by: Ciarra Dobbs
Quite often when I sit with my clients regarding their current #Medicare plan or their transition to #Medicare, the most confusion surrounds the prescription drug plan, more specifically, the Donut Hole. The initial creation of the "Donut Hole" had the intentions of helping keep costs low by encouraging generic drugs, but the folks who require name brand drugs can end up paying a lot of money out of pocket if they fall into the coverage gap.
The true definition of "Donut Hole" is "Most plans with Medicare prescription drug (Part D) have a coverage gap (called a "donut hole"). This means that after you and your drug plan have spent a certain amount of money for covered drugs, you have to pay all costs out-of-pocket for your prescriptions up to a yearly limit."*
Essentially, the #Donut Hole was originally created to encourage people to opt for generic rather than name brand drugs when…