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NH Medicare News- NH Seniors Advice on what to do when you hit the Donut Hole!

7/13/2017

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by Stephen Donohue, NH Medicare Supplement Broker

It's July, a time of year when many seniors with Part D RX coverage hit the dreaded "Coverage Gap" or "Donut Hole". The Donut Hole is where costs for RX can increase dramatically.

What is the Coverage Gap (donut hole)?
The Coverage Gap (donut hole) begins once you reach your Medicare Part D plan's initial coverage limit  which for 2017 is $3700. During the coverage gap seniors are expected to pay the following:
  • 51% of  the cost of Generic Drugs  and
  • 40% of the cost of Brand Name drugs

How Long Does the Coverage  Gap last?
The Part D RX Coverage Gap lasts until a Part D RX participant hits $4950 in annual out-of-pocket RX costs.

Seniors please see following 6 suggestions to lower your RX Costs:
  1. Consider switching to generic or lower cost drugs
  2. Choose a plan that offers better value during the coverage gap  
  3. Pharmaceutical Assistance Programs- many drug companies offer programs like coupons or discount cards to help patients reduce their out of pocket costs.
  4. State Pharmaceutical Assistance Plans (available in MA not NH)
  5. Apply for Extra Help- Medicare and Social Security have a program that helps Low Income Seniors
  6. Explore Local and National Charita how to save on Part D RX costs can be found here. 

Please visit Medicare.gov here to learn more about how to save on prescription drug coverage.
 
Steve Donohue, owner of Atlantic Insurance & Benefit Company, is an insurance agent who specializes in helping seniors in Hudson, Nashua, Merrimack, Hollis and Londonderry with their Medicare Supplement or Medicare Advantage plans. He can be reached at 603-882-2909.   

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