Before 01 January, 2006 Medigap policies could include prescription drug coverage, but after the start of Medicare Part D, prescription drugs were no longer included in the policies. Medigap will not supplement Medicare Part D, prescription drug coverage in any way. All co-payment, monthly premiums, and yearly deductibles are the responsibility of the beneficiary.
Medicare Medigap insurance is a supplemental insurance plan designed around Medicare. It will fill in the gaps that are left after Medicare is done paying. Some of the things you can use Medicare Medigap coverage for are:
Medicare Part D is a prescription drug plan that helps to pay part of the costs of prescription drugs. It is provided by private insurance companies who will charge the beneficiary a monthly premium. The premiums will vary depending on the carrier and what type of prescriptions are filled. There are also co-payment involved and a yearly deductible.
Beneficiaries are eligible for medicare Medigap if they have Medicare Part A and Medicare Part B. They must have both. Private insurance companies provide Medicare Medigap coverage. There are different types of policies marked A through L. A is the basic plan.
In order to receive Medicare Part D, prescription drug coverage the beneficiary must be eligible for Medicare Part A or anyone currently enrolled in Medicare Part B. People who are on Medicaid are automatically enrolled into a Medicare Part D plan.
According to statistics, two-thirds of all Medicare beneficiaries over the age of 65 have medicare medigap coverage. Yet regardless of this fact, some say that the managed care plans are better.