Here’s What You Need To Know About The Donut Hole And Medicare Open Enrollment

The Medicare Open Enrollment Period (OEP) is a very important time for anyone who has a Medicare Advantage or Part D drug plan. Here are some important points.

The OEP begins October 15 and ends December 17. This is your opportunity to review your coverage for next year.
Watch for a notice of changes from your plan around October 1.
Review the changes and figure out the impact on you.
If you are satisfied with the premium, benefits, and costs, don’t do anything and your plan will renew automatically. However, if there are changes that you don’t like or they won’t work for you, review other plans and enroll in one by December 7. The new coverage will begin January 1.

Remember: If you do not take action, you’ll be stuck with whatever coverage you have, come January 1. Pay attention and avoid unpleasant surprises.
The donut hole

Those who take costly medications should know about the donut hole.

Its official name is the Coverage Gap.
It is the third payment stage in Medicare Part D drug coverage.
In 2016, over 5 million beneficiaries hit the donut hole.
By design, the beneficiary is responsible for most or all of the costs in this stage. However, discounts were introduced in 2012.
In 2020, the donut hole closed and discounts on all medications now and in the future will be 25%.