How Do You Qualify For Medicare Extra Help

when considering medicare part d prescriptiondrug coverage, you may have heard of the part d coverage gap, also known as the “donuthole.” what is the coverage gap? could it affectmy medicare part d costs? the best way to answer those questions is to look at the coverageoffered by part d plans during the different stages of part d coverage. this will helpyou know what to expect during each stage

How Do You Qualify For Medicare Extra Help, of coverage. there are four medicare part d coverage stagesthat can affect your prescription drug costs. the first is the annual deductible stage,which applies if your plan requires you to pay an annual deductible. if so, you mustpay the full cost of your prescription drugs

until you have met your deductible amount.after that, your plan begins to share the cost of your covered drugs. the second stage of coverage is the initialcoverage stage. if your plan requires you to pay a deductible, the initial coveragestage begins after your deductible is met. if your plan does not require you to pay adeductible, then the initial coverage stage begins the first day your plan takes effect. the third coverage stage is the coverage gap,also known as the donut hole. you will reach the coverage gap once you have spent a certainamount on your covered prescription drugs. this amount is determined by medicare andcan change each year.

keep in mind that if you receive extra helpfrom medicare, you will not have a coverage gap no matter how much you spend on your coveredprescription drugs. during the coverage gap, you will be responsiblefor covering more of your prescription drug costs, unless you enroll in a plan that includescoverage in the coverage gap. the amount you pay for covered drugs can be a fixed dollaramount, called a copayment, or a percentage of the drug cost, called coinsurance. whenconsidering a part d plan, always look for copayments and coinsurance costs during eachstage of coverage— especially during the coverage gap. the fourth and last stage of medicare partd coverage is called the catastrophic coverage

stage. you reach this stage after you havespent a certain amount on your covered prescription drugs while in the coverage gap. again, thisamount is determined by medicare. you will remain in the catastrophic coverage stageuntil the plan year ends, when your out-of-pocket cost for covered drugs will generally be lower. not everyone covered by a part d plan willreach the coverage gap. but if you take several prescriptions and are likely to reach thecoverage gap, you may want to consider a part d plan that offers additional cost sharingin the coverage gap. not all part d plans offer this extra coverage, which is why itis important to review all coverage options before you enroll to get the most value fromyour plan.

keep watching for more medicare part d information,and be sure to visit silverscript.com to learn more about the part d plans we offer—includinga plan that offers coverage in the coverage gap.