As we approach the middle of the year, now is a good time to review your Part D plan. Even though the Annual Enrollment Period runs from 10/15/13 – 12/07/13, a little maintenance now can provide more money in your pocket later in the year. Every Medicare Part D plan has the “donut hole” embedded in it. The donut hole starts when total drug costs exceed $2,970 (2013 figures). The $2,970 is calculated off of the actual cost of a prescription, not the amount of your co pay. For example Nexium, an acid reflux prescription, might be a $35/month co pay at a pharmacy. The actual cost of Nexium is around $150/month. The amount that counts to the $2,970 is the $150. This is important to keep in mind because your annual costs can add up much faster than you realize. Here is a detailed explanation. What to do now – Since…
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