Being able to afford their prescription medications is the top concern for 40 percent of seniors who take more than four prescription medications daily according to a survey by Kelton Research.
For seniors who are enrolled in a Medicare Part D plan, 37 percent are most concerned about not being able to afford medications, but almost half (at 49 percent) worried about falling into the donut hole or coverage gap. That’s the phase in which a beneficiary has to pay the full cost of prescription drugs.
According to the survey, 60 percent of Medicare beneficiaries use generic medications (76 percent), and ask for free samples from doctors (39 percent), but there’s more they can do. The seniors surveyed estimated that using mail order saved about $540 a year, and 19 percent estimated they saved at least $1,000 annually.
In 2007, more than eight million seniors hit this coverage gap in the standard Medicare drug benefit. President Obama’s plan begins immediately to close the Medicare gap in its drug benefit by providing a 50-percent discount on brand-name prescription drugs for seniors who fall into the donut hole. By 2019, the President’s plan is intended to completely close the donut hole.
At MediGap Advisors, our experts know Medicare Supplement Plans (also called Medigap Plans). We can help you fill the gaps in Medicare coverage with the Medicare Supplement Plan that is right for you at the best price we can find. Our friendly advisors can make the whole decision easy and hassle-free with plans from the highest-rated companies, including Anthem Blue Cross Blue Shield, Humana One, Mutual of Omaha, and UnitedHealthcare. You can get started with our Medigap “How To” Guide, or call us at 866-323-1441.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.