Medicarebob

One very exciting announcement for Medicare is the Donut Hole (Coverage Gap) will be discontinued in 2020! The Donut Hole has been a looming terror for anyone that takes tier 3 or tier 4 medications and many people are not sad to see it go. In this level of coverage, you would have to pay around 45% of your brand name drug costs and around 80% of your generic costs but not anymore. These are the different levels of the new Part D drug plans for 2020: 1. The Deductible Level · The new deductible for 2020 is $435. For those of you that have a tier deductible and take a tier 1 (preferred generic) or tier 2 (non-preferred generic), this deductible does not apply. These medications will most likely range from $1.00 to $4.00. 2. The Initial Coverage Level · I call this the Co-Pay Level. Once you meet your deductible, you would pay 25% of the company’s negotiated price for the medication. 3.The Catastrophic Coverage Level · Once you and the insurance company reach $6,350 in drug costs, this would bring you to the th