Category: Medicare Costs
3 Simple Steps to Stay Out of the Medicare Donut Hole
In a standard Medicare Part D plan, the third stage of coverage is the Coverage Gap (also known as the “Donut Hole”), when you will pay more for your brand-name and generic medications. You’ll want to avoid entering the Gap completely or at least delay your entry as long as you can. To learn more about the Coverage Gap and the other coverage stages for Medicare Part D plans, please watch this video.
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Keeping Track of Your Out-of-Pocket Drug Expenses
It’s likely you’ve heard the term “out of pocket,” which refers to the Medicare expenses that aren’t reimbursed by insurance. A less familiar term, but one that is extremely important to Medicare Part D prescription drug plan members who enter the Coverage Gap, is “true out-of-pocket” or “TrOOP” costs. Your Medicare TrOOP expenses determine when you’ll leave the Coverage Gap, which is the third stage of the standard Medicare Part D benefit, and when you’ll enter Catastrophic Coverage, the fourth and final stage of the benefit. To better understand these coverage stages, please watch this video.
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Medicare Prescription Drug Plans Vary by Hundreds of Dollars Per Year
Let’s face it – No matter how many times experts recommend that we reevaluate our Medicare Part D plan each year, many of us don’t!
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A Higher Household Income Means a Higher Premium
You’ve done your research, enrolled in a Medicare Part D plan, and figured out your monthly premium payment. All set? Maybe not.
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Making the Most of Your Tax Return
Let’s face it; putting together your tax return is not something you look forward to. If you’re like most people on a fixed income, you’ve probably gotten into the habit of claiming the standard deduction because you receive a larger standard deduction on your taxes if you’re over 65 and/or blind. Depending on your expenses, mainly medical expenses, you might want to consider itemizing your deductions instead.
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