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What is the best prescription drug plan for seniors?

Our picks: Top Medicare Part D plans for 2023 Best overall. Best overall: Aetna/SilverScript. Best overall: Aetna/SilverScript. Easiest to use: AARP/UnitedHealthcare. Easiest to use: AARP/UnitedHealthcare. Best for cheap plans: Wellcare. Best for cheap plans: Wellcare.

valuepenguin.com - What's the Best Medicare Part D Plan for 2023? - ValuePenguin

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There are three key factors when shopping for the best Medicare Part D plan for prescription drugs. Look for a plan with at least a 3-star rating so that it'll be good quality. Focus on plans with reasonable monthly costs that will fit into your budget. And importantly, compare prescription costs for the medications you currently take to find the best Part D plan for your needs.

Our picks: Top Medicare Part D plans for 2023

Best-rated Medicare Part D companies

SilverScript plans from Aetna are the best choice for Medicare Part D in 2023. They have the highest ratings and reasonable costs of $39 per month, on average. Category Company Rating Monthly cost Popularity Best overall Aetna Silverscript 3.5 $39 26% Largest network of pharmacies Blue Cross Blue Shield 3.5 $82 5% Easiest to use AARP/UHC 3.3 $60 17% Best for cheap plans Wellcare 3.0 $38 18% Good for cheap plans Cigna 3.0 $36 12% Best mail-order prescriptions Humana 3.0 $51 15% {"backgroundColor":"ice","content":"

