New to Medicare?

Medicare can feel overwhelming. First, you get tons of mail and it’s hard to discern what’s junk and what’s not. Then, you start researching and realize there’s a ton of parts and plans and letters… what does all of this really mean?

We get it.

You’re not alone – everyone feels this way when they first become eligible for Medicare. Whether Medicare is 5 years away and you’re just beginning some research or it’s time to sign up now, we can help.

This article starts at the very beginning, answering questions like "is Medicare free?" and "what's the difference between Medicaid and Medicare?" 

You can also keep reading to find out how to get started with Medicare coverage, depending on if you're retiring at 65 or plan to keep working:

New to Medicare and Retiring

If you’re new to Medicare and are retiring or are already retired, Medicare will be your new primary insurance at age 65. In fact, most individuals will sign up for Medicare around their 65th birthday.

In order to get started with Medicare, there are a few steps to take:

Step 1: Learn how Medicare works.

Medicare has several parts that are organized by letters A, B, C, and D. Learn more by clicking the Parts of Medicare link below.

Step 2: Determine when you’re eligible to sign up for Medicare.

You’re first eligible for Medicare during a 7-month window that surrounds your 65th birthday:

Begins 3 months before the month you turn 65

Includes the month you turn 65

Ends 3 months after the month you turn 65

This is called your Initial Enrollment Period. If you don’t enroll when you’re first eligible for Medicare Part B, there are penalties involved. (If you’re still working and have credible coverage, this doesn’t apply to you.)

Your monthly premium for Medicare Part B will go up 10% for every 12-month period that you could’ve been on Medicare and chose not to sign up. For example, if you wait 2 full years, your penalty is a 20% markup on the Part B premium. Remember: this doesn’t apply if you have health insurance already.

Step 3: Choose what coverage you want.

Most people will enroll in Medicare Part A no matter what, because it’s free to have if you’ve worked and paid Medicare taxes for at least 40 quarters.

If you’re still working and have health insurance, you might decide to delay getting Medicare Part B.

Working Past 65

If you decide you want Medicare Parts A and B, you have a choice to make:

You can keep your Original Medicare coverage or

You can choose a Medicare Advantage Plan (private insurance like an HMO or PPO)

There are also Medicare MSAs, a type of Medicare Advantage Plan, that come with a funded savings account you can use for medical expenses ($0 premium).

Medicare MSA

If you choose Original Medicare, we recommend adding a Medicare Supplement and a Medicare Part D drug plan.

This is not a one-size-fits-all recommendation, either. We will ask you some questions about your health and risk profile to get a feel for which route matches your wants and needs the best.

New to Medicare and Still Working

If you’re still working at age 65 – and nowadays, this is becoming more and more common – you don’t necessarily have to enroll in Medicare.

Medicare Part A is free, so there’s no harm in having it. However, when it comes to Medicare Part B, you’ll want to take a look at what it would cost you versus keeping your employer’s insurance.

Networks are also something to consider. Often times, the health insurance you currently have while employed will be network-based, whereas Medicare is accepted by about 97% of all doctors.

What we can do for you is compare your current plan to what Medicare would be. Sometimes, switching to Medicare with a supplement can save you money, especially when it comes to deductibles, copays, and coinsurance.

Choose Kamran for Your Medicare Insurance Needs

We understand just how confusing all of this Medicare business can be. For every piece of advice you read online, there’s another article telling you to do the opposite. That’s because no one's needs are exactly the same.

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How to get life insurance—tips and advice

Buying life insurance is about making sure the people who depend on you will be cared for, even if you’re not around. But how do you know how much protection you need, or which type of coverage is right for you and your family?

First time buying life insurance, Let us walk you through it

If you’ve never purchased life insurance before, there’s a good chance you have lots of questions. Fortunately, we’ve been doing this for a very long time, so we’ve put together a mini ”How-to Guide” to help you get started.

Know what you want your coverage to do

As you get started, it can be helpful to revisit the reasons why you are buying a life insurance policy. Is it to replace your income, pay off your mortgage, or create an inheritance for your loved ones? Whatever the reasons, you’ll want to keep them in mind as you select your coverage.

Figure out how much protection you need

There are plenty of formulas you can use to determine how much insurance you need. However, it often comes down to the reasons you need coverage in the first place. For example:

If you need income replacement, you can add up your annual expenses and multiply that by the number of years you have until retirement.

If you want to make sure your loved ones have enough money to pay for a wedding, go to college, take over your business, or fulfill any of your other long-term goals, you could calculate the total cost.

The number you come up with will give you a ballpark idea. But we strongly recommend reviewing your results with an experienced agent before making any decision.

Decide how much insurance you can afford

As with any major purchase, it’s important to make sure your life insurance premiums fit within your budget. Remember, some life insurance premiums increase over time, so it’s important to make sure you can afford them today—and tomorrow.

Find the right policy

Once you figure out how much coverage you'll need, you’ll need to find the right coverage. Your main options are term life, which may better fit your current budget, or whole life, for permanent coverage that also builds cash value.

Learn the lingo

With terms like "premium," "dividend," "beneficiary," and so on, understanding how life insurance works can be confusing. To help you understand this whole process, we have put together a glossary of insurance terms.

Check out the insurance provider

An insurance policy is only as good as the company that backs it, so make sure you choose a company that has a proven history of keeping its promises and is financially strong and enough to be there for you and your loved ones when needed.

If you’ve never done it before, figuring out how to purchase life insurance can be a real challenge. That’s why we encourage first-time buyers to work with an experience agent. That way, you’ll have an experienced professional to guide you along the way and make sure you have all the information you need to make the best decision. 

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