Best Medicare Prescription Drug Plan - Use This Online Medicare Drug Plan Comparison Tool

Best Medicare Prescription Drug Plan

Looking for the best Medicare prescription drug plan? Here are helpful tips from the American Association for Medicare Supplement Insurance. Start early; at the beginning of Medicare’s Annual Enrollment Period. Gather all your prescription medications. Use a comprehensive online comparison tool that can compare your available plans in less than 10 minutes..

Picking the right Medicare prescription drug plan can save you thousands of dollars. Selecting the wrong one can be costly. Missing Medicare’s important deadlines is the biggest mistake you could make.

The Association provides access to an online drug plan comparison tool powered by eHealth. NO personal information is entered to use the tool. Thus no worries about unwanted emails or calls. The system allows you to enter your prescriptions to find the best Part D drug plan and costs.

Best Medicare Prescription Drug Plan

Click The Banner Above To Access The Free Medicare Drug Plan Comparison Tool

Posted on Written By: Jesse Slome – Reviewed By: Mindy Hartman

Did You Know? Approximately 10% of seniors switch Medicare prescription drug plans annually according to the American Association for Medicare Supplement Insurance (2024).

Did You Know? The average time spent by seniors to switch drug plans is approximately 30 minutes according to the American Association for Medicare Supplement Insurance (2024).

Did You Know? In 2024, approximately 13.1 million seniors have stand-alone Part D plan coverage according to the American Association for Medicare Supplement Insurance.

Did You Know? The average estimated premium for Medicare Part D stand-alone drug plans in 2024 is projected to be $48 per month, which is up 21% from the average of $40 in 2023 according to the American Association for Medicare Supplement Insurance.

Find The Best Medicare Prescription Drug Plan To SAVE

The number of Medicare Part D Stand-Alone prescription drug plans ranges from 15 in New York to 24 in Alabama and Tennessee.

Here’s why comparing is so important.

For Zip Code 91361 (Westlake Village, CA) one can find Medicare drug plan coverage for 40-cents a month. There’s another plan costing $168.90 monthly and even one charging $188.40.

If that doesn’t make you willing to spend the 10 minutes, then don’t keep reading.

But if finding the best Medicare prescription drug plan (Part D plan) and saving money is important to you, keep reading for our tips.

When Can Seniors Switch Medicare Drug Plans?

The Medicare Annual Enrollment Period (AEP) for Part D plans, also known as the Medicare Prescription Drug Plan Open Enrollment Period, typically runs from October 15 to December 7 each year.

During this period, Medicare beneficiaries can review their current Part D coverage, compare it with other available plans, and make changes if necessary. Changes made during the AEP will generally take effect on January 1 of the following year.

During Medicare AEP beneficiaries can:

    1. Switch to a new Part D plan that better suits their prescription drug needs.
    2. Join a Part D plan if they didn’t have one before.
    3. Drop their current Part D coverage altogether.

There are other specific times when seniors can switch their Medicare drug plans. These typically  depend on various life events or circumstances that trigger a Special Enrollment Period. These events include moving to a new address outside of the current plan’s service area, losing eligibility for Medicaid, involuntarily losing other drug coverage that is as good as Medicare drug coverage, among others.

Tips to Find the Best Medicare Part D Prescription Drug Plan

Best Medicare Prescription Drug Plan Comparison Tool

Click To Access The Free Part D Drug Plan Comparison Tool

Here are 4 tips to find the best Medicare Part D prescription drug plan from the American Association for Medicare Supplement Insurance.

  1. Use An Online Comparison Tool and Enter All Your Meds  The best tools available today all you to add the medications you take. By including the dosages, quantity, and frequency you’ll find a plan that covers all or as many of your meds as possible.
  2. 2 Do a Thorough Pharmacy Search Determining which pharmacies in your area are preferred vs. in-network might be the most confusing part of investigating for a Part D plan. When using an online plan finder tool, select your usual pharmacy. Add others if allowed.
  3. Consider the Doughnut Hole In Medicare Part D, there can be a coverage gap known as the “doughnut hole”. That’s when your annual drug costs reach a certain threshold. Look for plans that keep your total drug expenses below this threshold if possible.
  4. Find Cash Discounts Explore options for saving on medications by paying cash instead of using insurance. Platforms like GoodRx offer discounts, while companies like ScriptCo provide generic medications at wholesale prices after membership fees.

