How to Get Medicare Prescription Gap Insurance

Medicare prescription gap occurs when a beneficiary is covered under a Medicare drug plan up to a maximum amount for the year. Once this amount is spent the coverage stops creating a gap until the following year or until the beneficiary spends a specified amount the same year. The out-of-pocket expenses not covered by Medicare Part D can be substantial. However, there are many ways to get the additional coverage you need.

Instructions

• 1

  Determine if you are going to fall in the Medicare Prescription gap. Estimate how much your medicines will cost in total for the year. Read your Medicare drug plan and note how much it will cover before coverage stops. Then compare the two amounts. You can also use an online "Donut Hole" calculator or a "prescription drug gap" calculator to find this amount.

• 2

  Search for other methods to pay for your medicines for the rest of the year if you fall in the Medicare prescription gap. One way is to search for a different Medicare prescription plan provided you can wait for the annual enrollment period. Compare some of the plans' copayments and total prescription coverage before making the switch.

• 3

  Participate in prescription drug discount programs to cover the insurance gap. Buy your medicines at pharmacies offering lower prices prescription drugs. Also, contact your prescription drugs companies. Some of the pharmaceuticals offer special price or free drugs to people in need.

• 4

  Apply for assistance with the Social Security Administration to get Medicare prescription gap coverage. To qualify for this help the beneficiary must have limited financial resources. If none of these alternatives work for you consider getting a prescription gap insurance plan outside of Medicare.

• 5

  Look for a new plan for your prescriptions gap insurance outside of Medicare. There are many health insurance companies offering coverage for people who fall in the Medicare Prescription gap. Look for these plans online. Also, visit a community center or talk to a pharmacist to find alternatives available in your area.

• 6

  Compare a few of these Medicare prescription gap insurance plans. Identify each plan's monthly premium amount, coverage provided, acceptance of the plan by your pharmacy and the types of drugs and brands included. Make a decision based on your prescription needs and financial resources.