Medicare Part D - Medicare Updates: No More Donut Hole
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One very exciting announcement for Medicare is the Donut Hole (Coverage Gap) will be discontinued in 2020! The Donut Hole has been a looming terror for anyone that takes tier 3 or tier 4 medications and many people are not sad to see it go. In this level of coverage, you would have to pay around 45% of your brand name drug costs and around 80% of your generic costs but not anymore. These are the different levels of the new Part D drug plans for 2020:
\\n\\n\\xb7 The new deductible for 2020 is $435. For those of you that have a tier deductible and take a tier 1 (preferred generic) or tier 2 (non-preferred generic), this deductible does not apply. These medications will most likely range from $1.00 to $4.00.
\\n\\n\\xb7 I call this the Co-Pay Level. Once you meet your deductible, you would pay 25% of the company\\u2019s negotiated price for the medication.
\\n3.The Catastrophic Coverage Level
\\n\\xb7 Once you and the insurance company reach $6,350 in drug costs, this would bring you to the third level of the drug plan called the Catastrophic Level. The government steps in and pays 95% and you would only be responsible for 5% of your cost for medications.
\\nThe actual Medicare Part D drug plans have not yet been released for 2020, but as soon as we get those, we will be happy to share those and provide any assistance with those plans. Each Medicare Part D drug plan has a different formulary and cover medications differently based on that formulary so it is important to look at the entire plan and not just the premiums. We are happy to help navigate those plans with you.
\\nIf you have any questions regarding Medicare, it\\u2019s coverage or Part D plans, please give our office a call at 1-855-368-4717 or visit one of our pages:
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