How will your Medigap Policy work with your Medicare prescription drug coverage?:QuickMedicareSupplement.com

  Here are some information that could be useful for medicare insurance shopping

How will your Medigap Policy work with your Medicare prescription drug coverage?

How will your Medigap Policy work with your Medicare prescription drug coverage?

Presently, no Medigap policies with drug coverage are being sold. On the other hand, you may have joined a Medigap policy in the earlier period that includes drug coverage.

If you presently have a Medigap policy that covers prescription drugs (you have one of the standardized Medigap plans H, I, or J or a non-standardized Medigap plan that includes drug coverage):

You can't have prescription coverage from both a Medigap policy and a Medicare drug plan. You will in general save money and get better coverage with the Medicare drug coverage. Medicare coverage will never run out if you have high drug costs.

Your Medigap plan must have sent you details that explain how your present coverage compares to the standard Medicare prescription drug coverage. Do not make any decisions unless you study this information. If you did not receive it, you should make contact with your Medigap plan.

If your Medigap plan has told you that your present coverage is, on average, at least as fine as the Medicare standard drug coverage (creditable drug coverage):

- You can maintain it as long as it is still offered by your Medigap plan.

and

- You won't have to pay a penalty, if you decide to join a Medicare drug plan after you are first qualified. You must join a Medicare drug plan within 60 days after your Medigap coverage ends.

If your Medigap plan has informed you that your present coverage is not, on average, at least as good as standard Medicare drug coverage (non-creditable):

- You can join a Medicare drug plan. You will need to inform your Medigap plan to do away with the drug coverage part of your Medigap policy. You will not be able to get it back. You can also switch to a Medigap policy that doesn't cover prescription drugs.

OR

- You can come to a decision to keep your Medigap drug coverage and not join a Medicare drug plan. However, if you decide to join a Medicare drug plan after you are first qualified, you will have to wait until the next annual election period and pay a higher premium.

If you presently have a Medigap policy that does not cover prescription drugs, then you will be able to keep your Medigap policy and get a Medicare drug plan.

self employed health insurance quote Click for a FREE Insurance Quotes