The Donut Hole, and How it Affects You
Medicare Part D has a coverage gap, often referred to as the ‘donut hole’, where drug coverage ceases once you reach a threshold in your standard cover plan; this threshold (as of 2013) stands at $2,700.00, with benefits starting again if you spend $6,154.00 or more.
The $3,454.00 ‘hole’ is one of the most contentious issues in the whole Medicare initiative. Whilst plans do exist that will cover you for all your prescription drug expenses, they are far more costly and beyond the affordability of many Medicare customers.
One of our agents can advise you as to your likelihood of needing extra cover for the coverage gap, and how much you will expect to pay, should you reach the coverage threshold.
Among Medicare Beneficiaries:
Changes to Medicare Part D in 2013:
This is certainly the case of the Medicare D 2013, where there are increases in the deductible amount, coverage limit, maximum amount of out-of-pocket expenses, and co-payment. Part D is an optional supplemental coverage to your main Medicare plan, but if you opt for this plan, you would typically pay from $35 to $37 per month (as of 2013 Part D).
Medicare Part D plans come in different forms: HMO plans, PPO plans, Program of All-Inclusive Care for the Elderly (PACE) plans, and Medicare Private-Fee-for-Service plans. Enrolment for the 2013 Part D doesn’t start until November 15, 2013 (it ends December 31, 2013).
You can enjoy the benefits of your Part D Medicare plan right away at the beginning of 2013. If you decide on a Medicare Advantage Plan during the Part D enrollment period but would like to switch to a PDP plan at the start of 2013, you can always make the switch from January 1 to March 31, 2013, during a special enrolment period.