Once you’re age 65 or older, you’re no longer eligible for the LS&Co. retiree medical plan and will need to enroll in a Medicare plan. Just like your medical coverage through LS&Co., Medicare pays for hospital stays, medical services and prescription drugs, depending on the plan you choose. Also like your LS&Co. medical coverage, you pay part of your health care costs.
Medicare Parts A and B and Advantage plans
Reminder: Be sure to enroll in a Medicare plan before your LS&Co. retiree medical plan is canceled and you’re left with no medical coverage.
LS&Co. prescription drug coverage
LS&Co. has determined that the prescription drug coverage offered by LS&Co. is, on average for all plan participants, expected to pay out as much as standard Medicare prescription drug coverage and is considered creditable coverage. Because your existing coverage is creditable coverage, you can keep this coverage and not pay a higher premium (a penalty) if you decide to join a Medicare drug plan at a later date.
You have options
Your Medicare options include Part A (hospital insurance), Part B (medical insurance) and a Medicare Advantage plan, which combines Parts A and B and often includes Part D (prescription drug coverage).
There’s a lot to consider before enrolling in a Medicare plan, but we can help you choose the plan that’s right for you.
How to apply for Medicare
When you apply for your Social Security benefits, your Medicare application is automatically included.
You can join a Medicare drug plan when you first become eligible for Medicare and each year from October 15 through December 7. If you miss this application window and want to apply at another time, you may be charged a penalty for late enrollment.
Need more information? Contact Medicare. Or visit the Social Security Administration online, or call them at +1-800-772-1213.
Considering Medigap insurance? Check out Medicare’s Guide to Health Insurance for People with Medicare for information, including tools to help you determine whether Medigap insurance is the right financial decision for you and/or your spouse. Get your free copy.
Get the guide
Call Medicare (aka +1-800-MEDICARE)
Allsup can help you explore the right medical plan
Choosing medical coverage is one of the biggest decisions you will make at retirement. And it can be overwhelming. Your health, finances and lifestyle all play a part in the medical plan you choose.
To help you make the best decision for you and your family, LS&Co. has partnered with Allsup, experts who can help you find the right coverage, at no cost to you.
How it works
When you contact Allsup, one of their trained specialists will work with you to:
- Assess your individual needs and budget
- Determine your eligibility for Medicare, prescription drug plans and the Marketplace
- Review your coverage options
- Compare plan costs
- Provide you with an overview of benefits
- Help you enroll in the plan that’s right for you
Learn more
For more information, visit Allsup online. And if you’re ready to get started, call +1-888-271-1173 to talk to a specialist.