Medicare & Retirement Planning FAQs | Verimus Retirement

Frequently Asked Questions

You can start enrolling in Medicare during your Initial Enrollment Period (IEP). This begins three months before your 65th birthday, includes your birthday month, and continues for three months after. Because the right time to enroll can depend on your current coverage and individual circumstances, it is a good idea to understand your options before your enrollment window begins.
Not necessarily. If you are covered by an employer health plan through your own or your spouse's current employment, you may be able to delay certain parts of Medicare without a late enrollment penalty. The rules depend on your specific coverage and circumstances, so we can review your options and help you understand what makes sense for you.
We work with a variety of leading insurance carriers, giving you the opportunity to compare available Medicare Supplement options rather than being limited to a single company. We will help you evaluate coverage and costs based on your healthcare needs, budget, and priorities.

Original Medicare covers many healthcare costs, but it does not cover everything. A Medicare Supplement (Medigap) policy can help with certain out-of-pocket costs, such as deductibles, coinsurance, and copayments. We can help you determine whether a supplement makes sense for your healthcare needs and budget.
Yes! Each has its own pros and cons. We’ll walk you through both options in plain language, so you can make a decision that feels right for your lifestyle and budget.
No. We never charge for Medicare services. Our job is to guide you through your options and make the process easy and stress-free.

You have several choices: keep it where it is, roll it into an IRA, move it to a new employer’s plan, or cash it out. We’ll help you understand the benefits and drawbacks of each so you can make an informed decision that fits your retirement goals.
A rollover allows you to move eligible retirement savings from a 401(k) into another qualified retirement account, such as an IRA. When handled properly, a rollover can generally allow your savings to remain tax-deferred. We can help you understand your options and the considerations involved before making a decision.
Yes. We’ll take time to understand your goals, comfort level with risk, and long-term needs. Then we’ll help you explore investment options that align with your retirement goals and overall financial plan.

Both are retirement savings accounts, but they have different rules and benefits. A 401(k) is offered through an employer, while an IRA is something you set up on your own. We’ll help you understand how each works, and which makes sense for your retirement plan.
Absolutely. Retirement planning involves more than one piece of the puzzle. We can look at your healthcare coverage and financial strategy together, helping you understand how each fits into your overall retirement plan.
No. We never charge for retirement planning or investment guidance. Our mission is to help you make the best decisions for your future without added costs. We strive to make the process easy and stress-free.

There is no one-size-fits-all answer. The right amount depends on your income, debts, family responsibilities, existing savings, and what you want the policy to accomplish. We can help you look at the bigger picture and determine an amount of coverage that fits your needs and goals.
Term life insurance provides coverage for a specific period of time and is often used to protect against needs such as income replacement, a mortgage, or other financial obligations. Permanent life insurance is designed to provide lifelong coverage as long as policy requirements are met and may also build cash value. We can help you compare the options and determine which type of coverage makes sense for your situation.
Maybe. Life insurance needs often change in retirement, but they do not necessarily disappear. A policy may help provide for a spouse or other loved ones, cover final expenses, leave a legacy, or support other financial goals. Reviewing your existing coverage as part of your overall retirement plan can help determine whether it still serves a purpose.

Life insurance can be one part of a broader estate plan by providing funds directly to designated beneficiaries and helping support the financial goals you have for the people and causes important to you. We can help you evaluate how life insurance fits within your overall financial strategy and work alongside your attorney or tax professional when legal or tax guidance is needed.
Your beneficiary is the person, people, trust, organization, or other entity you designate to receive your policy's death benefit. Your choices should reflect your goals, and it is important to review your beneficiary designations periodically, especially after major life events such as marriage, divorce, a birth, or a death.
Life insurance proceeds paid to a beneficiary because of the insured person's death are generally not subject to federal income tax. However, there are exceptions, and interest earned on the proceeds may be taxable. Estate and other tax considerations can also depend on how a policy is owned and structured, so individual circumstances should be reviewed with an appropriate tax or legal professional.