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glLrYA\"\u003E\u003Cspan\u003ERating\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"\" class=\"StyledHeaderCell-sc-nsptsd frWuiR\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r glLrYA\"\u003E\u003Cspan\u003EMonthly cost\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003Cth colSpan=\"1\" width=\"\" class=\"StyledHeaderCell-sc-nsptsd frWuiR\"\u003E\u003Cdiv class=\"StyledColumnHeaderWrapper-sc-12xyb2r glLrYA\"\u003E\u003Cspan\u003EPopularity\u003C\/span\u003E\u003C\/div\u003E\u003C\/th\u003E\u003C\/tr\u003E\u003C\/thead\u003E\u003Ctbody class=\"StyledBody-sc-14y8oc0 dcdMVT\"\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Best overall\" href=\"#aetna\"\u003EBest overall\u003C\/a\u003E\u003C\/span\u003E\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003EAetna Silverscript\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E3.5\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E$39\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E26%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Largest network of pharmacies\" href=\"#bcbs\"\u003ELargest network of pharmacies\u003C\/a\u003E\u003C\/span\u003E\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003EBlue Cross Blue Shield\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E3.5\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E$82\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E5%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Easiest to use\" href=\"#aarp\"\u003EEasiest to use\u003C\/a\u003E\u003C\/span\u003E\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003EAARP\/UHC\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E3.3\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E$60\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E17%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Best for cheap plans\" href=\"#wellcare\"\u003EBest for cheap plans\u003C\/a\u003E\u003C\/span\u003E\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003EWellcare\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E3.0\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E$38\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E18%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Good for cheap plans\" href=\"#cigna\"\u003EGood for cheap plans\u003C\/a\u003E\u003C\/span\u003E\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003ECigna\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E3.0\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E$36\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E12%\u003C\/td\u003E\u003C\/tr\u003E\u003Ctr\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003E\u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"Best mail-order prescriptions\" href=\"#humana\"\u003EBest mail-order prescriptions\u003C\/a\u003E\u003C\/span\u003E\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee XfhRD\"\u003EHumana\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E3.0\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E$51\u003C\/td\u003E\u003Ctd colSpan=\"1\" rowspan=\"1\" width=\"\" class=\"StyledBodyCell-sc-5cu9ee frAYUA\"\u003E15%\u003C\/td\u003E\u003C\/tr\u003E\u003C\/tbody\u003E\u003C\/table\u003E\u003C\/div\u003E\u003C\/div\u003E\u003Cp class=\"SortableTable--footnote\"\u003ERatings are on a 5-point scale and are the average of each company's overall prescription drug plan rating on Medicare.gov. 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These six major insurance companies account for the majority of enrollment in Part D plans. Most plans will provide a similar set of basic benefits, and policies are becoming increasingly similar. However, the plan's details, including the annual deductible and list of covered drugs, will determine which prescription plan has benefits that meet your needs. What is Medicare Part D? Prescription drug plans, called Medicare Part D, are private insurance plans that cover medications that are not included in your Medicare Part A (hospital insurance) and Medicare Part B (medical insurance) coverages. You can also bundle your prescription drug coverage into a Medicare Advantage plan that combines Medicare Parts A, B and D with other add-on benefits. How we picked the best plans Ratings Cost Deductibles Medicare.gov rankings of Medicare Part D plans show which companies have good overall performance and satisfied policyholders. Shoppers should choose a plan with at least 3 stars. In most cases, you won't be able to get a plan higher than 3.5 stars because 4-star plans are only available in select states from Blue Cross Blue Shield. Ratings Medicare.gov rankings of Medicare Part D plans show which companies have good overall performance and satisfied policyholders. Shoppers should choose a plan with at least 3 stars. In most cases, you won't be able to get a plan higher than 3.5 stars because 4-star plans are only available in select states from Blue Cross Blue Shield. Cost A Medicare Part D plan costs an average of $49 per month for 2023. However, available plans can cost between $2 and $201 per month. To find the plans that are the best deal, we considered the value of how the plan's monthly costs compares to its coverage. Deductibles We also considered how a plan's deductible would affect your overall prescription costs, including the cost of the deductible and which tiers of prescriptions are excluded from the deductible. The average prescription drug deductible is $389 per year for Part D plans for 2023. When comparing Part D plans, we didn't consider the specific list of drugs that are covered. Although the list, called a drug formulary, is very important when choosing your plan, it's ultimately a personal choice because the best option for you depends on the exact medications you take. Companies have similarly sized lists because they're all required to cover a broad range of drugs including at least two drugs per medication category. Medicare Part D companies you should avoid Avoid Medicare Part D plans that have a rating below 3 stars, such as those from Elixir Insurance, Mutual of Omaha and Clear Spring Health. Although Part D plans from these companies are widely available, the low customer satisfaction and high rate of complaints make them a poor choice for coverage. Company Rating Monthly cost Elixir Insurance 2.5 $50 Mutual of Omaha 2.0 $60 Clear Spring Health 1.5 $24 Remember that company performance can vary depending on the type of insurance you purchase. For example, Mutual of Omaha's Medicare Supplement plans are a good value and have average ratings, even though its Part D plans fall short. What's changed this year for those with diabetes? The cost of insulin is now limited to $35 per month for all Medicare Part D plans starting in 2023. Plus, insulin is excluded from any plan deductible, so you'll have low prices as soon as your plan begins. This change to Medicare Part D means those who take insulin have more options for good coverage. In previous years, only a select number of plans had the $35-per-month insulin benefit. Insulin cost estimates may not be accurate when comparing Part D plans on the Medicare.gov website because this benefit was recently added. After enrolling in a plan, policyholders should carefully check their insulin costs to make sure they're not paying more than the $35 limit.

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Aetna/SilverScript: Best overall

Average monthly cost: $39 These popular plans are affordable and highly rated.

Best overall rating on Medicare.gov

Cheapest plan costs about $6 per month Mixed customer satisfaction

Aetna and SilverScript plans are a good choice for most people because they are priced affordably, typically have a lower deductible than other companies and have a high average rating across most performance categories. They're also very popular for prescription drug coverage, accounting for about 26% of all enrollment in stand-alone Medicare Part D plans. The cheapest plan, SilverScript SmartSaver, only costs about $6 per month and offers preferred generic drugs (called Tier 1 drugs) for a $2 copay per prescription without needing to meet a deductible. And there are reasonable copays for other types of prescriptions, making it a good choice for most people. A key advantage of Aetna's Part D plans is that members get access to the digital tools of CVS Caremark. This includes resources for prescription pricing, discounts, deductible tracking, spending summaries and more. Even though policyholders are more likely to renew their Aetna plans, customer satisfaction is not as good as with other companies. In addition, Aetna's parent company, CVS, handles its mail-order prescription program and has the worst customer satisfaction of all pharmacies studied by J.D. Power. So even when plan coverage is strong, there could be frustrations when using the plan or interacting with the company. If you value an easy customer experience, consider Wellcare, which is well-rated by policyholders.

