If you aren’t familiar with Medicare, it is a health insurance program for people 65 or older, people under 65 with certain disabilities, and people with End-Stage Renal Disease (permanent kidney failure). People with Medicare have the option of paying a monthly premium for outpatient prescription drug coverage. This prescription drug coverage is called Medicare Part D.
In 2010, basic Medicare Part D coverage works like this:
You pay out-of-pocket for monthly Part D premiums all year.You pay 100% of your drug costs until you reach the $310 deductible amount.
After reaching the deductible, you pay 25% of the cost of your drugs, while the Part D plan pays the rest, until the total you and your plan spend on your drugs reaches $2,800.
Once you reach this limit, you have hit the coverage gap referred to as the “doughnut hole,” and you are now responsible for the full cost of your drugs until the total you have spent for your drugs reaches the yearly out-of-pocket spending limit of $4,550.
After this yearly spending limit, you are only responsible for a small amount of the cost, usually 5% of the cost of your drugs.
If you are experiencing a loss of prescription coverage due to the “Doughnut Hole” gap, please visit us at http://www.AngelwealthRx.com and print our free prescription discount card. It provides savings of up to 85% on prescription medications for you & your pets.
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