The medicare supplemental insurance coverage plan that is right for you may be very different (not just your old Medigap policy without the prescription drug coverage). An alternative is enrolling in a Medicare Advantage Plan with drug coverage. It's important to plan if you want to cancel your Medigap policy completely. A late enrollment penalty is assessed when someone enrolls in a Medicare prescription medication plan and meets one of the following criteria:
You dropped the whole thing when you realized your Medigap policy's drug coverage wasn't adequate.
It takes 63 consecutive days for Medicare to approve you for prescription coverage.