There are 28 different Medicare Prescription Drug Plans in our area. All Drug Plans are regional and all treat medications differently so you must find a drug plan based on your current medications. You do not find a plan based on the lowest monthly premium.
- Medicare Prescription Drug Plans are issued by insurance companies.
- All plans have a monthly premium
- Some plans have an annual deductible. Maximum deductible for 2021 is $445.
- Buy medications at stated copayments until you and you plan have spent $4,130 then you will enter the Coverage Gap a/k/a the Doughnut Hole!
- Whilst in the Doughnut Hole you will receive a 75% discount of band name medications and a 75% discount on generic medications.
- You emerge from the Doughnut Hole when cost of drugs reach $6,550.00.
- Now you re in “Catastrophic Coverage” and will pay only 5% of drug costs.
These plans change every year so if you would like to change plans you must do so during the Annual Enrollment Period which is October 15 through December 7. The new plan will start January 1 st of the next year.