Accepted Answer

Term life insurance covers you for a specific period (10, 20, or 30 years) and has no cash value  -  it's pure death benefit protection at the lowest cost. Whole life insurance covers you for your entire life, builds cash value over time, and has fixed premiums. Term is best for income replacement; whole life is better for estate planning and permanent needs.

Question 9

Can I get life insurance with health problems?

Accepted Answer

Yes, in many cases. Insurers classify applicants into risk categories  -  preferred, standard, substandard  -  and may offer coverage at higher premiums for health conditions. Some conditions (recent cancer, severe heart disease) may result in a denial. Final expense insurance and guaranteed issue policies are available without medical underwriting for those who can't qualify for traditional coverage.

Question 10

What is a life insurance beneficiary?

Accepted Answer

A beneficiary is the person or entity who receives the death benefit when you die. You can name primary beneficiaries (first in line) and contingent beneficiaries (backup if the primary predeceases you). You can name multiple beneficiaries and specify what percentage each receives. Update your beneficiaries after major life events like marriage, divorce, or the birth of a child.

Question 11

Is life insurance tax-free?

Accepted Answer

In most cases, yes. Life insurance death benefits are generally income-tax-free for the beneficiary. Cash value growth is tax-deferred. Policy loans are not taxable. However, if the death benefit is paid to an estate rather than a named beneficiary, it may be subject to estate taxes. Consult a tax advisor for your specific situation.

Question 12

What is the difference between a deductible, copay, and coinsurance?

Accepted Answer

A deductible is the amount you pay before insurance kicks in. A copay is a fixed amount you pay for a specific service (e.g., $30 for a doctor visit). Coinsurance is the percentage you pay after meeting your deductible (e.g., 20%). Your out-of-pocket maximum is the most you'll pay in a year  -  after that, insurance covers 100%.

Question 13

What is an HSA and who qualifies?

Accepted Answer

A Health Savings Account (HSA) is a tax-advantaged savings account for medical expenses. To qualify, you must be enrolled in a High-Deductible Health Plan (HDHP). Contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free. In 2025, you can contribute up to $4,300 for self-only coverage or $8,550 for family coverage.

Question 14

Can I get health insurance if I'm self-employed?

Accepted Answer

Yes. Self-employed individuals can purchase health insurance through the ACA marketplace (healthcare.gov), where you may qualify for premium tax credits based on your income. You can also deduct 100% of your health insurance premiums as a business expense. Other options include association health plans, short-term health insurance, and health sharing ministries.

Question 15

What is COBRA insurance?

Accepted Answer

COBRA (Consolidated Omnibus Budget Reconciliation Act) allows you to continue your employer's group health insurance for up to 18 months after leaving a job. You pay the full premium (what you and your employer were paying) plus up to 2% administrative fee. COBRA is often expensive but provides continuity of coverage while you find new insurance.

Question 16

Do I need disability insurance if I have workers' compensation?

Accepted Answer

Yes. Workers' compensation only covers injuries and illnesses that occur on the job. Most disabilities are caused by off-the-job accidents or illnesses (back problems, cancer, heart disease). Disability insurance covers you regardless of where or how you became disabled.

Question 17

What is own-occupation disability insurance?

Accepted Answer

Own-occupation disability insurance pays benefits if you cannot perform the duties of your specific occupation, even if you could work in another field. For example, a surgeon who loses fine motor control would receive benefits even if they could still work as a teacher. This is the gold standard for professionals and typically more expensive than any-occupation definitions.

Question 18

How much disability insurance do I need?

Accepted Answer

Most disability insurance policies replace 60-70% of your pre-disability income. This is intentionally less than 100% to maintain an incentive to return to work. To determine your need, calculate your monthly essential expenses (housing, food, utilities, debt payments) and ensure your disability coverage would cover them.

Question 19

What is supplemental insurance and do I need it?

Accepted Answer

Supplemental insurance pays cash benefits directly to you when you experience a covered event  -  hospitalization, accident, critical illness, or cancer diagnosis. These benefits can be used for any purpose: medical bills, lost income, childcare, or household expenses. You need it if your primary health insurance has high out-of-pocket costs or if a serious illness would create financial hardship.

Question 20

What is the difference between critical illness and cancer insurance?

Accepted Answer

Critical illness insurance covers a broad range of serious conditions including heart attack, stroke, cancer, organ failure, and others. Cancer insurance specifically covers cancer diagnosis and treatment. Cancer insurance typically pays higher benefits for cancer than a critical illness policy would. If cancer runs in your family, cancer insurance may be worth adding alongside a critical illness policy.

Question 21

Does supplemental insurance pay in addition to my regular health insurance?

Accepted Answer

Yes. Supplemental insurance pays benefits directly to you regardless of what your primary health insurance pays. The cash benefit can be used for anything  -  it's not tied to specific medical bills. This makes it especially valuable for covering non-medical costs like lost income, travel to treatment centers, and household expenses.

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