78-1Prescription drug coverage is offered by Medicare Part D. You cannot have Part D and then enroll into a Medigap policy that includes drug coverage. If you do have a Medigap plan with a prescription drug coverage, it means that you decided not to join the Part D of Medicare.

Medigap policy with prescription drug

In the case that your Medigap policy includes prescription drug coverage, then you must inform your health insurance Florida provider so they can remove the prescription drug cover from the Medigap policy if you join Medicare Part D.  When this is done, your Medigap policy premium will be adjusted. Once the coverage has been removed, you cannot get it back even if you did not change the Medigap policies.

You must receive a notice from your carrier every year, notifying you if the drug coverage that was in your Medigap coverage is creditable.  You should always keep the notices, should you need to join Medicare prescription drug plan later.

In the event that your Medigap includes a creditable prescription drug, you are only allowed to join Medicare drug plan during the period of October 15th to December 7th.

78Medigap policy without prescription drug

If your Medigap policy (normally issued by provide providers such as Blue Shield Florida) does not have a creditable prescription drug cove and need to join Medicare Part D later on, then you will likely have to pay a penalty for late enrollment. That simply means that your premiums will be higher than if you had joined during your first eligibility. The penalty amount will continue to increase every month you delay to join Medicare Part D. you will have to pay that penalty as long as you’ll have the Prescription drug plan.

Do you need to enroll into a Medigap policy that includes prescription drug coverage? Explore the options available and get the best rate with Medicare Medics.