More Than 3 Million Seniors Will Fall Into Donut Hole in 2008
26th December 2007
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This will not be a happy New Year for millions of seniors. More seniors than ever are expected to fall into the Medicare Part D donut hole in 2008, the coverage gap that requires seniors to pay the full cost of their prescription drugs, according to the Alliance for Retired Americans.
Under the Medicare Part D rules pushed by the Bush administration and passed by Congress in 2003, seniors are on the hook for prescription expenses between the annual amounts of $2,510 and $5,726 in 2008. This gap of more than $3,200 has been dubbed the "donut hole." The total costs for seniors in the donut hole, when you add in deductibles and co-pays, will hit $4,050, about $200 more than in 2007, the Alliance says.