From Consumer Reports: Question When I filled out the Medicare prescription compare plan, I miscalculated my husband’s insulin prescription. Consequently, we reached the doughnut hole within five weeks. In 2011, we are told that we will be paying 50 percent less on name-brand drugs while in the doughnut hole. Will the full price of the drugs be deducted from $4,550 that the feds require us to pay? Or, will it just be our 50 percent share, meaning we’ll still end up paying $4,550 in the long run? Answer Good news for you—it’s the former. Here’s an explanation from our go-to experts at the Medicare Rights Center. The 50 percent discount for brand-name drugs that will be applied beginning in 2011 will effectively shrink the $4,550 doughnut hole for you. Both what you pay out of pocket AND the 50 percent discount … Continue reading
It’s that time of year again, the holiday season is upon us and there is much to do. If you’re over age 65 or know someone who is, remember that it is also that time of year to pick a Medicare Part-D Plan for your prescription drug benefits for 2010! Picking a plan is complex process, with considerations including monthly premiums, brand and generic copayments, and protecting against falling in to the dreaded coverage gap, otherwise known as the doughnut hole. In 2007, 25% of people enrolled in Medicare Part-D plans fell into the doughnut hole and were responsible for 100% of the money for their prescription drugs out of pocket. This amount in 2010 could be as much as $4,550! Coupled with this are insurance ads and sales pitches from brokers that can further cloud the picture. Instead, try using … Continue reading
