Original Medicare (Part A and Part B) doesn't typically cover retail prescription drugs.
If you want Medicare prescription drug coverage in 2024, you can consider enrolling in a Medicare Part D prescription drug plan (PDP). Part D is a type of private Medicare insurance that provides coverage exclusively for prescription drugs.
This guide provides a detailed look at the average cost of Medicare Part D plans. We organize the Part D plan costs by state so you can see how average costs in your area compare with the rest of the nation.
You can compare Part D plans available where you live and enroll in a Medicare prescription drug plan online when you visit MyRxPlans.com.
Enroll in Medicare Part D at MyRxPlans.com.
Vist MyRxPlans.comWhat Is the Cost of Medicare Part D for 2024?
The average premium for Medicare Part D plans in 2024 is $59 per month.2
Part D plan cost-sharing is typically based on your drug plan's formulary (the plan's list of covered drugs).
So what are these out-of-pocket costs commonly associated with 2024 Medicare Part D plans?
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Premium
Your Part D premium is the monthly amount that you pay to belong to the plan. -
Deductible
Your deductible is the amount of money you have to pay out of your own pocket before your Part D plan coverage kicks in. -
Cost-sharing
You may have to share some of your plan's costs for drugs after you meet your deductible. This can come as a copayment (which is typically a flat fee) or as coinsurance (which is usually measured as a percentage of the bill).
How Much Does Medicare Part D Cost in Each State?
Your location can play a role in determining the average cost of Medicare Part D plans available to you.
Because Part D plans are sold by private insurance companies, plan premiums may be subject to market competition.
For example, the average premium for Part D plans in California in 2024 is $81 per month. Meanwhile, beneficiaries in Mississippi will pay $57 per month on average.
The table below shows the average premium and deductible for Medicare Part D plans in each state in 2024 (not weighted by enrollment).2
| State | Average Premium | Average Deductible |
|---|---|---|
| Alabama | $63.07 | $388.08 |
| Alaska | $54.54 | $398.89 |
| Arizona | $57.81 | $379.95 |
| Arkansas | $51.79 | $379.71 |
| California | $81.38 | $368.22 |
| Colorado | $67.87 | $384.71 |
| Connecticut | $65.85 | $386.86 |
| Delaware | $55.44 | $388.37 |
| District of Columbia | $55.44 | $388.37 |
| Florida | $69.98 | $377.33 |
| Georgia | $66.77 | $391.62 |
| Hawaii | $57.59 | $398.89 |
| Idaho | $55.71 | $394.95 |
| Illinois | $53.10 | $418.82 |
| Indiana | $56.73 | $377.33 |
| Iowa | $53.77 | $394.05 |
| Kansas | $54.32 | $386.86 |
| Kentucky | $56.73 | $377.33 |
| Louisiana | $54.59 | $398.89 |
| Maine | $61.49 | $391.62 |
| Maryland | $55.44 | $388.37 |
| Massachusetts | $65.85 | $386.86 |
| Michigan | $51.37 | $377.33 |
| Minnesota | $53.77 | $394.05 |
| Mississippi | $57.37 | $404.16 |
| Missouri | $60.42 | $377.33 |
| Montana | $53.77 | $394.05 |
| Nebraska | $53.77 | $394.05 |
| Nevada | $61.54 | $386.86 |
| New Hampshire | $61.49 | $391.62 |
| New Jersey | $63.18 | $386.86 |
| New Mexico | $53.80 | $427.91 |
| New York | $74.25 | $359.67 |
| North Carolina | $61.69 | $377.33 |
| North Dakota | $53.77 | $394.05 |
| Ohio | $59.03 | $401.14 |
| Oklahoma | $55.03 | $418.82 |
| Oregon | $58.16 | $386.62 |
| Pennsylvania | $62.80 | $382.10 |
| Rhode Island | $65.85 | $386.86 |
| South Carolina | $66.57 | $391.09 |
| South Dakota | $53.77 | $394.05 |
| Tennessee | $63.07 | $388.08 |
| Texas | $56.60 | $409.73 |
| Utah | $55.71 | $394.95 |
| Vermont | $65.85 | $386.86 |
| Virginia | $53.64 | $391.62 |
| Washington | $58.16 | $386.62 |
| West Virginia | $62.80 | $382.10 |
| Wisconsin | $55.60 | $386.86 |
| Wyoming | $53.77 | $394.05 |
What Is a Drug Formulary?
Each Medicare Part D plan includes a drug formulary, which is a list of drugs covered by the plan.
Drugs are divided up into different tiers based on the type of drug, whether or not it's a generic drug or a brand name drug, and other factors.
Generic prescription drugs are generally on lower tiers and cost less than brand name drugs or specialty drugs that may be on a higher tier.
The Medicare Part D “Donut Hole” Coverage Gap in 2024
Another cost associated with Medicare Part D plans is the coverage gap, also known as the Medicare “donut hole.” The coverage gap is a temporary limit on how much coverage a Part D plan will provide for your prescription drugs.
Once you and your Part D plan spend a combined $5,030 on covered drugs in 2024, you will enter the donut hole.
You will then pay up to 25 percent of the cost of brand name drugs and 25 percent of the cost of generic drugs until you reach $8,000 in total out-of-pocket spending for the year.
Once you reach $8,000 in spending in 2024, you will enter a threshold called “catastrophic coverage.”
You will be out of the donut hole, and you won't be responsible for paying any copay or coinsurance amounts for additional covered prescription drugs for the rest of 2024.
Can I Get Help Paying for Medicare Part D?
Lower income Medicare beneficiaries may be able to receive some assistance purchasing a Part D plan. Medicare Extra Help offers assistance for paying Part D premiums, deductibles and cost-sharing expenses.
You may automatically qualify for Extra Help if you have Original Medicare (Part A and Part B) and meet any of the following conditions:
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You have full Medicaid benefits coverage
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Your state Medicaid program helps pay for your Part B premiums
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You receive Supplemental Security Income (SSI)
Depending on the level of Extra Help that you qualify for, you may only pay a portion of the Medicare Part D drug plan premiums and deductibles. Your level of qualification depends on your reported financial resources.
Most Medicare Advantage Plans Offer Prescription Drug Coverage
Medicare Advantage (Medicare Part C) plans are an alternative to Original Medicare. Medicare Advantage plans offer the same benefits as Original Medicare, and most Medicare Advantage plans also include prescription drug coverage.
Some Medicare Advantage plans also include coverage for other benefits that Original Medicare doesn't cover, such as routine dental, vision and hearing care.
Medicare Advantage plans are not the same as Medicare Supplement plans. You cannot have a Medicare Advantage plan and a Medicare Supplement plan at the same time.
Explore 2024 Medicare Part D Plans
The average cost of a Medicare Part D plan may be quite different than the options available to you in your immediate area.
If you have a Medicare Supplement plan, you may be able to get Medicare prescription drug coverage by joining a Part D plan.
A licensed insurance agent can help you compare plan costs and drug coverage in your area so that you can find a plan that covers the drugs you need and fits your budget.
Enroll in Medicare Part D at MyRxPlans.com.
Vist MyRxPlans.com1 Bunis, Dena. (June 7, 2021). Prescription Drug Price Increases Continue to Outpace Inflation. AARP Politics & Society. https://www.aarp.org/politics-society/advocacy/info-2021/prescription-price-increase-report.html.
2 MedicareSupplement.com's internal analysis of CMS Medicare Advantage landscape source files. (Oct. 26, 2021). https://www.cms.gov/Medicare/Prescription-Drug-Coverage/PrescriptionDrugCovGenIn.
