Democrats have vowed to close the “doughnut hole” in Medicare coverage for prescription drugs in 2010. The coverage gap is sizeable – totaling $3,610, but has only increased in size over the years. Democrats aim to close the coverage gap by $500 immediately, then shrink the remaining coverage gap to nothing by 2019.
As of now, many Medicare beneficiaries who receive prescription medications need to enroll in Medicare Supplemental insurance policies to cover the cost of their prescription medications. These policies, also known as MediGap policies, help to provide coverage for individuals who are not already covered by their Original Medicare plans.
Even with the proposed decrease in the prescription drug coverage gap in 2010, the coverage gap will still remain large, leading many Medicare beneficiaries to keep their enrollments in their Medicare Supplemental insurance plans. Any Medicare beneficiary wishing to enroll in such a plan should do so by December 31 during the annual Medicare Open Enrollment period.
Contact us today for more information about Medicare Supplemental insurance coverage or for help finding the right Medicare Supplemental insurance plan for your needs.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.