How do I avoid the Medicare Part D insurance gap (“non-insurance period”)?
Now that you are aware of the insurance gap (“uncovered period”), here’s some good news: Most Medicare beneficiaries do not have to pay the price increase during the insurance gap, since their prescription drug costs in 2018 will not reach the initial insurance limit of $ 3,700.
People who qualify for extra help (or the low income allowance) avoid the insurance gap or the “uncovered period.” Auxiliary is a program by the federal government which supports qualified persons with low income for Medicare costs of Part D, such as deductibles, premiums, and co insurance/co insurance. If you qualify for this support, you will not enter the insurance gap. You may apply to the government department of Medicaid or the social security administration for the program. Although many prescription drug policies of Medicare and Medicare Advantage prescription drug policies have a deficit, some policies offer additional insurance during the insurance gap. The cost of this additional insurance in the gap will vary according to the policy.
Federal legislation reduces the insurance gap each year until it will reach 25% in 2020. By 2020, beneficiaries will pay 25% of the cost of the brand policy and 25% of the generic costs in the insurance gap. Cost control of prescription drugs is an essential part of avoiding the deficit. Here are some tips on how to reduce spending on medications so that you do not get into the supply gap:
Many expensive prescription drugs have a generic or cheaper alternative. Reverting to low-cost medications can help prevent you from filling the supply gap. Talk to your doctor or your prescribing doctor about whether or not you can buy prescription drugs at a lower cost that can be as effective for your condition.
People who do not qualify for Extra Help may be eligible to receive financial support from the manufacturer of brand name drugs. Visit Medicare.gov to find out if there is a drug support program for the drugs you are taking. Also, there are state pharmaceutical support programs. These programs can be useful in the cost of Medicare Part D, and you may be eligible if you do not qualify for additional help. Visit Medicare.gov to find out if your state has a program.
Taking the time to compare your Medicare Part D insurance options can help you reduce the cost of prescription drugs and cover the deficit. Costs such as co payments, co insurance and deductibles may vary widely from one policy to another and may influence your chances of penetrating the insurance gap. What happens if I have questions about the insurance gap (“uncovered period”)? If you have questions about how the insurance gap works and how you can avoid it, a licensed insurance agent help you compare the formulary on the Medicare Advantage Prescription Drug Policy and the Medicare Prescription Drug Policy on offer to determine if your prescriptions are covered and within your budget.