annual enrollment period Archives - Steinlage Insurance Agency

Mid year checkpoint for Part D

By Making the Most of your Medicare No Comments

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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