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 and it has been one of the most misunderstood pieces of the Medicare puzzle for years.
In 2015, basic Medicare Part D coverage works like this:
You may have read in the 2015 Medicare & You Handbook that there are some Medicare Part D plans that offer coverage in the donut hole – but these plans may charge a higher monthly premium. (There are also some Part D plans that are “enhanced” and offer fixed co-pays (for example $5, $10, and $20) for prescription drugs instead of the deductible and 25% cost-sharing that was described above. These plans also may charge a higher monthly premium.)
For our friends that are – or have been – struggling in the Donut Hole, we have one suggestion. Read up on it, and then, when you realize just how complicated that can really be, reach out to us. The easiest and safest way for you to secure your healthcare benefits under Medicare remains through a trusted and local health insurance agent – like us! Reach out to us at (615) 541-4257 or, contact us online! Either way, we’re here to make the transition as easy as possible for you and to guide you through this important time.