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Medicare Part D: Dollars for ‘doughnut holes’

by on
in Small Business Tax

Senior citizens participating in the Medicare Part D prescription drug program may be in line for a special tax-free rebate. As authorized by a provision in the new health care legislation, Medicare will be sending out $250 checks to individuals who have prescription drug expenses exceeding the threshold of $2,830 for the year.

If individuals fall into this "doughnut hole," they must pay 100% of their expenses until they reach another threshold of $4,550. At that point, Medicare picks up 95% of the cost while participants have to pay the remaining 5%. A rebate check will be issued once a drug plan notifies Medicare that the participant is in the doughnut hole.

If you have any questions about the rebates, visit www.medicare.gov or call 1-800-MEDICARE.

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