When choosing a Medicare Supplement (Medigap) plan, many seniors assume that their policy will automatically cover their prescription drug costs. However, Medigap plans sold after 2006 no longer include drug coverage, which is a change that has left many seniors questioning how they are supposed to afford their medications.

Below, this supplemental insurance broker in Wanatah, Indiana is going to explain why Medigap no longer covers prescription drugs, and we’ll also explain how seniors can still get coverage for their medications.

Medigap no longer covers prescription drugs.

Before 2006, some Medigap plans (like Plans H, I, and J) did include limited prescription drug coverage. At the time, it seemed like a great idea as seniors could get help paying for their medications through their supplement plans. However, the drug coverage in these Medigap plans was not very good and often came with high deductibles, limited benefits, and expensive monthly premiums. Many seniors still struggled to afford their prescriptions, even with this extra coverage.

To fix this, Medicare introduced Part D in 2006. It was a standalone prescription drug plan designed to offer better, more affordable coverage for medications.

With the introduction of Part D, Medigap policies stopped including drug coverage altogether. So, if you need medication coverage today, you must enroll in a separate Medicare Part D plan. An experienced supplemental insurance broker in Wanatah, Indiana can explain your options and help you find a Part D plan that covers the medications you take at the best possible price.

There are ways to get prescription drug coverage even if your Medigap plan does not include it.

If you have a Medigap policy but also need coverage for prescription drugs, the best way to get that coverage is by enrolling in Medicare Part D. But there are some important rules you need to know before signing up.

First and foremost, you cannot have both a Medigap policy that includes drug coverage and a Medicare Part D plan at the same time. If you have an old Medigap policy that still includes drug coverage, you will need to remove that part of your policy before you can enroll in Part D.

It is also best to enroll in Part D as soon as you are eligible. If you wait too long and don’t have another form of creditable prescription drug coverage, you could incur a late enrollment penalty. This penalty never goes away, and you will have to pay extra every month for as long as you have Part D.

You should also know that not all Part D plans cover the same medications. Each plan has its own formulary (list of covered drugs), so you must check whether your specific prescriptions are included in a plan before signing up.

Comparing Medicare Part D with other drug coverage options can help you choose the best plan.

Although Medicare Part D is the most common way for Medigap policyholders to get prescription drug coverage, it is not the only option. You might have other ways to get coverage for your medications, like employer-sponsored health plans (if you or your spouse are still working), Veterans Affairs (VA) benefits, or state pharmaceutical assistance programs.

If you are lucky enough to have one of these options, you may not need Medicare Part D. But you should check whether your current drug coverage is considered “creditable” by Medicare, or good enough to replace a Part D plan. If your current plan does not meet Medicare’s standards, you could still face a late enrollment penalty if you try to sign up for Part D later.

If you are feeling confused about what option is best for you, you can always reach out to an experienced supplemental insurance broker in Wanatah, Indiana. They can help you compare your options, understand whether your current drug coverage meets Medicare’s requirements, and make sure you don’t get charged with any penalties.

Looking for a Supplemental Insurance Broker in Wanatah, Indiana?

Are you ready to work with an experienced supplemental insurance broker in Wanatah, Indiana who can help you review your Medigap options? If so, Senior Care Insurance Services is the top choice. Our agents will help you compare Medigap and Medicare Part D plans in order to make sure you have the right coverage for both medical expenses and prescriptions. Contact us today to get started.