Medicare Supplement Plan G does not cover prescription drugs.
Medicare Supplement Plan G is intended to fill gaps in coverage that Original Medicare doesn’t provide. It covers expenses like the Medicare Part A deductible, Part B excess charges, and skilled nursing facility care coinsurance. However, it does not extend to cover prescription drugs.
You must enroll in a separate Medicare Part D plan for prescription drug coverage. This plan is designed to handle prescription costs and is typically offered by private insurance companies approved by Medicare.
What Is a Part D Plan?
Medicare Part D is a program offered by the federal government to help cover the cost of prescription drugs for those eligible for Medicare. Part D plans are administered by private insurance companies, each with a formulary of covered medications.
This coverage is available to all Medicare beneficiaries, regardless of income or health status, and includes an out-of-pocket premium. Medicare Part D plans can differ in cost and the medications they cover.
How Do I Enroll in a Part D Plan?
To enroll in a Part D plan, you must first be enrolled in Original Medicare Parts A and B. You can then choose from the various Part D plans offered in your area using the Medicare Plan Finder tool on the official Medicare website.
Once you have compared plans and selected one that meets your needs, you can enroll online, over the phone, or by filling out a paper application.
Are There Other Options for Prescription Drug Coverage?
Aside from enrolling in a standalone Part D plan, you also have the option to obtain prescription drug coverage through a Medicare Advantage plan.
These plans, also known as Medicare Part C, combine Original Medicare (Parts A and B) with additional benefits such as prescription drug coverage. Private insurance companies approved by Medicare offer them and may have different costs and coverage options than Original Medicare.
Medicare Supplement Plan G does not cover prescription drugs. To get this coverage, you must enroll in a separate Medicare Part D plan or opt for a Medicare Advantage plan that includes prescription drug coverage.
Considering your medication needs carefully and comparing different plans before deciding is important, as the costs and coverage can vary significantly. You can also seek assistance from a licensed insurance agent who can help you navigate the process and find the best plan for your needs.
Is there a penalty for not enrolling in a Part D plan?
Yes, you may be subject to a late enrollment penalty if you do not have creditable prescription drug coverage for a continuous period of 63 days or more after your initial enrollment period. This penalty is added to your Part D premium and will continue as long as you have Medicare prescription drug coverage.
Can I switch Part D plans at any time?
You can only switch Part D plans during specific enrollment periods. You can change plans during the Annual Enrollment Period (October 15 – December 7).
Can I get help paying for my prescription drugs?
Yes, programs are available to help you pay for your prescription drugs. Medicare offers the Extra Help program, which assists with drug costs for those with limited income and resources. You can also contact your state’s Health Insurance Assistance Program (SHIP) for more information on other programs that may be available.