Medigap is a supplemental policy you can add to your Medicare plan. While it must cover Medicare Part A and B-related out-of-pocket costs, prescription medication coverage isn’t mandatory. Whether you need coverage for prescriptions will determine if you’ll need to get Medicare Part D, and if you will be able to do so without incurring a late enrollment penalty.

What If I Want To Get Other Drug Coverage?

You have the freedom to switch to a separate Medicare Part D plan while keeping your Medigap policy. However, if the drug coverage you want happens to be part of a Medicare Advantage plan, you won’t be able to keep your Medigap Plan. You cannot have both forms of coverage at the same time. In fact, you’ll lose your Medigap policy if you enroll in Medicare Advantage. There may also be no chance of getting your Medigap policy back if you decide to opt out of your Medicare Advantage plan in the future.

When Is It Best To Join A Separate Drug Plan?

If you need creditable drug coverage, the best answer is to join a Part D plan as soon as possible. You can join during these enrollment periods:

• Special Enrollment Period (April 1 – June 30), after joining Original Medicare Part A and B for the first time during the General Enrollment Period (January 1 – March 31)
• Initial Enrollment Period (three months before you turn 65 – three months after you turn 65)
• Annual Enrollment Period (October 15 – December 30; late fees apply)

We’ll Help You Get The Coverage You Need

At Medicare Sharks, we’ll help you find the Medigap Plan most appropriate for your needs and wants. Your inpatient, outpatient, and prescription costs will be lower than ever, with premiums at a competitive price. Call us today at (561) 288-2080, or at our alternate number (561) 288-2396.