It sounds delicious right?
Unfortunately though, the “Donut Hole” is something you want to avoid at all costs. Once you get in the Donut Hole, you will be stuck there the rest of the year and could easily be paying several hundred dollars per month in copays for your prescriptions.
But let’s start by looking at what it is, exactly…
“I’m sorry, your insurance doesn’t cover this prescription.”
Have you ever heard your pharmacist say those words?
It’s January. You just made it through the Christmas season splurging on gifts for your grandkids like you do every year. This is the time of year when you realize you need to tighten up the budget a bit and start playing a little catch-up with your finances.
The first thing that comes to mind is, “Well, how much is this going to cost me? I need this prescription.”
Then you start to wonder what happened. Your drug plan covered this prescription last year.
Or, maybe you’re new to Medicare and Part D altogether. You signed up for your drug plan by just filling out an application from one of those colorful brochures you’d been getting in the mail for months leading up to your 65th birthday. It’s the plan your brother is on, and it’s been working for him. But you didn’t check to see if it covered all your drugs. Then again, why wouldn’t it?
Whatever the reason is that you find yourself without coverage for one (or more) of your drugs, let’s figure out what your options are to get covered if you find yourself in this spot…
You’re not taking any prescriptions right now, so why should you waste money on a prescription drug plan (PDP)?
Or…maybe you just take one or two generic medications now that cost you $4 per month apiece at your local pharmacy. Heck, I even know that Meijer (a popular Midwest grocery store/pharmacy) will fill a one-month supply for a very common pill for diabetes (Metformin) and for cholesterol (Atorvastatin) for free!
Why should you spend more for the monthly premium just to have a prescription drug insurance plan than you would for the copays you currently spend on your drugs?
Here are 2 important reasons you should…