July 19, 2010

The Medicare Doughnut Hole - What is it?

It is currently estimated that 15% of seniors completely stop filling their prescriptions once they hit the "doughnut hole" gap. 

If you have a Medicare Part D prescription drug plan, the doughnut hole is when Medicare temporarily stops paying for your prescriptions. If you are in the doughnut hole, you have to pay the entire cost of your medications.

The new Health Care Reform bill includes a one time $250 rebate for seniors to use this year, 50% discount in 2011 for name brand drugs, 25% thereafter, however the gap in coverage is not estimated to go away for another 9 years. With medication costs rising each year, these benefits lose their value with seniors today. .
For free Medicare Supplement or Medi-Gap rates visit QuoteBroker