Neither Original Medicare nor Medigap include prescription drug coverage at the pharmacy. Most people on Medigap purchase a Medicare Part D drug plan in addition to their Medicare Supplement plan.
Medigap policies are private insurance policies that supplement Original Medicare (Parts A and B) by covering costs that Original Medicare does not cover, such as co-payments, deductibles, and coinsurance. Those costs do not consider prescription drug coverage, so Medigap policies do not include prescription drug coverage.
While Original Medicare or Medigap policies do not include prescription drug coverage, they will cover life-saving drugs you take at the hospital. If you want prescription drug coverage at the pharmacy, you will have to join a separate stand-alone Part D plan or a Medicare Advantage with Prescription Drug (MAPD) plan.
What is Medicare Part D prescription coverage?
Medicare Part D is a federal program that provides optional prescription drug coverage to Medicare beneficiaries in the United States. It is part of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 and became effective on January 1, 2006. Part D coverage is offered by private insurance companies and provides beneficiaries with access to a formulary of prescription drugs at a reduced cost.
As of 2021, 48 million people with Medicare were in Medicare Part D drug benefit, which represents 77% of all Medicare beneficiaries (source). Medicare Part D provides a significant reduction in the cost of prescription drugs and is an important resource for beneficiaries who take regular medications.
Who offers Medicare Part D prescription drug at the pharmacy coverage?
Private insurance companies that contract with the federal government offer Medicare Part D plans. These companies include well-known national and regional insurance carriers. Each Medicare Part D prescription drug plan is different, so beneficiaries are encouraged to compare the options and choose the plan that best meets their needs and budget. Learn more about Medicare Part D Drug and get a quote here.
Why would someone purchase a Medigap plan if it doesn’t include prescription drugs?
Almost everyone who purchases a Medigap plan goes on to buy a stand along Part D drug plan. You can select the exact drug plan that meets your needs and best covers the drugs you are already taking. They can range in price from as low as 7 dollars to as high as $50+ a month.
Those that select an MAPD plan usually have less drug plan options.
Next Steps with Medigap
If you currently do not have a Medigap plan, get an instant quote here. If you need help, call our team here at Senior65.com at 800-930-7956. This is a free service to you.