Are you in the “Doughnut Hole?”

The “doughnut hole” is a coverage gap in Medicare Part D whereby Medicare recipients must pay for prescription drugs out-of-pocket.  For families finding themselves in this situation, there is often much anxiety attributed toward how to pay for prescription drugs.  This year, the average recipient who fell into the coverage gap had to spend $1,504 on prescriptions.  Thanks to discounts and other provisions in the healthcare overhaul law, the average cost fell to $901.  This average is based largely on a 50% discount on brand name drugs and Medicare picking up more of the cost of generic drugs.  Since Medicare recipients have until December 7 to review and possibly change their drug plans for 2012, make sure you take the time to review the appropriateness of your plan selections in light of these changes.

To learn more about the shrinking Medicare drug coverage gap, read this article.

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