The Obama Administration has a message to some American seniors: The check is indeed in the mail.
"[T]hose of you who have been hitting the gap in Medicare Part D prescription coverage will be receiving a $250 check in the mail starting this week," Vice President Joe Biden said in a letter dated today. "This is part of our promise to protect Medicare, help seniors manage health care costs and, ultimately, eliminate this gap (known as the "donut hole") in prescription drug coverage."
The one-time, tax-free checks are meant for seniors who have currently reached the gap in their coverage, "and if you hit it in the future, you should get a check about a month later." Biden asked that non-seniors pass along the information.
Closing the donut hole in prescription drug coverage is one of the benefits included in the Affordable Care Act passed by Congress earlier this year. The Administration has been working to combat scams and misinformation targeting seniors regarding Medicare and the Affordable Care Act. Earlier this week, President Barack Obama held an electronic town hall on the subject and answered questions from seniors across the country.
Learn the most important step in structuring an investment portfolio.View Course »