As an independent Medicare broker, Beth Woelfert of Sparrow Insurance helps people determine what Medicare product is best for them by explaining the differences between Medicare Supplement (Medigap) plans and Medicare Advantage plans.
Once a client chooses, Woelfert carefully guides them through specific carrier plans, so the client can determine which would most closely fit their needs. The Tipton-based agency is licensed and certified with 13-plus carriers, which gives clients an abundance of plan choices.
Woelfert wants to inform her clients – and potential clients – that they can be eligible for Medicare for different reasons.
“The most obvious one is when you turn 65,” she says. “However, people who have received Social Security disability insurance for over 24 months are also eligible. For anyone with ALS, there is no waiting for Medicare and they are eligible regardless of their age. Additionally, some people with end-stage renal disease may also be eligible.”
She also stresses that everyone should review benefits each year with their agent to learn about expected costs for the coming year.
“This coming year will be especially interesting with the passage of the Inflation Reduction Act,” Woelfert says. “It will impact many aspects of all types of plans. There are still many unknowns even though we are only a couple months away from the annual election period.”
Knowing the correct deadlines, and not waiting until the last minute, is extremely important.
“There are specific times when people can sign up for Medicare,” Woelfert says. “For those who are aging into Medicare, you have three months prior to your birth month, your actual birth month, and then three months after your birth month to sign up. I’ve seen it take months to get Part A and B in place, so I encourage all of my clients to reach out to Social Security three months before their birth month to set up their appointment.”
Applications can also be completed online. If you are already on Medicare and have either a Medicare Advantage plan or a standalone prescription plan, October 15 through December 7 are important dates to remember; this is the time to meet with an agent, to compare and possibly switch plans.
“The questions I am most frequently asked from potential clients is if they have to get Medicare when they turn 65 if they’re still working,” Woelfert says. “The short answer is it depends. Every person’s solution is different. Some people may be able to defer Part B since they are still on a group plan, whereas others may need to get parts A, B and D in place to avoid lifelong penalties.”
Another question Woelfert often receives is why clients need a Part D plan if they’re not on any prescription medications. In 2006, Part D became mandatory under the Medicare Prescription Drug, Improvement and Modernization Act (also known as the Medicare Modernization Act). Because of this, all Medicare beneficiaries are required to have creditable drug coverage.
“If you were to sign up for original Medicare without a Part D plan, then eventually need Part D, you would incur a lifetime penalty of 1% for every month you did not have creditable coverage,” Woelfert says.
Woelfert’s main focus as an agent is to help her clients through the confusion, from where to start to what they need to sign up for or defer. She is always happy to answer anyone’s questions.
For those who want to retire but aren’t sure how to figure out how much health insurance costs, Woelfert is ready to sit down and discuss options to help them feel more secure. There is no charge when working with her. Woelfert is paid from the insurance carrier you decide to go with.
“No more is added to your cost if you use an agent, and you don’t save money by not using an agent,” she says. “I am not in the business of ‘selling’ anything, but to act as an advisor and resource when people have questions, even after they are all signed up.”
Sparrow Insurance currently employs eight active agents spread throughout Indiana, Michigan, Ohio and Kentucky. The agency is licensed to sell in nine additional states as well. In addition to Medicare, the agency can also help people get small group or individual health, dental and vision plans along with life insurance. Woelfert’s agency does not have a brick-and-mortar location, and typically meets with clients in their home or at a restaurant.
“I love Tipton,” she says. “I was born and raised here, and started my professional life as an elementary teacher at Tipton Elementary. I am convinced that there is no better place to have a small business than right here in Tipton.”
