Over 4 million senior citizens, up to 38 % of enrollees, may “go into the hole financially” or, “donut hole”, what insurers and bureaucrats prefer to call the dreaded “coverage gap”. Regardless of what you choose to call it, the Medicare Part D prescription drug coverage gap “donut-hole” can be a real shocker and a nightmare for many senior citizens on fixed incomes.
What is the Medicare Part D donut hole? Essentially, few enrollees are exempt from the coverage gap unless they purchase an expensive Medicare drug plan that offers 100% coverage or are otherwise exempt due to extremely low income.
Otherwise, you will have to pay 100% of your drug costs, rather than a small co-pay, once your annual prescription costs reach $2400 and until you pay $3850 out of your own pocket. What costs are added up to reach this $2400 threshold? – the actual cost of your prescriptions basically – add your deductible ($250), your drug co-payments and the amounts paid for your medicines by your Medicare plan. Once these add up to $2400, you are on your own until your out-of-pocket cost reaches $3850. What costs paid by you are...
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