Prescription Drugs
For people who may spend a lot on their prescription drugs it can be especially tough when one enters the coverage gap or “donut hole” in their Medicare prescription drug plan. After the total cost (what the person pays and the plan pays) of their drugs in a given year reaches $3,700 (2017) then one goes into the “donut hole.” When someone enters the “donut hole” they then move from paying 25% of the cost of their drugs to 51% for generics and 40% brand name drugs. That period can get expensive.
What can be done to avoid the “donut hole” if you think you are going to get close to $3,700 in total is to purchase your medications without using your insurance if you can find it for a lower cost elsewhere.* Here are some resources you can use to avoid entering the coverage gap:
- GoodRx.com and pharmacychecker.com – allows you to search pharmacies in your area that offer your prescription drugs for the lowest cost.
- Go to Target to fill certain generic prescription drugs…usually around $5.
- Apply for Extra Help to see if Medicare will help you pay for your prescriptions.
- Go directly to the manufacturer of the drugs to see if you can get a manufacturer’s discount
*By using any of these outside resources, the money spent will not count toward your deductible on your Medicare drug plan.