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part d Archives - Steinlage Insurance Agency

Mid year checkpoint for Part D

By | Making the Most of your Medicare | No Comments

As we approach the middle of the year, now is a good time to review your Part D plan.  Even though the Annual Enrollment Period runs from 10/15/13 – 12/07/13, a little maintenance now can provide more money in your pocket later in the year. Every Medicare Part D plan has the “donut hole” embedded in it.  The donut hole starts when total drug costs exceed $2,970 (2013 figures).   The $2,970 is calculated off of the actual cost of a prescription, not the amount of your co pay.  For example Nexium, an acid reflux prescription, might be a $35/month co pay at a pharmacy.  The actual cost of Nexium is around $150/month.  The amount that counts to the $2,970 is the $150.  This is important to keep in mind because your annual costs can add up much faster than you realize.   Here is a detailed explanation. What to do now – Since…

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How to get the most out of your Part D benefits

By | Making the Most of your Medicare | No Comments

All Medicare Part D plans have the “coverage gap” or “donut hole” in them.  This is a set amount of money ($2,970 for 2012) available for rx costs until you reach the beginning of the “gap.”  To maximize this amount, you would like to get as close as possible to the $2,970 without going over. (It’s important to note that the $2,970 is the total cost of the drug, not what you have paid.  For example, if your co pay is $10 at the pharmacy but the total cost is $100, $100 counts towards your $2,970 not just the $10 you paid!) So how do you do this? IF YOU ARE CLOSE TO THE DONUT HOLE The best way to maximize your drug costs would be to call you current Part D carrier (use the member services number on the back of the ID card) and get to a representative.  You…

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