Senior Citizen News - Medicare Doughnut Hole
According to The Washington Post, millions of senior citizens with Medicare Health Insurance are stuck in the "Doughnut Hole."
The doughnut hole is a gap in Medicare's prescription drug coverage - Medicare stops paying for drugs when the costs get high and starts again when the cost reaches the catastrophic range.
When drug costs reach $2,250, senior citizens have to cover 100% of the bill - while still paying their insurance premiums. Medicare starts paying a portion of the bill again when the cost reaches $3,600.
For example, one senior who previously paid $58 for her 3-month supply of medicine will now face a $1,294 bill since she entered the doughnut hole.
There are more expensive health care plans that don't have a doughnut hole, and low-income beneficiaries may be eligible for extra Medicare funding that covers the gap.
So what can seniors do to help avoid Medicare Gaps? Some experts suggest finding less expensive medication from mail-order pharmacies. Another possibility is to research and purchase Medicare Supplemental Insurance, also called Medicare Gap Insurance.
The bottom line is, read the fine print and make sure you know what your drug benefits are. The best protection against the doughnut hole is to not get stuck in it in the first place. For more information on Medicare, visit the official Medicare site.
The doughnut hole is a gap in Medicare's prescription drug coverage - Medicare stops paying for drugs when the costs get high and starts again when the cost reaches the catastrophic range.
When drug costs reach $2,250, senior citizens have to cover 100% of the bill - while still paying their insurance premiums. Medicare starts paying a portion of the bill again when the cost reaches $3,600.
For example, one senior who previously paid $58 for her 3-month supply of medicine will now face a $1,294 bill since she entered the doughnut hole.
There are more expensive health care plans that don't have a doughnut hole, and low-income beneficiaries may be eligible for extra Medicare funding that covers the gap.
So what can seniors do to help avoid Medicare Gaps? Some experts suggest finding less expensive medication from mail-order pharmacies. Another possibility is to research and purchase Medicare Supplemental Insurance, also called Medicare Gap Insurance.
The bottom line is, read the fine print and make sure you know what your drug benefits are. The best protection against the doughnut hole is to not get stuck in it in the first place. For more information on Medicare, visit the official Medicare site.
