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Is it too late to join a prescription drug plan?
Like many people, when you first signed up for Medigap, your plan may have included prescription drug coverage. But now that coverage may no longer be sufficient to meet your needs. You can still sign up for a Medicare prescription drug plan (Part D). Before doing so, you should shop around for a plan that covers the drugs you need.
You may have to pay a late fee to join a Medicare prescription drug plan if your current coverage is not “creditable” which means that it covers, on average, at least as much as Medicare’s standard prescription drug coverage. If it is “creditable”, you will not have to pay a late fee. Your Medigap carrier is required to send you a notice every year telling you if the drug coverage is “creditable.” You should keep those notices in case you later decide to switch to a Medicare prescription drug plan.
You can only join Part D between October 15 and December 7 each year (to become effective on January 1) unless you lose your Medigap policy at another time during the year.