The Donut Hole & Inflation Reduction Act The Inflation Reduction Act, passed by Congress in 2022, will provide a definite benefit to some seniors beginning in 2025. This act will eliminate the Medicare prescription drug plan coverage gap, which is non-affectionately referred to as the donut hole. How the Donut Hole Works First, let us...
As we might expect, there will be a change in costs with Medicare Part D prescription drug plans for 2024. So what will this mean for you?
And how can you save money in 2024?
So, to what are people referring when they speak of the Medicare Part D donut hole? The donut hole, also known as the coverage gap in Medicare circles, occurs after someone with a Medicare Part D drug plan has hit a certain spending limit on their prescription costs. When that limit is hit, then the costs go up for the person with the Part D plan. So, let’s see exactly how that works.