IS THERE AN INSURANCE POLICY FOR “DONUT HOLE” COVERAGE?
QUESTION:
My mother has only a few hundred dollars left before she will go into the donut hole. Do you know of any other kind of insurance we can get to cover her drugs during this time? I don’t think she will be able to afford to pay for them when she has to pay full price. What can I do to help her?
ANSWER:
I have not heard of any kind of insurance product that will cover drugs during the “donut hole”. It is a shame that your mother may not be able to pay for her medications. There are several things you can do.
1. Contact the manufacturer of that particular drug and ask them if they have any “free help” programs. Many times they do help people with low incomes.
2. Find out if you qualify for the “extra help” programs through Social Security. If you qualify, you will not have a donut hole on your Part D Plan.
3. IF YOU KNOW THAT YOU WILL NOT REACH THE OTHER SIDE OF THE DONUT HOLE TO THE 95% COVERAGE, YOU MUST BEGIN TO COMPARE PRICES. YOU NEED TO SHOP ANYWHERE YOU CAN TO GET YOUR MEDICATIONS AT A LOWER PRICE. DO NOT USE YOUR DRUG PLAN CARD! YOU WILL STILL HAVE TO PAY YOUR PREMIUMS TO YOUR DRUG PLAN, BUT CERTAINLY YOU CAN FIND BETTER PRICES FOR YOUR DRUGS!
4. Next year, at the beginning of your plan for 2009, try to buy all your generics and lower priced medication at large retailers that have $4 generics. This will leave more in the pot to pay for your very expensive medications, thereby extending the time it takes you to reach the dreaded “donut hole”.
If any of my readers knows of an insurance plan to cover the “donut hole”, please CONTACT ME ASAP, so we can check it out.
Until then, we must make the most of our drug plans and save as much as possible!
