Finding the greatest Medicare Part D prescription drug plan (PDP) can be a challenge, especially when you want something with high star ratings, a lower premium, and great coverage. Well, we’re here to help you compare your options.

You probably want to know, which PDP is best? What is the lowest monthly Part D plan premium? Or, how to find a Part D policy. Keep reading to have all your questions answered.

Which Medicare Part D Plan is Best?

The best Part D drug plan depends on which medications you take. It’s best to look at the overall annual cost of each plan to identify the most financially sensible option for you.

Enhancing benefits can mean a lower deductible or no deductible. Also, enhanced plans could include a higher initial coverage limit than basic benefit options.

For example, those who take insulin can pay a higher monthly premium in exchange for lower copayments.

There are 16 Part D plans available nationwide and premiums range from $7 to $99 monthly. The national PDP average cost is $43.

Who Has The Cheapest Medicare Part D Plan?

Many people get hung up on the monthly costs, but as you’ll learn, there is more than premiums when it comes to insurance.

We’re going to list the top Part D plans by price but — when choosing a policy — consider the amount of coverage you need not just how much it costs.

SilverScript SmartRx

The SilverScript SmartRx is the lowest premium Part D option with a monthly cost of $7.12 on average. But this policy still boasts 3.5 stars.

There is a deductible of $480 for the year. Generics cost $1-$19 for each prescription.

WellCare Value Script

The Wellcare Value Script is a 3.5-star plan that is only going to cost around $16 each month, some areas will see this policy at lower or higher prices.

Generic medications will cost $0-$4 with this policy. Also, there is a deductible of $480 for the year.

Humana Walmart Value Rx Plan

The Humana Walmart Value Rx Plan is a low-cost, 4-star Part D option. This plan has an average weighted premium of $22.80 monthly.

With this policy, generic medications will likely cost between $1-$4. If you choose this plan, the deductible is $480 for the year.

WellCare Classic

Another 3.5-star, affordable option is the Wellcare Classic PDP. The cost of this policy is around $30 each month. Like other policies, you can expect the cost to slightly vary depending on your location.

Generic medications usually cost between $0-$6 and the deductible will be $480 for the year.

Which Plans Have High Ratings And Great Benefits?

Finding the right balance of cost and benefits can seem overwhelming. Medicare.gov gives you the option to see plans in your area based on their star ratings.

The plans below have 4 stars and premiums close to the national average.

AARP MedicareRx Walgreens

When you’re taking a few medications, maybe some brand names, having good insurance becomes more important than having cheap insurance. UnitedHealthcare has a good all-around, 4-star plan available.

The average monthly weighted premium is about $29 monthly for this plan. With a slightly higher premium, you get a deductible of around $310 annually.

Humana Basic Rx Plan

Another 4-star plan to consider is the Humana Basic Rx Plan. The policy costs $34 monthly on average. In some places, it could be up to $50.

There is a $480 annual deductible and generics cost $0-$1. This policy could be a good option if you use one of the following pharmacies: Walmart, Sam’s Club, Publix, Kroger, or Costco

AARP MedicareRx Saver Plus

This policy is a 4-star plan option. The average weighted monthly premium for this policy is about $40 but it can range in price. Some areas may see this plan cost as much as about $65 monthly.

The deductible is $480. For copayments, preferred generics are $1 and $6 for other generics.

Which Part D Plans Have Enhanced Benefits?

Plans with higher premiums generally come with more benefits. For those that need specialty tier medication or take several brand-name medications, these high costing premium plans could be a money saver.

Plans with enhanced benefits are likely to have a small deductible or no deductible at all. Below are some higher premium plan options that provide more coverage than some of the lower premium options.

Cigna Extra Rx

The Cigna Extra Rx plan is a 3.5-star Part D plan that costs on average about $61 a month. This policy only has a $100 deductible.

There is coverage during the donut hole for generic medications with this policy. Generics cost between $4-$10.

Wellcare Medicare Rx Value Plus PDP

The Wellcare Medicare Rx Value Plus PDP has 3.5 stars and costs about $70 a month on average. This plan has a $0 deductible, which is why you pay more in premiums.

With this policy, generics cost $0-$4.

AARP MedicareRx Preferred

The AARP MedicareRx Preferred plan has one of the highest monthly premiums, costing about $100 each month in most areas. This 3.5-star plan has a $0 deductible and there is some basic generic medication coverage during the donut hole.

Generic medications cost between $5-$10.

The members of this plan have given it a rating of 4-stars, so there’s no doubt it’s worth it. But this much coverage isn’t going to be suitable for everyone.

FAQs

What is the cheapest Part D plan?

If you are concerned solely with the lowest monthly premium each month, Silverscript offers the lowest premiums on average of around $7 per month.

Are all Medicare Part D plans the same?

All Medicare Part D plans must cover a wide variety of drugs that Medicare recipients take. However, as outlined above, the costs and overall benefits extended can vary by individual plan.

What is the deductible for Part D?

The standard deductible is $480 for a Part D plan but individual companies can set it lower in exchange for a higher monthly premium.

How to Find the Best Part D Prescription Drug Plan

Finding the best policy for yourself can feel overwhelming. Working with a licensed insurance agent can give you peace of mind because they will input your medication online to identify the options that save you the most money.

Our Medicare experts consider things like the pharmacy you use, your eligibility for Extra Help, and so much more. Since we work with multiple companies, we can focus on you having Medigap insurance that benefits you.

Give us a call today to see which Part D plan is best for you. Or you can fill out our online rate form to get connected with the best plans in your area.

Picture of the author
by Lindsay Malzone, Lindsay Malzone is the Medicare expert for Medigap.com. She's been contributing to many well-known publications as an industry expert since 2017. Her passion is educating Medicare beneficiaries on all their supplemental Medicare options so they can make an informed decision on their healthcare coverage.