(logo swooshing) – Hi, I’m John Fallot with
Senior Enrollment Solutions. You know, during the
annual enrollment period, we save consumers millions of dollars on their prescription drug plan,
however, the most important thing for you to
understand as a consumer is what you’re paying for,
and the value that you’re receiving out of your insurance. So how do you do this? Well first and foremost
it’s incredibly important that you understand the
definitions that come along with your coverage. Premium, you understand
that you’re paying a premium in most situations to have
that carrier’s coverage. Deductible, is going to be
your initial coverage cost, your initial responsibility
in obtaining or purchasing your prescription drugs. Now this is where it gets tricky. Some prescription drug providers
have generics being applied towards your deductible,
where other prescription drug providers only have your
name brand medications being applied towards the deductible. For 2020, your annual deductible is $435. This would be your initial
cost, then, your prescription drug plan would be taking
care of you at a copay rate. What is a copayment? Well, that’s an agreed-upon
cost between you and the insurance carrier. You’re paying $5 for your
medication, they’re paying $95 for your medication, for
a total cost of $100. You will make it through
your copayments rate until you reach your donut hole. That dreaded donut hole is being absorbed. Through 2020, you’re
responsible for a percentage of your name brand and
generic medications, through the donut hole, until you reach your catastrophic period,
your third and final part to your prescription drug
plan throughout the year. So, understanding the
deductible, the premium, your co-payments, co-insurance,
if any, as well as the donut hole in that catastrophic period will allow for you to
re-evaluate your coverage on an annual basis and
not rely on someone else to provide this information to you. If you have any questions,
visit our website, www.seniorenrollmentsolutions.com,
or feel free to phone us, any time,
24/7, at 877-777-5972. (logo swooshing)