In 2020, there are a total of 948 different Medicare Part D prescription drug plan options offered nationwide, according to the Kaiser Family Foundation (KFF). Most beneficiaries have a choice of 28 different plans.1
With so many options, it is important to compare plans and find one that works for your coverage needs and budget.
You can compare Part D plans available where you live and enroll in a Medicare prescription drug plan online in as little as 10 minutes when you visit MyRxPlans.com.2
You should make sure to compare the following 3 factors when choosing your Part D plan:
You should try to enroll in a Part D plan when you are first eligible to do so. If you miss your Initial Enrollment Period, you may face a late enrollment penalty.
Each Part D plan has a different range of benefits. Before enrolling in a Part D plan, you should request the plan’s current formulary (drug list), coverage rules, and network pharmacies.
Each Part D plan covers different prescription drugs, which will all be listed on the plan’s formulary. You should find a plan that covers your prescribed medications. You may have to pay out-of-pocket for prescriptions that are not on a plan’s approved drug list.
You also should review the Part D plan’s tiers. Different plans may place the same drug in different tiers, which will affect your out-of-pocket costs. For example, one plan may put a certain brand-name drug in Tier 1, but another plan may put the same brand name drug in Tier 2, which could require a higher co-payment.
Part D plans also have varying coverage rules that can affect your access to certain prescriptions. You should review the rules for quantity limits, prior authorization, and step therapy before enrolling in a plan.
Some Part D plans have contracts with pharmacies. If you visit in-network pharmacies, your prescription drug costs may be lower. If you fill a prescription at a non-network pharmacy, your plan may charge you more or not cover your medication costs at all.
Check to see if your preferred pharmacy is in your plan’s network.
More info: Part D benefits
Part D plan costs vary widely depending on plan premiums and out-of-pocket costs.
It is important to find a plan that fits your coverage needs and covers all of your prescription drugs before comparing plan premiums. If you enroll in a plan that does not cover all of your medications, you may be forced to pay out-of-pocket for these drugs.
In addition to plan premiums, you should compare other Part D plan out-of-pocket costs, including deductibles, coinsurance, and copayments, which may be different for each plan.
Medicare assigns star ratings to every available Medicare Part D plan.3 Part D plan star ratings give you an idea of the plan’s quality and performance.
Ratings range from 1 star (poor performance) to 5 stars (excellent performance).