If you’ve fallen into the Medicare donut hole, also known as a coverage gap, then you may begin paying more for your prescription medication. This happens when your total costs spent on prescription drugs through your Medicare coverage plan reaches a certain amount during the calendar year. Usually, this amount is $3,700 but it depends on the year. When you’re in the donut hole or coverage gap, the price of your medication will suddenly increase. What can be done during this stressful situation? Many people struggle with the increased medical costs and can’t afford their much-needed prescription drugs.
There are steps you can take to avoid the extra costs of the Medicare donut hole problem that is a major financial inconvenience for many at-risk patients. Medicare beneficiaries remain in the donut hole until their true out of pocket costs exceed $4950. After leaving the Donut Hole phase of a prescription drug plan, you go into what is called Catastrophic Coverage. From this point on, you will be paying $3.3 per month for generics / $8.25 per month for name brand medications or 5% of the medication’s retail cost, whichever cost is higher.
So what can you do during your time in the donut hole when your prescriptions are the most expensive? The answer to the Medicare donut hole is finding a prescription assistance program that will lower the cost of your medication. Everyone should have the opportunity to receive their prescriptions at an affordable cost.
Our company was created with those in mind struggling to afford their medication. We are especially helpful for beneficiaries of Medicare Part D prescription drug coverage that are in the “Donut Hole”. Our long-standing relationship with the best prescription assistance programs ensures that your medication can be affordable again. Just give us a call to get the process started at 888.344.8915. Our recovery advocates are standing by for your call.
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