FAQs

Q: When should I file for Social Security benefits?

A: You can file as early as age 62, but your full retirement age (FRA) is typically between 66 and 67, depending on your birth year. Delaying benefits beyond your FRA up to age 70 increases your monthly payment significantly—up to 8% more for each year you wait.

Q: How do I file for Social Security?

A: You can apply online at ssa.gov, call the Social Security Administration at 1-800-772-1213, or schedule an appointment at your local Social Security office. Filing online is often the fastest and most convenient method.

Q: What documents do I need to apply?

A: You’ll typically need your Social Security number, birth certificate, W-2 or self-employment tax forms, and banking information for direct deposit.

Q: Can KEyO Insurance Services help me decide when to file?

A: Absolutely. At KEyO, we don’t just offer insurance—we help you plan smarter. Our team will walk you through the pros and cons of early filing, full retirement, or delaying benefits so you can make the best decision based on your lifestyle, income needs, and long-term goals.

Q: What is Original Medicare and what does it include?

A: Original Medicare is made up of Part A (Hospital Insurance) and Part B (Medical Insurance). Part A helps cover inpatient hospital stays, skilled nursing facility care, hospice, and some home health care. Part B covers outpatient services like doctor visits, preventive care, lab work, and durable medical equipment.

Q: What are the premiums for Medicare in 2025?

A: In 2025, the Part B premium starts at $174.70/month for most people. Part A is usually free if you’ve worked 10 years (40 quarters), but if not, it can cost up to $505/month. These rates are subject to change annually by the Centers for Medicare & Medicaid Services (CMS).

Q: What is IRMAA and how does it affect my premiums?

A: IRMAA (Income-Related Monthly Adjustment Amount) is an extra charge added to your Part B and Part D premiums if your income exceeds certain thresholds. For 2025, if your modified adjusted gross income (MAGI) from 2023 is above $103,000 (individual) or $206,000 (joint), you’ll pay more for your Medicare premiums. It's important to plan ahead to potentially reduce or avoid this cost.

Q: Is Original Medicare all I need?

A: Not necessarily. While Original Medicare covers many services, it doesn’t cover prescriptions (Part D), dental, vision, hearing, or out-of-pocket caps. Many people choose to add a Medigap (Supplement) plan or a Medicare Advantage (Part C) plan for more complete coverage, depending on budget, health needs, and lifestyle.

Q: Can KEyO Insurance Services help me make sense of all this?

A: Absolutely! With Trusted Care. Tailored for You., KEyO's licensed Medicare experts walk you through your options and help you avoid costly mistakes. Whether it’s understanding IRMAA, choosing between a Supplement or Advantage plan, or planning around your income, we’re here to simplify the process and guide you every step of the way.

Q: What is a Medicare Supplement (Medigap) plan?

A: Medicare Supplement plans, also known as Medigap, are insurance policies sold by private companies that help pay for the out-of-pocket costs not covered by Original Medicare—like copayments, coinsurance, and deductibles. These plans are designed to "fill the gaps" so you can avoid unexpected medical bills.

Q: What types of Medicare Supplement plans are available?

A: There are several standardized plans labeled Plan A through N, each offering different levels of coverage. Plan G and Plan N are two of the most popular options, offering robust protection for those looking to limit surprise costs and enjoy nationwide coverage.

Q: Can I keep my doctor with a Medigap plan?

A: Yes! With a Medicare Supplement plan, you can see any doctor or specialist in the U.S. who accepts Medicare—no networks or referrals required. This gives you freedom and flexibility in choosing your healthcare providers.

Q: Does a Medicare Supplement plan include prescription drug coverage? A: No, Medigap plans do not include Part D prescription coverage, so you'll need to enroll in a separate Medicare Part D plan if you want drug benefits.

Q: How much do Medicare Supplement plans cost?

A: Premiums vary based on your age, location, gender, and tobacco use, but the added monthly cost often brings peace of mind by significantly reducing what you pay out-of-pocket for medical care. Many find the tradeoff worthwhile—especially in retirement years when medical needs tend to increase.

Q: Can KEyO Insurance Services help me compare and enroll in a Medigap plan?

