Understanding Senior Medication Costs

This time of year, you may have experienced an increase to your medication costs . While it's essential to review your drug plan annually after October 15th, let's explore why these summer price increases occur and how understanding the four stages to a Part D Prescription Drug Plan can benefit you. Jessalyn Pito, Your Insurance Maven and a compassionate licensed and AHIP certified insurance broker, is here to guide you through this journey.

It's easy to overlook your monthly explanations of benefits, whether you elected to receive them through the mail or electronically. Taking a closer look is a smart move. These documents provide crucial details about your prescription plan's status. There are four key stages within a prescription plan which start at the beginning of the year.

Deductible-First Stage

The first stage is the deductible stage. Before your insurance company pays towards your medication, you're responsible for a certain out-of-pocket amount. For 2023, the deductible is $505. In 2024, this deductible is set at $545.

Initial Coverage-Second Stage

The second stage comes after you've met your deductible. During this stage, you'll pay your copay, and your insurance company will cover their portion of the retail medication cost. When this total combined amount reaches $4660 for 2023, that determines when you enter the third stage. For 2024, that amount is $5030.

Coverage Gap - The third Stage known as the Doughnut Hole/Catastrophic-Fourth Stage

This third stage is where you'll stay until your true out-of-pocket spending reaches $7,400 in 2023 and in 2024 it will be $8000. Once you cross this threshold, you'll enter the fourth stage, the catastrophic stage. What's unique about this stage in 2024 is that there won't be any copays.

Your Free Medication Cost Assessment

This is where the importance of the Annual Enrollment Period that starts in October comes into play. Jessalyn Pito, Your Insurance Maven, a licensed, AHIP certified insurance broker can forecast when you might enter the doughnut hole. It's nearly impossible to avoid this stage without proactive planning. For example, instead of relying solely on your insurance, you can explore other strategies for payment, potentially saving you money in the long run.

As the world of prescription coverage can be complex, Jessalyn Pito offers complimentary consultations to help you navigate these stages and plan ahead. Being proactive and informed is the key to managing your medication costs efficiently. Jessalyn's friendly expertise ensures that you're empowered to make the best decisions for your healthcare needs.

Reach out to Jessalyn today to schedule your free consultation about your medication cost. Your well-being matters, and Jessalyn Pito, Your Insurance Maven, is here to support you every step of the way.

Remember, clients don't stress when they call Jess.

Reach out to Jessalyn Pito, Your Insurance Maven:
Phone: 203-206-0848
Website: www.jessalynpito.com
Jessalyn Pito, Your Insurance Maven