The High Cost of Closing the Medicare Doughnut Hole
Medicare Beneficiaries May Want to Enroll in Medicare Supplemental Insurance Plans Now!
Millions of seniors struggle to afford their medications that are not covered during the time when they are in the Medicare doughnut hole. The Medicare doughnut hole is a Medicare coverage gap that has been in existence since Congress added the prescription drug coverage benefit to the Medicare program six years ago. Since that time, Medicare beneficiaries and many lawmakers have been trying to close this doughnut hole to provide constant prescription drug coverage to seniors.
Currently, Medicare beneficiaries have to pay out of pocket for their prescription medications once they reach the doughnut hole. Many Medicare beneficiaries can avoid high prescription medication expenses by enrolling in Medicare Supplemental insurance programs, which help to cover the coverage gap. Even if the government is able to close the coverage gap, the gap may not be totally closed for another ten year, reinforcing the need for Supplemental insurance during that time.
If the Medicare doughnut hole is closed, it will be closed thanks to the pocketbooks of the pharmaceutical industry, which would be charged with paying for the phase out. However, less than half of the $80 billion that pharmaceutical companies agreed to provide for health care reform would actually be used to help fill the gap. Additionally, there are no current budget forecasts that show how much the expanded drug benefit will cost the government once the gap is eliminated.
Beneficiaries can enroll now in Medicare Supplement insurance programs that will help to provide them with healthcare coverage, including prescription drug coverage in some plans, regardless of any effort the government may make to close the gap in the future. Contact us today for more information about available Medicare Supplement plans that may help you to save money now.