Medicare Part D Coverage and the Coverage Gap in 2012

Medications are vital to the long term and short term health of many sick and elderly people and when those medications are not available it can cause big problems.  When Medicare created a large coverage gap in Medicare Part D Coverage years ago it left many people holding the bag when it came to staying healthy.  Though the coverage gap continues, it does continue to get better as it nears on the ability to close out in the not so near future.

You will pay 86% of the plan’s cost for covered generic drugs when you enter the coverage gap and you will get a 50% discount on covered brand name drugs.  This won’t make it where you can afford your medications and start a massive savings account, but it will help you pay for what you need.  You should know that just because you have Medicare Part D it doesn’t mean you will have to use the coverage gap.

Some Medicare plans will give you the opportunity to save more on generic drugs while charging you a slightly higher premium in return.  Your plan administrator will know if you can get access to these plans.  The coverage gap will disappear by 2020, but until then the coverage gap is designed to continue shrinking and making medications more affordable for Medicare policyholders.