Medicare & Insurance Resources — FAQ | Haan Group

Question 1

When can I enroll in Medicare?

Accepted Answer

Most people become eligible for Medicare at age 65. Your Initial Enrollment Period (IEP) is a 7-month window — it starts 3 months before the month you turn 65, includes your birthday month, and ends 3 months after. Enrolling during this window helps you avoid late enrollment penalties.

Question 2

What's the difference between Medicare Advantage and Original Medicare?

Accepted Answer

Original Medicare (Parts A and B) is the federal program that covers hospital stays and outpatient care. Medicare Advantage (Part C) is an alternative offered by private insurance companies — it must cover everything Original Medicare covers, but often includes extras like dental, vision, and hearing. The right choice depends on your health needs, preferred doctors, and budget.

Question 3

What does Medicare Part D cover?

Accepted Answer

Part D is prescription drug coverage. It's offered through private insurance companies approved by Medicare. If you don't enroll when first eligible and don't have other creditable drug coverage, you may face a late enrollment penalty that adds to your monthly premium permanently.

Question 4

What is a Medigap (Medicare Supplement) plan?

Accepted Answer

Medigap plans are sold by private insurers to help cover costs that Original Medicare doesn't pay — like copayments, coinsurance, and deductibles. They work alongside Original Medicare (not Medicare Advantage). There are standardized plan types (Plan G, Plan N, etc.) that offer the same benefits regardless of which insurer you buy from.

Question 5

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 between Original Medicare and Medicare Advantage, change your Medicare Advantage plan, or join, switch, or drop a Part D drug plan. Changes take effect January 1.

Question 6

Who is Marketplace insurance for?

Accepted Answer

The Health Insurance Marketplace (also called the Exchange) is for people who don't have coverage through an employer, Medicare, or Medicaid. It's a good option if you're self-employed, between jobs, or your employer's plan is too expensive.

Question 7

What is a premium tax credit?

Accepted Answer

A premium tax credit is a subsidy that lowers your monthly insurance premium. Your eligibility is based on your household income and size. Many people are surprised to find they qualify — even at moderate income levels. An independent broker can help you estimate your subsidy before you enroll.

Question 8

When can I enroll in a Marketplace plan?

Accepted Answer

Open Enrollment typically runs November 1 – January 15 each year. Outside of that window, you can only enroll if you have a qualifying life event — like losing job-based coverage, getting married, having a baby, or moving. These trigger a Special Enrollment Period (SEP).

Question 9

What's the difference between Bronze, Silver, Gold, and Platinum plans?

Accepted Answer

These metal tiers describe how costs are split between you and your insurer. Bronze plans have lower premiums but higher out-of-pocket costs when you use care. Platinum plans have higher premiums but lower costs at the point of care. Silver plans are often the sweet spot — and they're the only tier eligible for cost-sharing reductions if your income qualifies.

Question 10

Does Medicare cover dental, vision, and hearing?

Accepted Answer

Original Medicare generally does not cover routine dental care, eyeglasses, or hearing aids. Some Medicare Advantage plans include these benefits, but coverage varies widely. Standalone dental, vision, and hearing plans are available to fill these gaps — and they're often more affordable than people expect.

Question 11

What is hospital indemnity insurance?

Accepted Answer

Hospital indemnity insurance pays you a fixed cash benefit for each day you're hospitalized. It's designed to help cover out-of-pocket costs that your primary insurance doesn't pay — like deductibles, copays, or everyday living expenses while you're recovering.

Question 12

What is critical illness insurance?

Accepted Answer

Critical illness insurance pays a lump-sum benefit if you're diagnosed with a covered serious illness — such as cancer, heart attack, or stroke. You can use the money however you need: medical bills, lost income, travel for treatment, or household expenses.

Question 13

What is an annuity?

Accepted Answer

An annuity is a contract with an insurance company. You make a lump-sum payment (or series of payments), and in return the insurer provides a guaranteed stream of income — either immediately or at a future date. Annuities are primarily used to create predictable retirement income and protect against outliving your savings.

Question 14

What's the difference between a fixed and a fixed indexed annuity?

Accepted Answer

A fixed annuity earns a guaranteed interest rate — predictable and straightforward. A fixed indexed annuity (FIA) earns interest linked to a market index (like the S&P 500), but with a floor that protects you from losses. FIAs offer more growth potential than fixed annuities while still protecting your principal.

Question 15

Are annuities right for everyone?

Accepted Answer

No — and any advisor who says otherwise isn't being straight with you. Annuities can be a valuable part of a retirement income plan, but they're not the right fit for every situation. Key considerations include your liquidity needs, time horizon, existing income sources, and overall financial picture. I'll only recommend an annuity if it genuinely makes sense for you.

Question 16

What is a surrender period?

Accepted Answer

Most annuities have a surrender period — a window of time (typically 5–10 years) during which you'll pay a penalty if you withdraw more than a certain amount. It's important to understand this before purchasing. I always walk clients through surrender schedules so there are no surprises.

Insurance explained in plain language.

Common questions, honest answers.

Medicare Basics

Marketplace Insurance

Ancillary Coverage

Annuities & Retirement Income

Key terms defined.

Deductible

Premium

Copayment (Copay)

Coinsurance

Out-of-Pocket Maximum

Network

Formulary

Creditable Coverage

Special Enrollment Period (SEP)

Benefit Period

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