Medicare Part D and Open Enrollment

Do you have original Medicare and a Medicare Part D prescription drug plan?

Prescription drug plans or (PDP’s) are available to anyone with Medicare, but they must be purchased separately through a private carrier.

Are you on a new medication that is not covered by your current plan and suffer from high costs?

Do not fear, open enrollment is near and it starts October 15th.

Now, you have plenty of time to change your plan and find something that fits your needs.

Each Part D plan varies in costs and only covers a specific list of drugs, so you must be sure to choose a plan that covers all of your prescriptions.

To find the best value when choosing a plan, you must evaluate premium costs versus co-payments.

Another important term to acknowledge is the Medicare Part D Donut Hole.

The Donut Hole is the name for the coverage gap in Part D. It helps cover the high costs of drugs.

Here’s how it works:

Once you’ve reached your deductible, Part D coverage kicks in and you only pay 25% of costs until you reach the $2,800 cap. Then you fall in the donut hole.

Once you’ve reached this limit, you’re responsible for the full cost of your drugs until you’ve reached the yearly spending limit of $4,550.

According to, the donut hole will be closed by 2020.

Until then, if you’re in the donut hole, you will continue to get discounts on prescription drugs.

One last important note:

Don’t forget that Medicare Advantage, with prescription drug plans or MAPD’s are also available and often more affordable than other coverage options…

If you’re worried about your plan, don’t stress… From now, until the open enrollment period, you have time to review your options and find the right plan for you.

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