Medicare Supplement Options: Closing the Doughnut Hole
This weekend, an $80 billion deal between drug makers and Congressional Democrats was announced and it points out one of Medicare’s more inefficient aspects - the “doughnut hole” in the Medicare Part D Drug Benefit plan.According to the Wall Street Journal,
“Medicare mavens and readers of a certain age will already be familiar with the hole — the gap in coverage that leaves beneficiaries on the hook for the cost of prescription drugs when the cost of their prescription drugs passes $2,700 in a year. Coverage kicks back in when a beneficiary’s annual drug cost passes $6,154 in a year, according to the WSJ’s story on the deal.”
The Associated Press has the story:
“Obama said the move on Medicare will help correct an anomaly in the program that provides a prescription drug benefit through the government health care program for the elderly and disabled. Under the deal, drug companies will pay part of the cost of brand name drugs for lower and middle-income older people in the so-called “doughnut hole.” That term refers to a feature of the current drug program that requires beneficiaries to pay the entire cost of prescriptions after initial coverage is exhausted but before catastrophic coverage begins.
Obama said some Medicare beneficiaries will find at least a 50 percent discount on prescription drugs. Obama says drug companies stand to benefit when more Americans can afford prescription drugs.
Of course, this fixes only one problem with the overall Medicare program - chances are, you’ll still need to purchase a Medicare supplement plan to be fully covered. However, your Medicare supplement doesn’t need to break the bank. By working with the experts at MedicareSupplementShop, your health needs will be covered without empyting your wallet.
Tags: Medicare Doughnut Hole, Medicare Prescription Drug Plans, Medicare supplement, Medicare Supplement Plans, Medicare Supplemental, Medicare Supplements