Wellcare: Best for cheap plans

Average monthly cost: $38 Wellcare's low-cost plans can be a good deal for generic drugs.

High ratings from policyholders

Cheapest plan costs about $10 per month More expensive plans may not be a good deal

Low customer satisfaction for mail-order prescriptions

Wellcare's cheap plans stand out for having a great combination of low monthly costs, low copays for generic prescriptions (Tier 1 and 2 drugs) and not having a deductible for generic drugs. This means that from the start of the policy, you'll only pay a copay for generic prescriptions, without having to first pay hundreds of dollars for full-priced drugs before the copay rates begin. If you have moderate prescription needs, you could save about $600 per year on generic prescriptions with the Wellcare Value Script plan, which costs an average of $10 per month, compared to the cheap plans offered by other companies. Even though Wellcare only received 3 stars from Medicare.gov, policyholders give above-average ratings for their drug plans. However, Wellcare also uses CVS Caremark for home delivery of prescriptions, which has the worst customer satisfaction according to J.D. Power. Example: Potential savings for generic prescriptions When comparing the cheapest plan offered by each company, annual costs can change dramatically based on which generic prescriptions are excluded from the deductible. Below is the total annual cost for the insurance plan and generic prescriptions based on a Medicare enrollee in Chicago who purchases 30-day supplies of generic prescriptions at a preferred pharmacy. In these examples, someone choosing the Wellcare plan could save between $658 and $1,073 per year. Plan Low needs Moderate needs High needs Wellcare Value Script $97 $217 $397 Aetna SilverScript SmartSaver $98 $858 $1,470 Cigna Saver Rx $145 $385 $745 Blue Cross MedicareRx Choice $214 $334 $514 AARP MedicareRx Walgreens $316 $856 $1,252 Humana Basic Rx Plan $851 $875 $911

AARP/UnitedHealthcare: Best for easy use

Average monthly cost: $60 These plans are popular and well-rated, but the monthly costs can be high.

High-quality plans with a good overall rating on Medicare.gov

Low rate of policyholder complaints Cheapest plan costs about $29 per month, which is high

Plan benefits don't always warrant the high monthly costs

AARP/UnitedHealthcare (UHC) prescription drug plans are widely available across the U.S., and plans are well-rated, averaging 3.3 stars. Policyholders are generally satisfied with their plans and are more likely to renew their coverage, rather than switch to another company. And prescription home delivery is available through Optum, which has good customer satisfaction ratings. A key thing that stands out for AARP/UHC is how easy it is to use the website to find plan benefits, the list of covered drugs, preferred pharmacies and your plan details. These digital tools can help you avoid the frustrating experience of other insurance companies, where it can be hard to find what you're looking for online. The downside is that average monthly costs with AARP/UHC are more expensive than with some other providers. Its cheapest plan, AARP MedicareRx Walgreens, costs an average of $29 per month while having benefits that are only slightly better than Aetna's $6-per-month plan. However, AARP/UHC may still be the better choice if the medications it covers better match your needs or if your pharmacy is in the plan's preferred network.

Cigna: Good for cheap plans

Average monthly cost: $36 Cigna's cheap plans are nearly as good a value as Wellcare's plans and have similar quality ratings.

Good policyholder ratings

Cheapest plan costs about $13 per month Customers frequently switch to other plans

Below-average customer satisfaction for home delivery

Cigna Medicare Part D plans are good for those who are looking for a low-cost policy with good benefits. Consider Cigna if Wellcare's drug list or preferred pharmacies don't work for your needs. Cigna Part D plans are widely available. You'll get better prices on medications by using Cigna's in-network pharmacies, and the lowest prices are usually available through home delivery from Express Scripts Pharmacy. However, the company's home delivery service is in the bottom third for customer satisfaction, so those getting prescriptions by mail could have more frustrations and delays than with other companies. Cigna policyholders give high ratings to their plans and their ability to access prescriptions. However, the retention rate is lower than typical, so even though policyholders are happy, they're still switching companies.

