1. Filling the Medicare Donut Hole
Medicare's prescription coverage gap is getting noticeably smaller and easier to manage
this year for millions of older and disabled people with high drug costs.
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LAW OFFICE OF DAVID PARKER BLOG
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2. Here’s a little good news for Medicare recipients or those who
expect to be Medicare recipients before long: according to a
report from ABC News regarding the latest Medicare
figures, the cost of falling into the “donut hole” is shrinking.
The “donut hole” refers, as many know too well, to the
coverage gap between the point where a Medicare recipient has
spent too much of his Medicare Part D benefits to continue
receiving full coverage, and the point where he has spent
enough of his own resources to be eligible for catastrophic
coverage.
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LAW OFFICE OF DAVID PARKER BLOG
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3. It’s a common issue in elder care and elder law, relating to the
new health-care reform act, and with implications for NY estate
planning and especially for New York asset protection for the
elderly. The donut hole is easy to fall into, especially for those
taking expensive medication. But in response to the Affordable
Coverage and Patient Protection Act, however, pharmaceutical
companies have begun offering a 50% discount on medications
to Medicare recipients stuck in the donut hole. This has resulted
in substantial savings.
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LAW OFFICE OF DAVID PARKER BLOG
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4. The average Medicare beneficiary prior to this change would,
by this time in the year, already have spent over $1,500 on
prescriptions. However, the new law drops that expense to just
$901. Of course, this is an average, and each individual will
spend more or less depending on exactly what medications are
prescribed. But in all cases where a Medicare recipient falls into
the donut hole, substantial savings should be expected.
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LAW OFFICE OF DAVID PARKER BLOG
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5. Law Office of David Parker
Estate Planning and Elder Law
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