Medicare Supplemental Insurance and Prescription Drug Insurance
There are currently two ways to obtain Medicare prescription drugs. The first is via a Medicare Part D independent prescription drug plan. The second option is to choose a Medicare Advantage plan, which offers coverage for prescription drugs, also referred to as Medicare Advantage prescription drug plan. Prescription drug coverage is optional and can be purchased from private insurance firms who subscribe to Medicare. Certain Medicare supplemental plans (Medigap) sold before January 1, 2006 offer limited coverage for prescription drugs. However, these plans are no longer available. All Medigap plans sold after this date are not covered by prescription drugs.
Medigap policies with prescription drugs
If you like 2020 Medicare supplement plans get one at www.medisupps.com/medicare-supplement-plans-2020/ to go with your part D drug insurance, check with your insurer to know if they will accept it. If so, you can keep the plan. However, read the annual eligible plan coverage notice to ensure you can be credited from one year to another. The plan should send you this message in September of every year. If your drug coverage is not acceptable, here are some options to get additional coverage:
Option 1: You can subscribe to a Medicare Part D prescription drug plan and keep your Medigap plan. Before making this change, you must first compare your current coverage to that provided in the Medicare Part D plans present in your area.
Important Note: It is not possible to have a Medicare Part D Medicare prescription drug plan and a Medigap plan with coverage for prescription drugs. If you sign up for a Medicare Part D prescription drug plan, you must ask your Medigap insurer to withdraw your Medicare prescription drug coverage and change your monthly bill. Remember that you will not be able to get back this coverage once you have removed your Medigap plan coverage.
Option 2: You can choose to opt out of the Medigap plan and get all Medicare coverage through a Medicare Advantage prescription drug plan. Before making this change, you must first of all compare carefully all the medical and prescription benefits you have with the Advantage Medicare prescription drug plans available in your area.
Important: If you enroll in a Medicare Part D prescription drug plan and purchase a Medicare Advantage prescription drug plan, you will automatically opt out of the Medicare Part D prescription drug plan.
Medigap supplements without medical coverage.
If you have Medicare Original and a Medicare plan without prescription drug coverage, you have three options:
Option 1: Retain everyone and participate in a separate Medicare Part D prescription drug plan.
Option n. 2: Terminate the registration of the Medicare Supplemental Insurance Plan and receive Medicare Part D and Medicare Original benefits through a Medicare Advantage prescription drug plan.
Option 3: Keep everything as is and leave without a prescription coverage. Again, this insurance is optional, but if you decide to add it at a specific time, you may be charged a late registration fee.