Do I need to have my Medicare Supplement and Drug Plan with the same company?

Do I need to have my Medicare Supplement and Drug Plan with the same company?

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While it may be easier to remember your insurance company name, there is not a discount or a benefit for having both health insurance and prescription drug insurance with the same company. It is more common to have a certain insurance company for your Medicare Supplement plan, while having a different company for your prescription drug plan (Medicare Part D).

Your drug plan is likely to change annually, since benefits within drug plans change every year! Drug plans often change their "formulary", which is the list of drugs they cover. These plans often change their premiums, co-payments, and deductibles.

Because there are so many annual changes to prescription drug plans (PDPs), we recommend that you have one of our representatives provide you with an updated comparison of all the plans that are available during the Annual Enrollment Period (AEP) which happens every year from October 15 to December 7.

Unlike a PDP, the benefits of Medigap plans do NOT change annually. The only time you need to review your Medicare Supplement plan is when you get notified of an upcoming premium increase. We recommend you inform your agent of the price change, although they may be aware of it before you are. This will allow your agent to inform you of other options to potentially save you money.

You can always have peace of mind when applying for coverage through another Medicare Supplement insurance company, since all benefits are standardized, and by law all plans pay exactly the same. So a "Plan F" from one carrier will pay the same benefits as a "Plan F" from any other.

Get a Prescription Drug Plan Comparison

Whether your premiums change or not, there's a good chance that the medications covered by your plan change yearly. Let us help you choose the best plan.

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