Frequently Asked Questions About Insurance
What Documents do I need to bring to switch Insurance?
It can differ depending on what insurance you are considering. You do need to bring identification. It is helpful to have the cards for your current or latest insurance plans.
When applying for ACA plans: pay stubs, W2s, and/or most recent tax returns are very useful. Estimating your income for the enrollment year is crucial for determining what subsidy you will qualify for.
Anyone shopping for Medicare plans needs to bring their red, white, and blue Medicare card. A list of doctors and prescriptions is also very helpful.
Your bank account routing and account numbers are needed to complete most enrollment applications.
What sets you apart from other Insurance Agents?
LOCAL SERVICE – Matt has been helping East and Middle TN residents select their health and Medicare plans since 2014. He knows the local market and isn’t just someone on the other end of an 800#. You don’t get a different person every time you call.
He will help you find the plan that fits your needs and budget. If that’s your current plan, Matt will tell you to keep what you have. He won’t convince you to change just so he can get a commission.
How often should I re-evaluate my Insurance?
You should re-evaluate your coverage at a minimum once a year. Coverage, premiums, networks, and drug costs change every year. You will probably get reminders from us for semiannual reviews. Sometimes things change mid-year. It might be your needs are different or your doctor might have left the network. Occasionally there will be special enrollment periods developed that individuals can utilize to improve or adjust their coverage.
What is ACA, FFM, Marketplace?
All of these terms are basically interchangeable. ACA is short for Patient Protection and Affordable Care Act (AKA Obamacare) FFM is short for Federally Facilitated Marketplace or sometimes just Marketplace (healthcare(.)gov)
What is an SEP?
It is a Special Enrollment Period. Both Medicare and ACA have rules where some may qualify for a SEP to enroll in a health plan outside the normal open enrollment times.
What is APTC?
The Advance Premium Tax Credit is what subsidizes the health insurance premium for ACA plans. It is based on your household income and is advanced to you by being applied monthly to pay some or all of your insurance premium.
What is Medicare Part C?
Part C is a Medicare Advantage plan provided by an insurance company that combines the benefits of Parts A&B into an individual health insurance plan. It is sometimes referred to as a Medicare Replacement plan.
I just changed jobs and lost my health plan can I get insurance?
Yes, loss of creditable coverage will afford you an SEP. Losing coverage opens a 90 day SEP window, 30 days prior and 60 days after, for loss of coverage.
I am going to start drawing my SS at 62. Can I get Medicare then?
Generally no, most people are eligible for Medicare when they turn 65 whether they are drawing their SS benefit or not. Some individuals that are under 65 will qualify for Medicare after having SSDI for 24 months.
Contact Matt Libby Insurance today for all of your health and life insurance needs.