Page 64 - October 2023 Issue.indd

available plans for next year. If you have For example, in 2023 after total costs for
Advantage, make sure you check the both you and the plan reaches $4,660,
coverages on their formularies for 2024. you enter the Coverage Gap. This is
Spot prescription drug coverage, you should is so important because the gross cost
why evaluating the gross cost of drugs
Senior If your Advantage plan does not include
enroll in a part “D” drug plan. As of this
of the medication is what is considered
writing, CMS has not yet announced in the phase.
what the annual prescription drug
Senior Moments The Coverage Gap, or Donut Hole, is

deductible will be for 2024 for Medicare
“D” plans. alive and well, folks! Your share to pay
by Mary Moran is 25% of the cost of the drug. Th erefore,
410-479-2535 or 410-490-3078 One should also note that under certain if a drug’s total cost is $100, your out-of-
circumstances, the plans can change the pocket cost will be $25.
Happy fall and welcome to Medicare cost of drugs in the course of the year,
Open Enrollment! Beginning October but they are required to notify you of Catastrophic Coverage results from the
15th, all Medicare enrollees with that change in writing. out-of-pocket costs of your deductible,
Original Medicare should review what you paid during the initial coverage

their prescription drug coverage for The four phases of part “D” coverage period, the full cost of Brand Name
2024! Remember that Annual Open include the Deductible period, the drugs (including the manufacturers
Enrollment starts October 15th and Initial coverage period, the Coverage discount provided while in the Donut

ends December 7th. This is the one time Gap (Donut Hole), and Catastrophic Hole), and amounts paid by state run
per year that beneficiaries can prepare coverage. During the Deductible Period programs. Costs that do not count in

for the upcoming year and compare you will pay the full negotiated price the donut hole toward catastrophic
the costs of next year’s drug coverage between the plan and pharmacies coverage include the 75% generic
options. until the deductible is met. Note that drug discount, monthly premiums,
deductibles and premiums cannot the cost of non-covered drugs, and the
Both Part “D” Medicare Prescription be changed during the new year. cost of covered drugs purchased from
Drug Coverage, and Medicare Deductibles can vary, but CMS issues a pharmacies not in the plan’s network.
Advantage plans that include drug cap on what deductible can be charged, In 2023 you will pay no more that $4.15
coverage, (MAPD), change the monthly such as the $505 set for 2023. As of this for generics and $10.35 for brand name
premium, preferred vs. non preferred writing, CMS has not yet announced drugs.
drug stores, drug tiering, and costs of what the maximum annual prescription
meds on their formularies annually. drug deductible will be for 2024. Review what your out-of-pocket costs
When a drug’s tier changes from a will be in the new year! Call Mary
preferred to a non-preferred drug, or is In the Initial Coverage Period, aft er the Moran for information and assistance
dropped from the formulary altogether, deductible is met, the plan will pay some in enrolling in the plan that will give you
the cost difference is substantial. of the cost and you will share that cost the best bang for your buck!
This is why it is essential to shop for with a copayment. How long you stay in
this phase depends on your drug cost. As parents rush to vaccinate their
school-aged children for the upcoming
TURNING 65? school year, it’s important to note that
older adults also need to stay up to date
on immunizations. Getting vaccinated
Confused about all the Medicare Terms & Options?
is one of the safest ways to protect your
Let Me Help You! health! The CDC recommends that
all adults stay up to date on routine
vaccinations.
Anthony Insurance Services For those over the age of 65, seasonal

Ann M. Anthony Flu shots, Pneumococcal (Pneumonia),
Covid-19 vaccines and boosters,
Hepatitis B, and rabies, are fully covered
Specializing in Medicare Supplemental Plans, by part “B” at a Medicare approved
Medicare Advantage Plans, Medicare Part-D Plans, facility without cost sharing of the
vaccination itself. You can get most
Dental and Vision, Long Term Care, and Life Insurance
Call Ann Today for an Appointment 410-708-0899 • anthonyins17@gmail.com vaccines at the doctor’s offi ce, pharmacy,
or health clinic. Just remember that
22850 Fleming Road, Denton, MD 21629
copay costs for vaccinations may be
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