What Is A Medicare Part D Coverage Gap (Donut Hole)?
Most drug plans currently have a coverage gap, also called a “donut hole.” It sets a temporary limit on what your plan will pay for medications. Check to see if your medications will still be covered during the coverage gap or if your Part D plan has added benefits in the gap. The Medicare Part D 2023 limit is $4,660. While in the coverage gap, you are responsible for a percentage of the cost of your drugs.
Avoiding The Medicare Part D Penalty
If you don’t sign up for a Part D plan when you’re first eligible, or you’ve gone 63 days or more without creditable drug coverage after your IEP, you’ll pay a monthly late enrollment Medicare Part D penalty while you have Part D coverage. While the fee is typically only a few dollars each month, it can add up over time.
Getting Help With Medicare Part D Costs
Costs for Medicare Part D can vary, and for those who need help, there is assistance available. Extra Help is a federal program that helps with Medicare Part D costs. Depending on your financial situation, it can pay for some or all of your prescription drug coverage.
Other Ways To Pay For Medicare Part D Costs
When researching your Part D plans, look at everything you pay for Medicare. For example, you may find that a Medicare Advantage plan or Part C can help you save. Many Medicare Advantage plans include prescription drug coverage as well as other benefits that give you bundled savings.
When you sign up for Medicare, look at all Part D plans that fit your drug coverage needs. Compare them with your Medicare costs and see what works for you.