Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
The Medicare Donut hole describes the phase in your medications where you have depleted the $2880 which is the basic benefit that is covered by your Part D plan. Medicare is scheduled to phase out the donut hole starting in 2014 which will be good news to the individuals that have high prescription drug costs.
I hope you are aware of the savings available to you by having your doctor give you a 90 day prescription and then you using the mail order capabilities in your Part D plan. In some companies, like Humana, this savings can be significant
You will hit the drug coverage gap or what some refer to as the donut hole when your total cost including what you and your drug plan have paid for your medications reaches a certain amount. For 2016 that amount is $3,310. Once you hit the drug coverage gap you pay 45% for the cost of your brand name drugs and 58% for generics.
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I hope you are aware of the savings available to you by having your doctor give you a 90 day prescription and then you using the mail order capabilities in your Part D plan. In some companies, like Humana, this savings can be significant