38 questions, answered
Short answers to the questions we hear most
One question, one page, the answer in the first two sentences. No email wall, no video, and no pitch before you get to the point.
Medicare
Medicare questions
10 answers.
Are Medicare premiums deducted from Social Security?
For most people receiving both, yes. Part B — and usually Part D — is taken out of the monthly Social Security payment automatically.
Read the answerCan I get Medicare without 40 work credits?
Yes. You can buy into Part A, and Part B is available to anyone eligible regardless of work history.
Read the answerCan veterans have both VA benefits and Medicare?
Yes, and for most veterans holding both is the safer arrangement. They do not coordinate — each pays in its own setting.
Read the answerHow much is the Part B late enrolment penalty?
10% of the standard premium for every full twelve months you could have had Part B and did not — and it is permanent.
Read the answerHow much is the Part D late enrolment penalty?
1% of the national base beneficiary premium for each month you went without creditable drug coverage, added to your plan premium for as long as you have Part D.
Read the answerWhat are the IRMAA income brackets?
Six income tiers, set from your tax return two years earlier, each adding a surcharge to your Part B and Part D premiums.
Read the answerWhat does Medicare not cover?
Routine dental, vision and hearing, long-term custodial care, most care outside the United States, and cosmetic procedures.
Read the answerWhat is a Medicare Special Enrolment Period?
A window outside the usual enrolment periods, opened by a specific event such as losing employer coverage or moving out of your plan's service area.
Read the answerMedigap Plan G or Plan N?
Plan G leaves you only the Part B deductible. Plan N costs less each month but adds small copays and the risk of excess charges.
Read the answerWhen is the Medicare Annual Enrolment Period?
15 October to 7 December each year, for changes that take effect on 1 January.
Read the answerMarketplace
Marketplace questions
7 answers.
Can I buy health insurance outside open enrolment?
Only with a qualifying life event, which opens a special enrolment period — usually sixty days.
Read the answerDo I have to pay back ACA subsidies?
Possibly. The credit is advanced on your estimated income and reconciled against your actual income on your tax return.
Read the answerHow long do I have to get cover after losing job-based insurance?
Sixty days for a Marketplace plan. If you are 65 or older, an eight-month special enrolment period applies for Medicare — and they are not the same clock.
Read the answerWhat counts as a qualifying life event?
Losing coverage, marriage or divorce, a birth or adoption, a permanent move, and certain changes in income or immigration status.
Read the answerWhat health insurance can 1099 contractors get?
Marketplace plans with premium tax credits, a spouse's employer plan, an association or group plan if you have employees, and in a real gap, short-term cover.
Read the answerWhat income counts for ACA subsidies?
Modified adjusted gross income for the household you file with, for the coverage year — not last year's income, and not take-home pay.
Read the answerWhen is ACA open enrolment?
It runs from the autumn into the new year, with an earlier deadline for cover starting 1 January. Exact dates are set each year.
Read the answerAccounts
Accounts questions
5 answers.
Can self-employed people deduct health insurance premiums?
Usually yes — as an above-the-line deduction, limited by your net self-employment income, and interacting with any premium tax credit you claim.
Read the answerCan you use an HSA with direct primary care?
It depends on how the practice structures its fee, and the rules have moved. Ask your tax adviser before assuming the membership qualifies.
Read the answerDo I have to enrol in Medicare at 65 if I have an HSA?
Not if you have qualifying employer coverage — but the month Medicare starts, HSA contributions must stop, and Part A can be backdated six months.
Read the answerWhat is an HSA-eligible health plan?
A high-deductible plan meeting the annual minimum deductible and out-of-pocket limits, with no cover before the deductible beyond preventive care.
Read the answerWhat is direct primary care?
A monthly membership paid to a primary care practice instead of billing insurance for visits. It is not insurance and does not replace it.
Read the answerProtection
Protection questions
4 answers.
Do I still need life insurance after 65?
Only if there is still an obligation the money has to meet. For many households the honest answer is a small final expense policy and nothing more.
Read the answerTerm versus whole life insurance
Term rents cover for a set number of years at a low price. Whole life keeps it for life and builds cash value, at several times the cost.
Read the answerWhat is a fixed annuity?
A contract with an insurer that pays a stated interest rate for a set term, and can later be converted into guaranteed income.
Read the answerWhat is final expense insurance?
A small permanent life policy, written to cover a funeral and the costs of settling up. Simple underwriting, modest amounts, premiums that do not increase.
Read the answerBusiness
Business questions
5 answers.
How much does a PEO cost?
Either a percentage of gross payroll or a flat fee per employee per month. The number only means something next to what you spend today.
Read the answerIs a PEO the same as a payroll company?
No. A payroll company processes pay for you. A PEO becomes a co-employer for tax and benefits purposes, which is what gives it a benefits pool.
Read the answerPEO versus traditional group health insurance
A PEO buys you scale and takes on administration; a traditional group plan keeps control and transparency. Size, health and HR burden decide which wins.
Read the answerWhat is a PEO?
A professional employer organisation: a co-employer that handles payroll, employment taxes, HR and benefits for small businesses.
Read the answerWhen does a PEO make sense for a small business?
When HR and compliance are consuming an owner's week, when you hire across state lines, or when your group cannot buy decent benefits on its own.
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Social Security
Social Security questions
7 answers.
Can I work and collect Social Security?
Yes, but before full retirement age an earnings limit temporarily withholds part of the benefit. After it, you can earn anything.
Read the answerHow does the Social Security spousal benefit work?
A spouse can receive up to half of the worker's full retirement age benefit, if that is more than their own — reduced if claimed early.
Read the answerHow is Social Security taxed?
Up to 85% of the benefit can be taxable, depending on your combined income. Many lower-income households pay nothing on it at all.
Read the answerHow much does Social Security increase if I wait until 70?
Delayed retirement credits add 8% a year between full retirement age and 70, on top of any cost-of-living adjustments.
Read the answerHow much is the Social Security COLA?
It is set each autumn from inflation data and applies to benefits from the following January. The percentage changes every year.
Read the answerWhat is my Social Security full retirement age?
It depends on your birth year — 66 and some months for those born between 1955 and 1959, and 67 for anyone born in 1960 or later.
Read the answerWhat is the Social Security earnings limit?
An annual cap on wages for people claiming before full retirement age. Earn above it and part of the benefit is withheld — temporarily.
Read the answer