Medigap & Medicare Drug Coverage (Part D): An Overview

Medigap & Medicare Drug Coverage (Part D): An Overview

Seniors may wonder if they can join both Medicare and Medigap. The answer is yes, you can if it’s the same insurance company, but you may need two separate plans with separate premiums. Otherwise, if the companies are different, the Medigap provider will discontinue prescription drug coverage from your plan when they learn you’ve joined a Medicare Prescription Drug Plan. Here’s a deeper look into using both Medigap and Medicare coverage.

Deciding on Prescription Drug Coverage

It’s best to contact your insurance company to discuss your needs before enrolling in any new plan. If your Medigap plan covers creditable prescription drugs, you must sign up for a Medicare Prescription Drug Plan from October 15 through December 7. Be aware that if your Medigap plan doesn’t have a renewable guarantee, it may expire. However if that happens, you can simply join a Medicare drug plan.

For those who are enrolled in a Medigap plan without a creditable drug plan, you may face a late enrollment penalty. You will also end up paying a higher monthly premium, and the penalty amount will increase the longer you wait to join a Medicare drug plan.

Understanding the Difference Between Medicare and Medigap

While Medicare is the main U.S. government-funded healthcare plan for seniors, Medigap is part of Medicare that exists as supplemental coverage. While Medicare is a general basic plan, Medigap provides specific options to enrollees. These options may include coverage for certain prescription drugs. If you join Medigap, you will be notified each year whether your prescription drug policy is creditable.

How to Enroll in the Right Healthcare Plan?

Enrolling in Medicare and Medigap may begin by going to the Medicare.gov website and finding the right policy. Nonetheless, are you prepared to do all that research on your own, investigating various complex policies? Every provider has their own unique plan, which complicates matters if you don’t have time to explore the details of each policy. There are countless providers to choose from, which would take weeks for an individual to investigate.

An easier route is to work with an insurance advisor with many years of experience dealing with Medicare and Medigap. Working with an expert helps guide you through the maze of government regulations and the vast world of insurance and healthcare providers. Many seniors get confused by the complicated policies and jargon used by these organizations.

The key is to discuss your healthcare needs with a medical insurance expert who keeps up with the annual changes in options for Medicare and Medigap. Many times individuals may overlook helpful benefits when they do all their research alone. Each person has their own healthcare needs, which is why everyone needs their own customized plans.

For more information on Medicare coverage, contact us at Medicare Advisors. Tell us your needs, and we will set you up with the right healthcare plan.