Facts About Medicare Drug Plans 2024 – here are the vital things seniors need to know about Medicare prescription drug plans. Finding the best plan can save you money and get better drug coverage. Here are some key things you should know.
- The typical Medicare beneficiary has a choice of nearly 60 Medicare plans with Part D drug coverage.
- Medicare drug plans can change each year. They can change pricing as well as what drugs they cover and such things as deductibles.
- Available plans are based on where you live. Californians have 25 stand-along drug plans available. New Yorkers have 19 or 20.
- Selecting the best Medicare drug plan for 2024 can save you significantly.
- Medicare allows all seniors to compare and freely switch once a year during Medicare’s Annual Enrollment Period (October 15 – December 7, 2023).
- The latest Medicare Star Ratings information is worth asking about.
- Comparing plans is easy. Simply follow our recommended steps.
xx% Of Seniors Save More Than $300 A Year: See 2023 Survey Findings
A significant number of seniors who compared Medicare drug plans during the last Medicare Annual Enrollment (2022) saved in 2023.
- x% saved between $100 and $200
- y% saved between $200 and $300
- z% saved between $300 and $500
- p% saved between $500 and $700
Read the full study findings. Seniors Who Compare Medicare Drug Plans Save
Tips to Find The Best Medicare Drug Plans 2024
If you like to do your own research, this is certainly something you can do. Simply click the banner on the right (or the highlighted link) to compare 2024 Medicare drug plans. Many Medicare insurance agents will help seniors compare. Use our directory to find local Medicare insurance agents in your Zip Code. Whichever path you choose, make a list of the prescription medications you take. You’ll need the drug name, the dosage amount (example 200mg) and how often you take the drug.
Here are some questions to ask any Medicare agent you speak with.
- Do you offer BOTH Medicare Advantage (MA) and Medigap coverage? Most MA plans offer no-cost drug plan coverage. But that should ONLY be part of the determining factor.
- What are the largest Medicare insurance companies or MA plans you represent? No agent will represent all available insurers or MA plans. But, it’s helpful to know which plans they favor. If you are courageous, ask them why they favor these particular companies.
- Can you tell me the latest Medicare Star Rating for the plan you are recommending. We provide additional information below.
Here are some things we find seniors don’t think about when comparing Medicare drug plans.
- Preferred pharmacies. Plans are increasingly offering savings when you use specified pharmacies including mail order. The local pharmacy you’ve been using for years may NOT be the cheapest provider.
Formulary changes. New generic drugs may be available that can save you money.
- Mobile apps are increasingly valuable. GoodRx is a free mobile app that helps Americans save millions of dollars every month. Your drug costs may even be less than a Plan D. Use GoodRx when you start to research the best plan for 2024.
Who Are The Largest Medicare Drug Plan Companies (2024)
The following are names of larger stand-alone Medicare Part D drug plans that provide coverage in most states. Listed alphabetically.
- AARP (UnitedHeathcare)
- CVS (Aetna, Silverscript)
- Humana (Humana Walmart)
It is important to note that each of these companies provide multiple plans. Each plan can have different costs including monthly premiums and different deductibles. It is vital to compare plans carefully.
Medicare Star Ratings For Prescription Drug Plans
Medicare prescription drug plans (Part D plan)s are rated by Medicare. The ratings is based on four different categories:
- Drug plan customer service
- Member complaints, problems getting services, and choosing to leave the plan
- Member experience with the drug plan
- Drug pricing and patient safety
Star ratings are reported each October. The ratings apply to the next calendar year. For example, plan ratings for 2024 will be available in October 2023).
A plan’s star rating is one factor to look at when comparing plans. As we’ve said, you should consider the plan’s costs, specific coverage for the drugs you take as well as the network for providers and pharmacies.
If Medicare gives a plan fewer than three stars for three years in a row, this indicates a low-performing plan. Medicare will typically notify you if the plan you are enrolled in is flagged as low-performing.
Best Free Resources for Seniors
While you have a minute, use our free online guide that helps seniors find Medicare Supplement Agents Brokers Find Local Medigap
Or click this link to access our directory of Independent Medicare Agents Near Me
Another great resource shares the latest Medicare Insurance Information Statistics, Data and More
Alternatively, if you are 60 or older, access our sister organization’s online resource to get Long-Term Care Insurance Costs Quotes and information.
Finally, if you like to travel, access Jesse Slome’s personal blog. There you can get exclusive Discount Code Overseas Adventure Travel land tours and cruises.