A: Absolutely. At KEyO, our mission is Trusted Care. Tailored for You. We simplify the comparison process, help you understand the pros and cons of each plan, and guide you toward the one that fits your healthcare needs and your budget.

Q: What is Medicare Advantage (MAPD)?

A: Medicare Advantage Plans, also known as MAPD or Part C, are all-in-one plans offered by private insurance companies that combine Part A (hospital), Part B (medical), and Part D (prescriptions) into one convenient plan. Many also include extra benefits like dental, vision, hearing, fitness programs, transportation, and even Part B premium givebacks.

Q: How much does Medicare Advantage cost?

A: Many Medicare Advantage plans offer low or even $0 monthly premiums, but you’re still responsible for cost-sharing like copays, coinsurance, and out-of-pocket maximums, which vary by plan. While upfront costs may be lower, it’s important to understand how much you could pay if you have frequent doctor visits or a hospital stay.

Q: Are there any downsides to Medicare Advantage?

A: Yes—while MAPD plans offer a lot of value, they often come with network restrictions, meaning you must use doctors and hospitals in the plan’s network. Some services may require prior authorization, and unexpected costs can add up during hospitalizations or chronic conditions if you don’t have the right backup protection.

Q: What else should I have if I choose a Medicare Advantage Plan?

A: To fill coverage gaps and reduce out-of-pocket risks, many people pair their MAPD plan with Hospital Indemnity Plans (HIP) and CHAS (Cancer, Heart Attack, and Stroke) Plans. These supplemental policies pay cash benefits directly to you, helping cover deductibles, copays, and non-medical costs during serious health events—providing both protection and peace of mind.

Q: Can KEyO Insurance Services help me choose the right Medicare Advantage plan?

A: Absolutely! With Trusted Care. Tailored for You., KEyO’s licensed agents help you compare plans side-by-side, uncover hidden costs, and design a complete protection strategy that includes the right supplemental options—so you’re never caught off guard.

Q: What is the Affordable Care Act (ACA)?

A: The Affordable Care Act (ACA) is a federal program that provides comprehensive health insurance options for individuals, families, and small businesses. It ensures coverage for essential benefits like doctor visits, preventive care, prescriptions, mental health services, and more—regardless of pre-existing conditions.

Q: How does ACA work for individuals and families?

A: ACA plans are available through the Health Insurance Marketplace and offer tiered coverage levels (Bronze, Silver, Gold, Platinum) to fit different budgets and health needs. Subsidies (premium tax credits) are available based on income and family size, dramatically reducing monthly premiums—many people qualify for coverage under $10/month.

Q: What about small businesses—can they offer ACA coverage to employees?

A: Yes! Through Group ACA Health Plans, small businesses can provide affordable, quality coverage to their employees without the high costs traditionally associated with group insurance. KEyO helps you navigate options, enroll your team, and even identify available tax incentives through programs like the Small Business Health Care Tax Credit.

Q: What if my income changes during the year?

A: If your income changes, it can affect your subsidy amount. You can update your Marketplace application at any time to ensure you’re receiving the correct premium assistance—KEyO can help you make those adjustments so there are no surprises come tax time.

Q: Can KEyO Insurance Services help me enroll and understand my options?

A: Absolutely! KEyO’s expert advisors walk you through your ACA eligibility, apply your subsidies correctly, and find the most affordable and complete coverage for your unique needs—whether you're a solo entrepreneur, a growing family, or a small business looking to attract top talent.

Q: Who really needs life insurance?

A: If someone depends on your income or if you want to leave behind a legacy—you need life insurance. It’s not just for parents or homeowners; it’s for anyone who wants to ensure their loved ones are financially protected if the unexpected happens.

Q: I already have life insurance through my employer—isn’t that enough? A: Employer-provided life insurance is a great perk, but it's usually limited in coverage (1-2x salary) and not portable—meaning if you leave your job, your coverage disappears. A personal life insurance policy gives you long-term protection, control, and peace of mind no matter where life takes you.

Q: What types of life insurance are available?

