Medicare Part D Coverage
An essential provision of Medicare Part D plans is the “donut hole,” or coverage gap. Before 2011, after you have received more than the coverage limit of $2,960 in benefits, you were responsible for 100 percent of your prescription costs. After that time, a “Donut Hole Discount” could be applied wherein your plan and the prescription manufacturer pick up some of the cost, even after you meet the coverage limit. Beginning in 2019, your Part D plan will pay 35 percent of the costs, and the drug manufacturer will pay 55 percent, adding up to 90 percent coverage. If you go any further and exceed $4,700 in out-of-pocket expenses, you are protected by the Catastrophic Coverage provision and will be responsible for a 5 percent copay of the formulary drug’s retail price. It should be understood that this provision only applies to prescription medications covered under your plan’s drug list; otherwise you will still have to pay 100 percent of the drug’s cost. There are also benefits and extra help available for those with low incomes, so many of these terms may be flexible depending on the enrollment of each prescription plan.
There are no Medicare Medigap Supplement plans that include prescription drug coverage, but there are about 25 different Part D drug plans available through Medicare. You can pick the Part D plan that is best suited for you and apply it to your new or existing Medigap plan during the enrollment period. The monthly premiums are very reasonable and can be deducted automatically from your social security check.
Upon enrolling in a Medigap plan, you will be contacted by one of our Certified Medicare Part D plan Specialists, who will discuss your prescription needs and help you enter into an appropriate plan. Our plan finders are Medicare, Medigap, Dental, and Part D specialists trained to show you the best options available and work with you to ensure your specific medications are on the plan’s list and your plan is financially viable.
The one recommended to us was fully covered by Mutual of Omaha. Had we chosen the Medicare Advantage plan, he wouldn’t have been able to go there. They won’t pay. the hospital person helping me was relieved to here we had straight Medicare and a supplemental.”
-Chris, Happy Customer
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-Jed K, Happy Customer
I would recommend your company to anyone who is interested in getting a Medicare Supplement Plan. Thank you again for all of your help and for Mr. Fred Lewis.