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The Bottom-line on the most important Question Re Medicare 2016.

  • by CWA
  • •    November 3, 2015
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Screen-Shot-2015-09-14-at-1.54.09-PMa

Significant changes to Part D Prescription Plans:

 • The initial deductible for Part D prescription drug plans increases by $40 to $360 in 2016.

• In 2016, Part D plans’ temporary limit on what a particular plan will cover for prescription drugs, also known as the “donut hole”, will begin after you spend $3,310 on covered drugs. It will end after you have spent $4,850 out-of-pocket, and catastrophic coverage kicks in.

 –The Affordable Care Act, however, reduces out-of-pocket costs for prescriptions purchased in the coverage gap, so in 2016, you’ll only pay 40% of the cost for brand-name drugs and 58% of the cost for generic drugs purchased in the coverage gap.

 –Each following year until 2020, out-of-pocket prescription drug costs in the coverage gap will decrease until you hit 25% of the cost for both brand-name and generic drugs in the gap.

Open Enrollment 
The Medicare open enrollment period is going on now through December 7. If you need to make changes to your coverage or choose a different plan that works better for you, now is the time. All changes made during open enrollment will take effect January 1, 2016.

For more information, visit www.medicare.gov.

Cain Watters is a Registered Investment Advisor.  Cain Watters only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.  Request Form ADV Part 2A for a complete description of Cain Watters investment advisory services. Diversification does not ensure a profit and may not protect against loss in declining markets.  Past performance is not an indicator of future results. 

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