LRA Insurance & Financial Services, Inc

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Commonly referred to as the "Alphabet Soup".

Original Medicare consists of Part A (Hospital) & Part B (Medical).

You must also obtain Part D for prescription drug coverage which is offered by various insurance companies.

In addition, you have the option of enrolling into a supplement plan (commonly known to as medigap),  which acts as a secondary to A & B.

Part C is an Advantage plan. Some people prefer this instead of a supplement plan, depending on their needs. Advantage plans generally work like an HMO or they have specific networks of providers and can include the Part D coverage.

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You typically get a 7 month window when you first become eligible for Medicare. 3 months prior to your 65th birthday + the month of + 3 months after. It's recommended to take care of your enrollments during the 3 months PRIOR to your 65th birthday so that your enrollment effective dates align and begin on time without a gap in coverage. Especially if you're coming off of other coverage like an individual policy or a plan through your employer. We recommend contacting Social Security to confirm your Part A & B enrollment about 2-3 months out from your 65th birthday. Once you have your effective date and Medicare ID number, you can begin your Supplement and Part D enrollment (Or Advantage Plan). If you are still working and have coverage through your employer, contact us to determine if delaying any portion of the "Alphabet Soup" is right for you.

 

 

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The most intricate decision making process in the "Alphabet Soup" is Part D. This is because each insurance carrier has their own prescription drug formulary list. Depending on your current prescription needs will determine which plan and carrier you go with. Formulary lists may change annually thus your Part D plan can be changed annually during the Annual Election Period. If you don't enroll when first eligible, you may be penalized for the life of your plan once you do enroll.

Contact us to discuss your options. Make sure to have an updated list of your medications ready.

  1. Medication name
  2. Do you take the generic or brand version
  3. Dosage
  4. Frequency
  5. Quantity dispensed by your pharmacy
  6. Name of your current pharmacy
  7. Any other preferences you have that we should consider

 

 

Helpful Links:


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This page is provided with general details that are subject to change. Please contact us for specifics that pertain to your unique situation. This is not an exhaustive recommendation site and should be used as a general overview.