Wednesday, July 31, 2013

Beware the "Donut Hole"!

All of you who live in the United States and are not yet old enough for Medicare... take note.  If you take any prescription drugs, it's going to be expensive.

I have been on Medicare just since April and I have already learned what it means for the pocketbook.


These are the two prescriptions I picked up from my local pharmacy yesterday.  Cymbalta on the left and Crestor on the right.  These bottles contain a 90 day supply of each.  Guess how much they cost together?

$806.00 !!!!

The Cymbalta by itself was $600.

That's what happens when you get into the "Donut Hole" or what they call the "Coverage Gap".  You don't come out of the Coverage Gap until you have spent over $4,000 out-of-pocket.  This is one reason that economists are saying that retired couples these days should plan on spending at least $225,000 for medical care costs.

I have heard that the Affordable Care Act (also called "Obamacare") will eventually eliminate this Coverage Gap.  However, the Republicans in the House are trying their best to repeal it, so I'm not holding my breath.

I just wanted to warn you to start saving for your retirement, if you haven't already.  You will need it!

4 comments:

Natalie, the Chickenblogger said...

Scary.
Scary!
SCARY!
I dread all things insurance-medical-pharmaceutical!

Pam said...

That is incredible! People should not have to be terrified about being ill, or have to be financially compromised. Unbelievable! How does the U.S. government get away with this - or even explain it!

Pam said...

...at least it seems like Obama is trying to do something about it. Our government subsidizes a lot medicines through the PBS (pharmaceutical benefits scheme). The government pays a lot of money to pharmaceutical companies so really ill people do not have to suffer with costs. People here hope and pray their prescription is covered by the PBS - it's not always the case.

judy in ky said...

The U.S. government is divided on this issue, Pam. Progressives (Democrats) are in favor of a single-payer system, leaving insurance companies (with their profit motive) out of the equation. The other side (Republicans) call that "socialism". The government gets away with it because so many voters resist anything that they see as "socialism".
(At least that's how I explain the situation. I personally see insurance companies as the reason our health care costs are so high. I used to work for insurance companies, so I saw this first hand.)