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...
Original Medicare has significant gaps of coverage than can leave the person on Medicare with significant out-of-pocket costs. So when one turns 65, he or she may have several options from which to choose to protect himself from those gaps, such as: Employer Coverage that does not work with Medicare, Employer Coverage that does work with Medicare, Medicare Supplements, and Medicare Advantage Plans. It is important to meet with an experienced, objective agent that looks out for your needs in order to provide the best guidance. While it’s nice to have options, those options only benefit you if you choose the best one for your situation. Thus, it is wise to do comparisons on your situation. To make sure you make a wise choice, sit down with an experienced, independent agent (one who represents many insurance companies and plans) who will put you first. For it is only an advantage to have choices if you can make the wisest choice among those options. Happy shopping!