A: The main types are Term Life (temporary and affordable), Whole Life (permanent with cash value), and Indexed Universal Life (IUL) (offers market-linked growth and tax-free retirement income). Each has unique benefits depending on your stage of life, financial goals, and budget.

Q: What is Children’s Whole Life Insurance and why should I consider it?

A: Children’s Whole Life is more than just coverage—it’s a powerful financial gift. It builds tax-advantaged cash value that can be used for college, a first home, or even launching a business later in life. KEyO offers an exclusive “3-pay” plan—make just three years of payments and the policy is fully paid up for life, creating a lasting legacy with minimal investment.

Q: Can KEyO Insurance Services help me choose the right policy?

A: Absolutely. KEyO’s team of licensed advisors takes the time to understand your goals and builds a custom plan to protect your family, grow your wealth, and provide real peace of mind—for today and tomorrow.

Q: What is retirement planning, and why is it more than just saving?

A: Retirement planning isn’t just about building a nest egg—it’s about protecting your income, minimizing taxes, and ensuring your money lasts as long as you do. True retirement planning includes a strategy to grow wealth, receive lifetime income, and leave a meaningful legacy.

Q: How can an Indexed Universal Life (IUL) policy help with retirement?

A: An IUL is a powerful financial tool that builds tax-free cash value tied to the performance of market indexes, without the risk of market loss. You can borrow against this value tax-free in retirement, creating a private reserve of income while still protecting your family with a death benefit.

Q: What are annuities and how do they fit into retirement planning?

A: Annuities are contracts with insurance companies that provide a stream of guaranteed income, often for life. They can be fixed, indexed, or variable, and are ideal for retirees who want stability, especially in volatile markets. KEyO helps clients use annuities to create income they can’t outlive.

Q: What is a SPIA and when is it useful?

A: A Single Premium Immediate Annuity (SPIA) turns a lump sum of money into an immediate, reliable income stream—often used by those already in or nearing retirement. It’s perfect for creating pension-like security and removing the fear of outliving your savings.

Q: How does estate planning with a revocable trust help protect my legacy?

A: A revocable living trust ensures that your assets are passed on smoothly, privately, and according to your wishes—without the delays and costs of probate. It also allows for more control over how and when your wealth is distributed, which is key in protecting generational assets.

Q: Can KEyO Insurance Services help build my retirement roadmap?

A: Absolutely. KEyO offers customized retirement strategies using IULs, annuities, and estate planning tools like trusts to grow and protect your wealth—so you can retire with confidence and leave a legacy that lasts. Start with our COMRA (Color of Money Risk Analysis) FREE of charge and let us help you build a full financial overview.

Q: What are Group Life and Health insurance products?

A: Group Life and Health insurance plans are employer-sponsored benefits that provide coverage to your employees—typically at a more affordable group rate than individual plans. These plans can include medical, dental, vision, life insurance, and even disability or supplemental coverage depending on your business goals.

Q: How do group benefits help me attract and retain employees?

A: Offering competitive benefits is one of the most powerful tools for attracting top talent and keeping your team loyal. Studies show that employees are more likely to accept job offers—and stay long-term—when employers provide comprehensive health and life insurance, showing that you care about their well-being beyond the paycheck.

Q: Is it expensive to offer group coverage as a small business?

A: Not necessarily. KEyO helps you customize benefit packages that align with your budget and business size. Plus, there are tax incentives and cost-sharing strategies that make it more affordable than many business owners expect.

Q: Can I offer coverage to some employees and not others?

A: There are rules around nondiscrimination in group benefit plans, but KEyO works with you to develop tiered coverage options or voluntary plans that give flexibility while remaining compliant. We’ll help you structure it right from the start.

Q: What’s the process for getting started?

A: KEyO’s team will help you gather employee census data, explore plan options from leading carriers, and present a customized group solution that fits your business and benefits your team. From quoting to onboarding and renewals, we handle the heavy lifting—so you can focus on growing your company.

Q: Why partner with KEyO for group benefits?

A: Our Tailored for You method., we make your business stronger by protecting your people. KEyO provides expert guidance, dedicated service, and powerful tools to help you create a benefits package your employees will truly value—and your competitors will envy.