I have Medicare and a Medigap (Medicare Supplement Insurance) policy with prescription drug coverage
Before 2006, some Medigap policies included prescription drug coverage. If you still have a Medigap
policy with prescription drug coverage, your Medigap insurer must send you a detailed notice each year describing your choices for prescription drug coverage and whether the drug coverage under your Medigap policy is creditable prescription drug coverage
. Read the notice carefully for more information. Some of your choices for prescription drug coverage are listed below:
If you decide to join a Medicare Prescription Drug Plan, you can keep your current Medigap policy without the prescription drug coverage. You will need to tell your Medigap insurer when your Medicare prescription drug coverage starts. They must remove the prescription drug coverage from your Medigap policy and adjust your premium based on this change. Also, you may have to pay a late enrollment penalty
to join a Medicare Prescription Drug Plan if the prescription drug coverage you have had under your Medigap policy doesn’t expect to pay, on average, at least as much as standard Medicare drug coverage. You will pay this higher premium for as long as you are in a Medicare Prescription Drug Plan.
Contact your Medigap insurer before you make any changes to your prescription drug coverage.
For more information about Medigap policies, read the "Choosing a Medigap Policy: A Guide to Health Insurance for People with Medicare" booklet. You can view or download this booklet by visiting
www.medicare.gov on the web. Under "Search Tools," select
"Find a Medicare Publication." You can also call 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048.