Should My Medicare Supplement and Part D Plan Be With the Same Company?

Originally published March 13, 2015. Updated and expanded on August 18, 2021.

The same insurance company may offer Medigap policies and Medicare drug plans, but that doesn’t mean you need to buy both from them. It’s always best to shop around to make sure you get the best plans for you.

• Are there benefits or discounts to buying multiple plans from the same company?
• Do you have to do anything to keep the same drug plan each year?
• What if you don’t take any drugs – do you still need a plan then?

Stay tuned because we’re answering many of your common Medicare Supplement and Part D drug plan questions.

Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

Are There Any Benefits to Having the Same Company for My Medigap and Part D Plan?

While it may be easier to remember your insurance company name, there is no discount or benefit from having your Medigap and prescription drug insurance with the same company.

Even if you buy from the same company, you still may need to make two separate premium payments (Medicare.gov).  

There may be a rare circumstance where the same company happens to have the best plans for your needs and budget, but it would be merely a coincidence.

Which Medigap and Part D Company Do You Recommend?

Because you can get your Medigap and Part D coverage from any company, many folks ask us: which insurance company is the best?

The great news is we are a brokerage, meaning we are not tied to any one carrier. We represent dozens of companies and can shop the market for you to find you the best plan.

There are certainly trends of which companies have the most competitive rates throughout the year. However, the plan that’s best for your spouse, friend, or neighbor may not be the best plan for you.

This is especially true for Medicare Part D drug plans because we take your pharmacy and medication list into account. Since every plan has a different formulary, or list of covered drugs, it’s critical to compare plans for every individual.

Rest assured we have access to all the major Medicare carriers, including Aetna, Cigna, Mutual of Omaha, and more.  

Plus, you pay the same premium whether you buy through us or directly from the carrier. The difference? We’ll help you analyze the competition, provide all the support you need, and service your policy throughout the year.

Read More: Why You Want Your Insurance Agent to Be a Broker, Not Captive

Do I Need to Do Anything If I Want to Keep the Same Medicare Part D Plan?

If you want to keep the Medicare Part D plan you’re currently on, you don’t need to do anything. However, each year in September, you’ll receive an Annual Notice of Change (ANOC).  

Unlike Medicare Supplements, Part D plans can change their deductible, copays, and formulary (or the list of covered drugs). Part D plans can also change their premium or do away with the plan altogether. In that circumstance, you could be automatically enrolled in a different plan from that company – for better or for worse.

If your plan changes and you don’t shop the market for a more compatible plan, you could be stuck with those changes for the following year.

We always recommend comparing drug plans during the fall Annual Enrollment Period (AEP), which lasts from October 15-December 7th. You can even view the available plans as early as October 1st, but you can’t officially make any enrollment changes until October 15th.

Viewing available plans and making comparisons is as easy as going to Medicare.gov’s website and using the plan comparison tool.

Follow the prompts and be sure to enter your medications and preferred pharmacy. The list of available drug plans will be automatically sorted by the lowest annual cost, so the top result is your least expensive plan.

What If I Don’t Take Any Prescription Drugs?

Even if you don’t take any prescription drugs, we still recommend enrolling in a low-premium plan.  

By ensuring you have creditable drug coverage, you’ll avoid future penalties, and you’ll also have coverage if you are prescribed a medication during the year.

The lowest premium Part D drug plan in Macon County is only $7.30 per month (in 2021). Plus, this particular plan has a $0 copay for preferred generics, a nice perk if you end up getting a common prescription partway through the year.

Conclusion

You have a lot of freedom when it comes to choosing a Medigap and Part D plan. Work with our team of licensed agents to shop the market and find the most competitive plan for your needs and budget!

If you haven’t already, schedule an appointment with us by giving our office a call at 217-423-8000 or by using our online scheduling system.