Best Medicare Part D Prescription Drug Plans For 2024 (2024)

FAQs

What is the best Part D drug plan for 2024? ›

Among the 14 national PDPs, 9 PDPs will charge $0 for preferred generics in 2024, but copays of $40 to $47 or coinsurance of 16% to 25% for preferred brands, and coinsurance ranging from 39% to 50% for non-preferred drugs; 6 out of the 14 national PDPs are charging the maximum 50% coinsurance for non-preferred drugs.

In 2024, Aetna Medicare will continue to offer three individual, standalone plans. SilverScript® SmartSaver (PDP) will feature an average monthly premium of $11.19, along with $0 copays for Tier 1 generics at preferred pharmacies and a reduced deductible from 2023.

Once you and your plan have spent $5,030 on covered drugs in 2024, you're in the coverage gap. This amount may change each year. Also, people with Medicare who get Extra Help paying Part D costs won't enter the coverage gap.

Investopedia research found that Humana and Aetna are tied for the best Medicare Part D providers, with Humana offering more gap coverage and Aetna excelling at low premiums. Medicare Part D is optional prescription drug coverage available to those with Medicare Part A and/or Part B as a standalone plan.

The standard deductible is increasing from $505 in 2023 to $545 in 2024. The initial coverage limit is increasing from $4,660 to $5,030. The out-of-pocket spending threshold is increasing from $7,400 to $8,000 (equivalent to $12,447 in total drug spending in 2024, up from $11,206 in 2023).

You enter the donut hole when you and your plan spend a total of $5,030 in 2024. In the donut hole, you pay up to 25% out of pocket for all covered medications. You leave the donut hole once you've spent $8,000 out of pocket for covered drugs in 2024. 2024 is the last year for the donut hole.

In 2024, Aetna Medicare will continue to offer three individual, standalone plans. SilverScript® SmartSaver (PDP) will feature an average monthly premium of $11.19, along with $0 copays for Tier 1 generics at preferred pharmacies and a reduced deductible from 2023.

Based on current enrollment, CVS Health Corp.'s SilverScript Insurance Company, the largest PDP sponsor, will have all of its enrollees in a plan with 3 stars in 2024.

Which is better, SilverScript Choice or Plus? ›

The SilverScript Plus plan has no deductible and more coverage during the Part D donut hole, while the SilverScript Choice and SilverScript SmartSaver plans offer lower monthly premiums.

Aetna is a CVS Health company, and it sells prescription drug plans under the SilverScript brand name. Aetna's SilverScript Medicare Part D plans get average star ratings from the Centers for Medicare & Medicaid Services (CMS) and have the second-lowest Part D premiums on the market, on average.

When You Can Switch Part D Plans. In general, you may only switch plans during the Annual Election Period (AEP). This is between October 15 and December 7 each year. Coverage begins the following January 1.

A licensed insurance agent can help you go over your options and compare costs. According to GoodRx, 100% of Medicare drugs plans in 2024 covered levothyroxine.

Medicare Advantage Maximum Broker Commissions

Renewal commissions increased from $375/member/year to $381/member/year, a 4.75 percent increase. For CT, PA and DC, initial MA commissions increased from $678/member/year to $689/member/year, a 4.95 percent increase YOY.

In the donut hole, you pay up to 25% out of pocket for all covered medications. You leave the donut hole once you've spent $8,000 out of pocket for covered drugs in 2024. 2024 is the last year for the donut hole. A $2,000 out-of-pocket cap takes effect for Medicare Part D in 2025.