Key Man Life Insurance

1. The business purchases the policy: The company applies for and pays the premiums for the insurance on the "key person".

2. The key person is the insured: The key person is the individual whose life is insured by the policy.

3. The business receives the death benefit: If the key person dies, the business receives the lump sum payout from the policy.

The Medicare Annual Enrollment Period (AEP)

The Medicare Annual Enrollment Period (AEP) (also known as the Open Enrollment Period) is from October 15 to December 7 each year. During this time, anyone with Medicare can join, drop, or switch their Medicare Advantage Plan (Part C) or Prescription Drug Plan (Part D). Any changes you make will become effective on January 1 of the following year. 

Final Expense Insurance

Final expense insurance, also known as burial insurance or funeral insurance, is a type of whole life insurance, designed to cover end-of-life expenses. These expenses can include funeral costs, medical bills, and other debts, providing a financial safety net for loved ones after a person's passing. 

Medicare Hospital Indemnity Coverage

Medicare Hospital Indemnity coverage is a supplemental insurance that provides a cash benefit to help cover expenses related to a hospital stay, such as copays, deductibles, and other out-of-pocket costs. It's not a replacement for Medicare, but rather a way to supplement existing coverage like Original Medicare or Medicare Advantage plans. The benefit is typically paid as a daily cash amount for each day spent in the hospital, and can be used for any expenses related to the hospital stay or even other living expenses. 

What is IRMAA?

In Medicare, IRMAA stands for Income-Related Monthly Adjustment Amount. It's an additional surcharge on Medicare Part B and Part D premiums for beneficiaries whose income exceeds certain thresholds. This surcharge is calculated based on the beneficiary's Modified Adjusted Gross Income (MAGI) from two years prior.

• Why it exists:
  IRMAA helps ensure the financial stability of Medicare by requiring higher-income beneficiaries to contribute a greater portion of their Medicare costs.

• Who it applies to:
  IRMAA applies to Original Medicare and Medicare Advantage enrollees.