Medicare Part D: When You Will Receive the $250 Donut Hole Payment

In the middle of June 2010 the Federal Government will begin issuing a one time $250 payment to all seniors using Medicare in the “donut hole”.  This payment will help to close the coverage gap so that you can possibly afford all of the medical coverage that is necessary.  Here are a few things you should know about your Medicare Part D supplementary payment.

1. There are no taxes due on your $250 stimulus payment, this is a one time payment to help you close the donut hole.  If someone is telling you that you have to pay taxes on this payment they are dead wrong, there is nothing due from you.
2. You should receive this payment once you reach the coverage gap and if you reach it after the program has begun you should receive a payment within 45 days. 
3. There is nothing for you to fill out and you don’t have to contact anyone to get this payment initiated.  This payment will automatically be sent to you and there is nothing that you have to do to make sure that it is done.

This payment is simply to help you reach the coverage gap, it is not a payment for you to rely on in the future as it is not schedule to ever happen again.

Filed under: Medicare Prescription Drug Plan

Tags: medicare drug prescription, medicare drugs, Medicare Part D: When You Will Receive the $250 Donut Hole Payment