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Blue Cross Blue Shield / Anthem: Largest network of pharmacies

Average monthly cost: $82 These expensive plans are well-rated and have a large pharmacy network.

Highest overall rating on Medicare.gov

Low average deductible May not be a good value

Costs and performance vary by location

Prescription drug plans from Blue Cross Blue Shield (BCBS) have a good average rating of 3.5 stars, and it's the only company that offers 4-star plans in some states. However, it has the highest monthly costs of all of the major providers of Part D plans. Coverage is usually good, and many plans provide features such as additional cost-sharing during the coverage gap and low or $0 copays for generic drugs. There's a very large network that includes most of the pharmacies in the country, and about half of the pharmacies are considered preferred, giving you wide access to discounted rates. Keep in mind that each BCBS subsidiary operates independently, so where you live has a big impact on whether a Medicare Part D plan from BCBS is a good deal. Plans are more affordably priced in states like Texas, Illinois, Oklahoma and Kansas. On the other hand, typical costs are expensive in Florida, California, North Carolina and Arizona.

Humana: Best for mail-order prescriptions

Average monthly cost: $51 Humana's mail-order pharmacy, CenterWell, has the highest customer satisfaction for Part D plans. Very low rate of complaints for Part D plans High average deductible of $440

Very bad prescription price accuracy on the Medicare.gov plan finder

Humana's plans are a good choice for those who are willing to pay more and don't mind a high deductible in order to access cheap copayments for prescriptions. For example, the Humana Walmart Value Rx plan costs $33 per month. After meeting a $505 annual deductible, Tier 1 drugs are free and Tier 2 drugs are $1 for a 30-day supply. Plans have average ratings on Medicare.gov, and there is a very low rate of complaints. Humana also stands out for its good customer satisfaction for its prescription home delivery service. On J.D. Power's annual survey, the Humana Pharmacy (now called CenterWell) has been well-rated for several years and is currently the highest-rated service for stand-alone Part D plans. However, shoppers should be cautious when using Medicare.gov for comparison shopping because the accuracy of Humana's prescription prices is very poorly rated, receiving just 1 star on a 5-star scale. When shopping, confirm your estimated prescription prices on the Humana website and with the plan documents.

How to choose the best Medicare Part D plan for you

Most people will have about 24 Medicare Part D plans to choose from, and it's not always clear which is the best plan for your prescription medication needs. To help you choose your plan, ask yourself these six questions: 1. How much drug coverage do I need? Consider how many medications you take regularly and the medications you may need in the coming year. If you have significant pharmacy needs or are managing ongoing illnesses, it may be a better deal to sign up for a more expensive plan that offers better coverage. You can change your plan during open enrollment if you need more or less coverage. 2. Which plan has the best star rating? The number of stars each plan has on Medicare.gov measures the quality of the plan as well as the experience of being a policyholder. 3. Are the medications I take covered? Check the plan's list of covered drugs, called the formulary, to learn which medications are covered and how much you might pay based on their classification tier. If your medication is in a higher tier, you could have to spend more out of pocket, and some plans have a separate deductible for Tier 3, 4 or 5 drugs. 4. What's the final cost I'll pay each month? The monthly cost of the plan, also called the premium, is the base rate of how much the plan costs. For those who have low incomes, there are cost-savings programs such as Extra Help, which can lower your monthly bills and make medication costs more affordable. On the other hand, those who have individual income above $97,000 would pay an additional surcharge on top of the base rate for the Medicare Part D plan. 5. Do I expect very high drug costs? If you expect to spend more than $7,400 on prescription drugs, choose a plan that has the lowest catastrophic coverage rates. During this catastrophic phase, you'll pay a small percentage of all drug costs. For example, some cancer drugs can cost about $18,000 per month, and paying 2% of costs instead of 5% of costs can save you hundreds of dollars per month. 6. Are my local pharmacies in the preferred network? Check to see if there are convenient pharmacies near you that are within the insurance company's network.

Frequently asked questions

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