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Ashford Insurance

What is the Medicare Coverage Gap?

Medicare Coverage Gap Made Easy

What is the Medicare Coverage Gap?

The Medicare Coverage Gap, also known as the Donut Hole, is a gap in Medicare Part D prescription drug coverage. It occurs after you have spent a certain amount of money on prescription drugs in a year. In 2023, that amount is $4,850. Once you reach that amount, you will have to pay the full cost of your prescription drugs until you reach another threshold, which is $7,550 in 2023. After you reach that amount, Medicare will start paying again for your prescription drugs.

The Medicare Coverage Gap can be a financial burden for people with high prescription drug costs. In 2023, the average person in the Coverage Gap will pay $2,626 out-of-pocket for their prescription drugs.

There are a few ways to help offset the costs of the Medicare Coverage Gap. One way is to purchase a Medicare Part D plan with a low-cost prescription drug coverage gap. These plans typically have a higher monthly premium, but they will help you pay for your prescription drugs once you reach the Coverage Gap.

Another way to help offset the costs of the Medicare Coverage Gap is to use a Medicare Part D discount card. These cards can help you save money on your prescription drugs by giving you discounts at participating pharmacies.

If you are facing the Medicare Coverage Gap, there are resources available to help you. You can contact your state’s SHIP program for assistance. SHIP programs offer free counseling and assistance to people with Medicare.

You can also contact the Medicare Prescription Drug Coverage Gap Discount Card Program for assistance. This program offers a discount card that can help you save money on your prescription drugs.

The Medicare Coverage Gap can be a financial burden, but there are ways to help offset the costs. By taking advantage of the resources available, you can help make the Medicare Coverage Gap more manageable.