How Many Medicare Prescription Drug Plans Are Available

Medicare Part D “Stand-Alone” plans are plans you buy when you have Original Medicare or Original Medicare and Medigap coverage. Today, many Medicare Advantage plans include drug plan coverage.

Nationally a total of 709 different Medicare stand-alone plans were available in 2024. That represents an 11% decrease from 2023. In 2007 some 1,866 plans were available.

The number of plans you can choose from will be based on where you live.

Here are the number of Medicare Part D plans available for the top-10 states.

        1. California (23)
        2. Texas (22)
        3. Florida (21)
        4. New York (15)
        5. Pennsylvania (21)
        6. Illinois (22)
        7. Ohio (21)
        8. Georgia (21)
        9. North Carolina (21)
        10. Michigan (21)

Who Are The Top Medicare Part D Plan Providers?

Seven major companies with national stand-alone PDPs account for 91% or 642 of the total 709 PDPs for 2024.

  • CVS – Aetna Medicare offers two legacy CVS Health SilverScript Choice and Plus plans. As well as a new SilverScript SmartSaver plan which will replace the SilverScript SmartRx plan.
  • Cigna offers 3 plans: Extra, Saver, and Secure. The Saver plan was introduced for 2023 and includes low premiums, low copays, and an emphasis on generic drug savings.
  • Clear Spring Health entered the market in 2020. Clear Spring offers only one plan with a preferred network.
  • Humana offers 3 plans that it has offered since 2020—Basic Rx, Premier Rx Plan, and the Humana Walmart Value Rx Plan.
  • Mutual of Omaha Rx offers its Rx Essential (launched for 2023), Rx Plus, and Rx Premier plans.
  • UnitedHealthcare offers 3 AARP-branded plans as well as a co-branded AARP MedicareRx Walgreens plan. Two of these plans—the AARP Medicare Rx Saver from UHC and the AARP Medicare Rx Basic from UHC—will be offered in only about half of the country’s regions.
  • WellCare, which is now part of Centene, offers 3 plans in 2024: Wellcare Classic; Wellcare Value Script; and Wellcare Medicare Rx Value Plus.

How Can Seniors Save on Medicare Prescription Drug Plans?

Here are tips from the American Association for Medicare Supplement Insurance to help seniors save on Medicare drug plan costs.

1. Look Into the Extra Help Program

  • The Extra Help program, also known as the Part D Low-Income Subsidy (LIS) program, helps individuals with limited income and resources pay for Medicare drug coverage costs. This program can significantly reduce out-of-pocket expenses for prescription drugs.
  • Qualifying for Extra Help can lower the costs to as low as $4.50 for each generic drug and $11.20 for each brand-name drug in 2024.
  • Seniors who qualify for Extra Help should ensure they are enrolled in a Medicare drug plan to access the cost savings they are eligible for.

2. Consider Generic or Lower-Cost Drugs:

  • Switching to generic medications or less expensive brand-name drugs can help reduce prescription costs. These alternatives may be equally effective and more affordable.
  • Consulting with healthcare providers to explore cost-effective medication options is essential.

3. Explore Pharmaceutical Assistance Programs:

  • Some pharmaceutical companies offer assistance programs that help individuals enrolled in Medicare drug coverage afford their medications.
  • Researching whether there are Pharmaceutical Assistance Programs available for the specific medications being taken can provide additional financial support.

4. Investigate State Pharmaceutical Assistance Programs:

  • Many states and territories offer State Pharmaceutical Assistance Programs that help with prescription costs, drug plan premiums, and other related expenses.
  • Checking if the state of residence provides such programs can further aid in reducing the financial burden of prescription drugs.

5. Opt for Medicare Drug Plans with Additional Coverage:

  • Choosing a Medicare drug plan that offers extra coverage during coverage gaps or for specific types of drugs, like generics, can be beneficial.
  • Plans with additional gap coverage may have higher monthly premiums but could provide more comprehensive benefits during periods of increased medication needs.

Medicare Insurance Information Statistics Resources

Access relevant Medicare insurance statistics and information using these links.

2024 Medicare Supplement Price Index – PLAN G. See the lowest and highest premium rates for top-10 U.S. markets.

PLAN N Price Index rates. Lowest and highest rates for top-10 U.S. cities.

Medicare Supplement insurance statistics – what plans people turning age 65 choose.

Find best long-term care insurance costs – free insurance quotes.