Most Medicare Part D Prescription Drug Plans have a coverage gap. This gap in coverage is often called the “donut hole” and while you are in this gap you may have reduced or no prescription drug coverage. In the vast majority of cases, your medications are covered but you will have to pay either a higher copay or higher co-insurance amount.
The Medicare Part D donut hole occurs after you and your Medicare Part D prescription drug plan have spent a certain, predetermined amount of money for covered prescription drugs. You are then responsible for either partial or all costs out-of-pocket for the drugs, up to a certain out-of-pocket limit.
The Yearly Deductible, Co-Insurance and the Copays You Pay Out While in the Donut Hole Coverage Gap All Count Toward This Out-Of-Pocket Limit.
There are Medicare Part D Prescription Drug Plans that offer coverage while you’re in the donut hole, but these plans can and do charge a higher monthly premium.
Always check Medicare Part D Prescription Drug Plans carefully before you purchasing to ensure the drugs you are currently taking would be covered during this gap in coverage.
In the event you reach the Medicare Part D Prescription Drug Plan’s out-of-pocket limit while in the donut hole, catastrophic coverage automatically takes effect. During catastrophic coverage you will only pay a small coinsurance amount or a minimal co-payment for your prescription drugs the rest of the year.
For more information on how Florida Medicare Supplement Insurance can help with your Medicare Part D prescription drug plan needs call Neil Primack (561) 935-3907 or email him at: firstname.lastname@example.org.