Costs of Medicare Part D, phasing out ‘doughnut hole’
I hear there are varying costs of
Premium is the cost you must pay every month to carry the Part D insurance. The 2015 the premium costs (in
Some Part D plans have a deductible. A deductible is an amount that you must pay for your medicines before a Part D drug plan will begin covering your medicines. The maximum deductible will be
The next phase of
Your drug plan will be monitoring the cumulative cost of your medicines - when the cost of your medicines (the portion the plans pays plus your co-pays) reaches
The coverage gap is commonly called the doughnut hole. If you enter the coverage gap, you have to pay 45 percent of the cost of your brand-name medicines. You will remain in the coverage gap until one of two things happen: either the calendar year ends so that you begin a new Initial Coverage Limit, or the cumulative cost of your medicines reaches
Catastrophic Coverage is the "other side of the gap"; it simply means that the drug costs, for the calendar year, have been so high that the Part D drug plan will now cover almost all the cost of the medicines for the remainder of the year.
I heard that the new Affordable Care Act has done away with
You are correct, the Affordable Care Act is closing
Prior to 2010, when a person entered
For 2015, a person's out-of-pocket costs reduction is 55 percent, meaning that the person would pay 45 percent of the cost for brand- name medicines in the doughnut hole (generic medicine costs were reduced by 35 percent for 2015).
The doughnut hole will slowly phase out and, beginning in 2020, a person would pay 25 percent of the cost of brand-name medicines and 25 percent of the cost of generic medicines.
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