Many seniors today are falling into the donut hole because their Medicare prescription plan coverage ran out before the end of the year. Costs for medications are expensive and many seniors need a large amount of different medications to stay healthy. Medicare does provide some assistance to cover these costs although there is a limit to how much they will cover each year. Because of this, seniors who do require many medications oftentimes purchase an additional Medicare Supplemental to help prevent falling into this donut hole.
The prescription drug plan offered by Medicare is Part D. This coverage covers only a certain amount each year and then will not pay anymore until the beginning of the next year. Seniors are left in a bad situation when this occurs, especially with the expensive and rising costs of medications.
Seniors can purchase an additional Medicare Supplemental prescription drug plan such as a Medigap plan or a Medicare Advantage plan. These types of plans will help cover the costs that Medicare Part D does not provide. Medicare covers $2400 per year. Once this is paid out, seniors must pay $3850 before Medicare will kick in again and start paying.
When inquiring about purchasing a Medicare Supplemental drug plan, seniors should make sure that the plan covers all the medications that the individual needs. Plans do vary in costs depending on what drugs are covered. Most supplemental drug plans are affordable due to the fact that they will pay for generic brands. Because not all drugs are covered under these plans, seniors should thoroughly investigate this before committing to any supplemental drug plans.