One of the biggest concerns when it comes to Medicare is prescription drug coverage. It’s easily one of the most confusing parts of Medicare. The most important thing to remember, the best plan for you revolves around your prescriptions. Below, we’ll discuss the top 5 rated Medicare prescription drug plans for 2020.
When it comes to drug plans, they all have different formularies, covered drug lists, and the tiers, drug class, they fall in. It is not uncommon for one plan to cover a specific prescription as a tier 2 generic and another to include it as a tier 3 preferred brand, or not cover it at all.
Medicare does require all drug plans to carry at least one type of every prescription on the formulary,. You can always see if your doctor can try a different medicine that does the same thing if it is not on the formulary of your plan. For example, if Viagra doesn’t have coverage on your policy, the generic sildenafil may be available.
You can only change your prescription coverage during the Annual Enrollment Period, October 15th – December 7th.
There are special exceptions if certain events in your life occur, such as moving out of the coverage area of your plan.
Medicare Part D Star Rating Factors
Plans Customer Service
This is related to how well the drug plan serves the member’s needs.
Member experience with the plan’s prescription drug services.
Accuracy of Drug Pricing and Drug Safety
This includes how precise the plans cost’s for drugs and premiums are and how members that have acute medical conditions are given prescriptions in a safe and recommended way for their situation.
Changes in Performance and Member Complaints
This is how often Medicare found issues with the policy, and how often members filed a complaint. The rating factors also include the amount of improvement the policy has made, if any.
Top 5 Rated Medicare Prescription Drug Plans for 2020
- SilverScript Choice
- Humana Walmart Plan
- Aetna Medicare Select Plan
- Express Scripts Medicare Saver
- UnitedHealthcare MedicareRx Walgreens 1
The highest rating a plan can have is 5-star. Just because a policy is 5-star does not mean it is the top-rated plan in the country, as a matter of fact, there is no nationwide plan that has a 5-star rating.
For several years now, SilverScript has been the number one plan. There are several reasons for this.
They have a 4-star rating nationwide and one of the largest formularies.
The SilverScript choice plan has one of the lowest premiums of all plans without a deductible.
They have some of the best customer service reviews.
Humana Walmart Plan
At $22.50, the Wal-Mart plan has one of the lowest premiums of any policy available.
The Humana Walmart plan has some of the best co-pays if you are willing to get your prescriptions from Wal-Mart.
They have one of the best mail order options for generic drugs. The deductible only applies to tiers 3, 4, and 5 drugs.
Aetna Medicare Select Plan
The Aetna Select also has low co-pays for their generics, tier 1 prescriptions have a $0 copay, and tier 2 prescriptions have a $3 copay at preferred pharmacies.
Like the Humana Wal-Mart plan, it only applies to tier 3, 4, and 5 Prescriptions.
The Aetna Select plan has the lowest premium of all Part D Plans.
This plan is one of the only policies that give you some protection during the coverage gap. You will continue to have copays for tiers 1 and 2.
Express Scripts Medicare Saver
Like SilverScripts, the Express Scripts Medicare Saver plan has a 4-star rating.
It has a monthly premium of under $30.
Similar to SilverScripts, the Express Scripts Medicare Saver plan has an extensive formulary.
The copay for tier 1 and 2 prescriptions is affordable. However, once if you have medications for drugs from the other tiers you will be paying a percentage of the actual cost of the drug instead of a fixed copay.
UnitedHealthcare MedicareRx Walgreens 1
Rounding out the most popular plans, United Healthcare.
The MedicareRX Walgreens 1 plan is a 4-star rated plan.
It has a $0 copay for Tier 1 Drugs. It also has a monthly premium under $30
Get Help Enrolling in One of the Top 5 Medicare Prescription Drug Plans for 2020
There are many choices when it comes to your Part D Prescription Drug Plan. You should always consult with a licensed agent to ensure your drugs will be covered on the plan you choose before enrolling.
If you would like to compare rates in your area, the Part D plan finder tool will do just that. Give us a call at the number above to get started or fill out an online rate form!