How to Avoid the Medicare Part D Donut Hole

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money

Carefully investigate plans before you do anything else. Medicare part D plans are designed to help people pay for prescription drug costs. You will be given a choice of medicare plans that you can choose from in each state. You may have as many as a thousand plans to choose from or as little as ten.
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Pick a plan that offers at least some coverage for the donut hole. Roughly a third of all plans should offer at least some donut hole coverage. You can find out which plans offer coverage for the gap by examining the benefits they have. Look for plans that offer some form of total coverage. This means you will avoid large out of pocket expenses as a result of prescription drugs.
3). Be prepared to pay more money each month for your benefits. Medicare part D plans that offer coverage for donut hole tend to cost more monthly. You may have to pay as much as twice each month to get this sort of coverage. Coverage can vary plan to plan so double check before you make any decisions about coverage.
4). Have a savings fund on hand. In case you run into the donut hole make sure that you have savings to pay for any prescription drugs. Even if you have coverage from the medicare part D plans you may not have enough coverage to avoid paying out of pocket expenses. You should have sufficient funds on hand each year to help bridge this gap.