The coverage gap is a phase of Medicare Part D plans where the plan member must pay a percentage of the total cost of their medications. Almost all Part D plans have a coverage gap (sometimes called the “donut hole”). However, not everyone will reach the coverage gap.
Insurance companies offering Part D plans must cover, at minimum, the standard benefit. Not all Part D plans will include all four phases. For example, some Part D plans don’t have an annual deductible. In addition, some enhanced plans cover the member if they reach the coverage gap phase. Therefore, reviewing your medications with your agent to determine your costs with different Part D plans is essential.
Medicare Part D is coverage for outpatient prescriptions. Anyone with Medicare can elect to enroll in a Part D plan. All plans must cover many drugs commonly prescribed to people on Medicare.
Let’s look at some important things you need to know before choosing a Part D plan.
Many people assume that Medicare will pick up their healthcare costs when they retire. Unfortunately, this mistake can create big problems when a senior goes in for a procedure and ends up with an unexpected bill.
While Medicare has some pretty surprising gaps in coverage, private insurance plans can help cover those gaps. If you are interested in additional coverage to help with your Medicare, Medicare supplements and Medicare Advantage plans are good options.
Medicare Part B is sometimes referred to as “Medical” coverage because it covers services provided in an office setting.
When you’re new to Medicare, all of the different parts can be confusing. When you hear the term Original Medicare, it’s referring to Medicare Part A and Part B.
Share This Article Share on facebook Facebook Share on email Email Share on print Print On April 4th, 2022, Medicare announced it would cover up to 8 over-the-counter Covid-19 tests per
Medicare gives each plan a score on a scale of 1 to 5. These scores are based on various performance metrics. Under Medicare’s scoring system, a 3-star plan would be considered average and a 5-star plan would be considered excellent.
Most Medicare beneficiaries are aware of the Annual Enrollment Period, the time of the year when many Medicare Advantage and Part D plan members review their coverage and check out different plans. Due to certain circumstances, there may be other times during the year when Medicare members can make a change to their health plan coverage.