Medicare Prescription Drug Coverage and Medigap

Medicare prescription drug coverage (or part D) and Medigap coverage are two separate types of assurance apart from Original Medicare. Both the part D drug plan and Medigap coverage plan are classified separately, and they must be paid for separately. This article will help you understand these Medicare “extras,” as well as whether or not you need them. This layer of coverage specifically ensures that Medicare will help you cover prescription drug costs. This policy is bought through a Medicare-approved private insurance company. Various insurance companies will have their own plans, but they are also similar across the board in a few ways. For instance, you will pay the insurer a monthly amount for coverage (your premium), and you might be assigned an annual deductible. This number typically doesn’t range more than $300-$600 per year. Once the deductible has been paid by you, the coverage will activate and begin paying for some, if not all, of your expenses associated with prescription drugs.