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Health insurance open enrollment for 2019 has passed, but it is never too early to look ahead, shop around, and be prepared for 2020. When looking for Part D coverage, it is so individualized to each person. Missie Shepherd of Way Insurance, explains the different stages:
“You have your initial coverage, then they go into the coverage gap, and then there is catastrophic coverage. When you are in the initial coverage stage, that drug company or your prescription drug coverage is looking at the cost of your medications. The cost of your medications accumulates to a certain number. Once the cost of your medications hits that numbers, you go into a coverage gap. When drug carts came out in 2006, a coverage gap was a coverage gap. There was no coverage; it was all out of their pocket. Fast forward thirteen years into that, there has been a lot of legislation passed to close the donut hole or coverage gap. Today as I run Part D carts, the coverage gap is not as bad as it used to be. It might go up $20 or $100, but it is not going to the full price. Really on the senior market, making sure they are in the right coverage every year is the best strategy for them, Shepherd states.
To make certain you are in the right coverage plan, contact Way Insurance at 309-341-0083 or visit Strom Center for assistance.
To hear more from Shepherd, listen below: