Medicare Drug Plans (also called “Medicare Part D”)
Medicare Drug Plans offer prescription drug coverage for everyone with Medicare. Medicare drug plans are run by insurance companies and other private companies approved by Medicare.
There are two ways to get Medicare prescription drug coverage:
Join a Medicare Prescription Drug Plan. These plans, often known as “Part D Plans” or “PDPs” add prescription coverage to Medicare Part A and Medicare Part B and Medicare Advantage Plans without Prescription Coverage. They are sponsored by private insurance companies who contract with and are paid by Medicare. Most plans charge an additional premium to Medicare Recipients enrolled in the plan.
Join a Medicare Advantage Plan (like an HMO or PPO) or another Medicare health plan that includes prescription drug coverage. These plans replace Medicare Part A and Medicare Part B and are sponsored by private health insurance companies. They also contain prescription drug coverage.
Note: Medigap policies with prescription drugs aren’t Medicare drug plans.
If you bought your Medigap policy before January 1, 2006, you may have a Medigap policy with prescription drug coverage. You can keep the prescription drug coverage in that policy or you can join a Medicare Prescription Drug Plan.
If you are in the Original Medicare Plan and already have a Medigap policy without prescription drug coverage, you can join a Medicare Prescription Drug Plan without changing your Medigap policy.
Can I buy a new Medigap policy that includes prescription drug coverage?
You can no longer purchase a Medicare Supplement Insurance Plan with Prescription Drug Coverage. This is because Part D now offers prescription drug coverage to everyone with Medicare.
To find out about Part D plans in your area, fill out the form to the right or call today to speak with a licensed Medicare Supplement Insurance Specialist.