There are changes to the drug stages for 2024, primarily around the Coverage Gap Stage. To refresh, there are 4 stages of drug coverage during the calendar year and some seniors may fall into that 3rd stage called the Coverage Gap or commonly referred to as The Donut Hole. In 2024, once you and the insurance company have spent $5,030 on your medications, you will enter the Coverage Gap and pay 25% of the retail cost of your medications. This typically drives up costs for Medicare recipients and may cause some confusion for the newer members. The good news is that once you’ve spent $8,000 on your medications, Medicare will pick up the rest of the costs, for the remainder of the calendar year.
The cost of medication for seniors on Medicare, can be overwhelming and expensive. We’ve noticed a few popular prescription drug plans are going to see monthly premium increase in 2024, while some have decided to lower their premium as low as $0. It’s important to review your drug plan options during the Annual Enrollment Period (10/15-12/7) as you may find there is a better plan out there for you.
The Insulin Savings Program, which was implemented earlier this year, has helped countless seniors to be able to afford their insulin and the ability to properly manage their diabetes. Many seniors are finding that Eliquis and Xarelto are becoming extremely expensive. If you take these medications, or certain inhalers, you may be eligible for a program that could make these mediations much more affordable.
Simply put, you don’t know what you don’t know. Which is why it’s important to work with independent brokers, like Steve & Amy at Blue Sky Insurance. Their goal is to find you a solution to fit your healthcare and financial needs.