Four Ways to Avoid the Medicare Part D Coverage Gap - The "Donut Hole"
However, at a certain point when you and the plan have spent up to a certain dollar amount, you reach a coverage gap, known as the "donut hole." This is a temporary limit on what your Medicare Part D Prescription Drug Plan will pay for your prescriptions.
The main way to not hit the coverage gap is to keep your prescription drug costs low so you don't reach the annual coverage gap threshold. Even if you do reach the gap, lower drug costs and forms of assistance may help you pay for prescriptions you still need, even if they aren't covered at the time. Here are some ideas to help you avoid the "Donut Hole".
The main way to not hit the coverage gap is to keep your prescription drug costs low so you don't reach the annual coverage gap threshold. Even if you do reach the gap, lower drug costs and forms of assistance may help you pay for prescriptions you still need, even if they aren't covered at the time. Here are some ideas to help you avoid the "Donut Hole".
Buy Generic Prescriptions
Many common brand name medications have generic alternatives available and are often less expensive. Generic drugs are required by the Food and Drug Administration to have the same ingredients as brand-name versions, at the same dosage, be administered the same way, and be proven to have the same effect. Ask your doctor or health-care provider if any of your prescriptions can be switched to generics.
Order Your Medications by Mail and in Advance
Many Medicare Part D Plans offer medications at a discount if you order a three-month supply by mail instead of picking up a 30-day supply at the pharmacy. Sometimes, a local pharmacy can even offer a 90-day supply of your prescription at the same price as the mail-order plan. It's worth looking into the different options and comparing the per-pill cost of the bulk options. Some drugs can't be prescribed in larger supplies, but for those that can, you may find valuable cost savings.
Now, it's understandable that researching formularies, pharmacies that participate , bulk purchase options and per-pill costs can get confusing. That's why many seniors have such positive feedback after they've worked with a Medicare Part D specialist. A specialist that knows the ins and outs of prescription drug plans will be able to put together an effective and efficient drug plan for you and will usually save you some money.
Now, it's understandable that researching formularies, pharmacies that participate , bulk purchase options and per-pill costs can get confusing. That's why many seniors have such positive feedback after they've worked with a Medicare Part D specialist. A specialist that knows the ins and outs of prescription drug plans will be able to put together an effective and efficient drug plan for you and will usually save you some money.
Discounts and Assistance Programs
Some pharmaceutical companies offer their products at a discount directly to you or through your doctor's office. This is more common for brand-name and specialty drugs, which can be expensive. Ask your doctor or health-care provider when you get a prescription if any discounts are available or if there is a pharmaceutical assistance program. Additionally, if you qualify, there are federal and state programs that provide financial assistance to help with Medicare Part D costs.
There are a couple of ways to find out more about discounts and assistance programs to help with your Part D costs. As mentioned above, asking around and basically doing your own investigative work is one way, but this can confusing, time consuming and there's always a chance you might just miss something that really could have helped you financially.
Another option is to tackle Part D in its entirety and speak with a Medicare Part D specialist that's an expert at finding solutions when it comes to prescription drug plans, discount providers and the assistance programs available to you.
There are a couple of ways to find out more about discounts and assistance programs to help with your Part D costs. As mentioned above, asking around and basically doing your own investigative work is one way, but this can confusing, time consuming and there's always a chance you might just miss something that really could have helped you financially.
Another option is to tackle Part D in its entirety and speak with a Medicare Part D specialist that's an expert at finding solutions when it comes to prescription drug plans, discount providers and the assistance programs available to you.
Shop for Prescription Drug Plans Yearly
So again, one of the best ways to avoid the Part D coverage gap or "Donut Hole" is to keep your prescription drug costs low. Remember that 90% of Medicare Part D recipients paid an average of $1,066.00 more than the should have last year because they allowed themselves to reach the "Donut Hole" or at least reach it too soon.
With that said, one must understand that plan formularies, deductibles, co-pays, co-insurance, as well as premiums are all subject to change each year, and they frequently do. Another thing to consider is that your prescriptions may also change from year to year.
So do your best to avoid the Medicare Part D coverage gap by shopping around every enrollment period to ensure that you've got the best plan for your health needs and budget. Remember, planning ahead is one of the essentials to side- stepping the "Donut Hole" for your upcoming coverage year.
With that said, one must understand that plan formularies, deductibles, co-pays, co-insurance, as well as premiums are all subject to change each year, and they frequently do. Another thing to consider is that your prescriptions may also change from year to year.
So do your best to avoid the Medicare Part D coverage gap by shopping around every enrollment period to ensure that you've got the best plan for your health needs and budget. Remember, planning ahead is one of the essentials to side- stepping the "Donut Hole" for your upcoming coverage year.
Senior Healthcare Advisors is a leading resource throughout the country for Medicare knowledge and guidance. Our Medicare Part D experts will work with you free of cost to put your Part D plan together. Additionally, we'll review your plan every year to ensure your getting the best possible coverage for the best price, year after year.
Call 888 357 5020 - www.seniorhealthcareadv.com