How to Find Top-Rated 2024 Medicare Part D Plans

709 Medicare Part D plans are available to U.S. consumers in 2024.¹ How do you narrow down the list of plans available in your area and find the Medicare prescription drug coverage that fits your needs?

One factor you can consider is the Medicare Star Ratings.²

A licensed insurance agent can help you find top-rated Part D plans (4 out of 5 stars or higher) in your area.

Learn more about factors you might consider when shopping for Medicare prescription drug coverage.

How Do I Choose Medicare Drug Coverage?

You can sign up for Medicare prescription drug coverage in one of two ways:

• Enroll in a Medicare Advantage plan (Medicare Part C) that includes prescription drug coverage. 89% of all 2024 Medicare Advantage plans are Medicare Advantage Prescription Drug Plans (MA-PD).³

• Enroll in a standalone Medicare Part D Prescription Drug Plan (PDP). If you have Original Medicare (Part A and Part B), you can sign up for a Part D plan to get coverage for your prescription drug costs.

You can compare Part D plans available where you live and enroll in a Medicare prescription drug plan online when you visit MyRxPlans.com.

If you have Medicare Advantage plan with prescription drug coverage, you cannot enroll in a standalone PDP also.

If you have Original Medicare and a Part D plan, you can also consider enrolling in a Medicare Supplement Insurance (Medigap) plan to help cover some of your out-of-pocket Medicare costs, such as certain deductibles and copayments.

What Are Top-Rated Medicare Part D Plans?

Each year, the Centers for Medicare and Medicaid Services (CMS) issues a star rating for all Part D and Medicare Advantage plans.

Plans are rated on a five-star system as follows:

• 5 stars: Excellent

• 4 stars: Above average

• 3 stars: Average

• 2 stars: Below average

• 1 star: Poor

Part D plans are scored in four key areas:

• Customer service
  This represents how well the plan manages member calls and questions.

• Member complaints and changes in performance
  This includes the frequency at which members file complaints about the plan and how much (if any) the plan improved in this area over time.

• Member experience
  How do plan members rate the plan?

• Drug safety and accuracy of drug pricing
  This addresses the accuracy of the plan's pricing information and how often members with certain medical conditions are prescribed drugs in a safe and clinically recommended way.

The information for these ratings comes from member surveys, billing information and other data that Part D plans must submit to Medicare, along with Medicare's own regular monitoring activities.

The star ratings are released each fall, typically just prior to the fall Medicare Open Enrollment Period each year.

The Medicare Open Enrollment Period lasts from October 15 to December 7 every year. During this enrollment period, Medicare beneficiaries can freely make changes to their Medicare coverage.

How Do I Choose a Medicare Part D Plan?

Choosing a Medicare Part D plan begins with identifying what it is that you need in a prescription drug plan.

There are a few different qualities to consider.

• Drug formulary
  The formulary is the list of drugs that are covered by a Medicare prescription drug plan.

  Not every drug is covered by every plan, so it's important to check the formulary for any drugs that you're taking or other popular drugs.

  Drug formularies are typically split up into different tiers. Common generic drugs are typically less expensive and are on a lower tier, while more expensive brand name drugs are typically on a higher tier.   

• Network selection
  Part D plans may utilize networks of pharmacies where you can have a prescription filled using your coverage. You may find it helpful to have a plan that you can use at your nearest or most convenient pharmacy.

  Some Part D plans may even offer home delivery of medications. Certain restrictions may apply, so be sure to check with your plan carrier for more details.

• Price
  Part D plan premiums can vary by location and by plan carrier, so shopping around may help you find a plan that fits your budget. The average Medicare Part D plan premium in 2024 is $59 per month.¹

  Some Part D plans may feature $0 deductibles.  

You'll also want to decide the type of pricing structure you prefer. Some Part D plans may have a lower premium but a higher deductible or copayments, while other plans may offer lower deductibles and copayments in exchange for a higher monthly premium.

Reviews of Insurance Companies Selling Part D Plans

It's important to not review just the Part D plan itself but also the company that is selling it.

There are several review websites and credit rating agencies that can offer information about the overall quality and performance of various insurance companies.

These include:

• The Better Business Bureau

• Consumer Affairs

• Moody's

• A.M. Best

• Fitch

• Standard & Poor's

Who Is Eligible to Enroll in Medicare Part D?

To sign up for a Part D plan, you must:

• Have Medicare Part A and/or Part B

• Reside in the service area of the plan you wish to join

When Can I Sign Up for a Part D Plan?

There are only a few times throughout the year during which you can typically sign up for a Part D plan.

• Initial Enrollment Period (IEP)
  Your Medicare Initial Enrollment Period is a one-time enrollment period when you first become eligible for Medicare.

  This 7-month period begins three months before you turn 65 years old, includes the month of your birthday and continues on for three more months.

• Fall Medicare Open Enrollment Period
  As previously mentioned, the annual fall Medicare Open Enrollment Period lasts from Oct. 15 to Dec. 7 every year.

• 5-Star Special Enrollment Period
  If you are currently enrolled in a Part D plan that holds a Medicare Star Rating of fewer than five stars, you may use the 5-Star Special Enrollment Period to sign up for a plan available near you that has been awarded a rating of five stars.

  This period starts on December 8 every year and lasts until November 30 of the following year.

• Medicare Special Enrollment Period (SEP)
  There are additional Special Enrollment Periods that you may potentially qualify for at any time throughout the year.

  You might qualify for an SEP if you experience a circumstance such as moving to a new service area, becoming eligible for Medicaid, moving into or out of a nursing home and more.

  The length of your Special Enrollment Period and the effective date of coverage changes you make may vary depending on your qualifying circumstances.

A Licensed Insurance Agent Can Help You Compare Plans

Like all types of private Medicare insurance, the selection of Part D plans can vary from one location to another. Some beneficiaries will have a much different selection of plans than others.

You can compare Part D plans available where you live and enroll in a Medicare prescription drug plan online when you visit MyRxPlans.com.