The Best Medicare Part D Plans for Seniors in 2022

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Prescription drugs aren’t getting any cheaper. If you’re an older adult taking any medications, you know just how true that statement is. If you’re looking for a way to reduce your medication costs, a Medicare Part D plan might suit your needs, as it offers prescription drug coverage not covered under Original Medicare. With so many carriers on the market to choose from, we’ve narrowed down our list to the top six Medicare Part D carriers we recommend:

How We Chose the Best Medicare Part D Plans

Picking the right Medicare Part D plan, also called a prescription drug plan (PDP), may seem overwhelming, with so many plans to choose from. Our mission is to provide you with the right information so you can make the best decision based on your needs. We looked at leading insurers across the nation while comparing prices, plan availability, ease of website navigation, overall customer satisfaction, and perks for being a customer. See which carriers made our list!

How to Choose a Medicare Part D Plan

When you’re choosing your Medicare Part D plan, it is important to keep the following in mind:

  • The carrier’s drug formulary compared to your current medications
  • Your need for a large network of pharmacies if you travel frequently
  • Whether you qualify for Medicare Savings Programs
  • Price in premiums compared to deductibles and copays

Pro Tip: Check out SHIP, a state health insurance assistance program that offers free, unbiased, one-on-one, and local Medicare plan counseling.

How Much Do Medicare Part D Plans Cost?

Medicare Part D plans vary in costs depending on location and plan. Most Medicare Part D carriers give you a few plans to choose from, ranging from basic to premium coverage, which can be deducted from your Social Security check for added convenience.

The average base beneficiary premium is $33.37,1 and you may pay extra based on your income. The good news is that the annual deductible will not exceed $480. The bad news is that there is a coverage gap, often referred to as the “donut hole.” You enter the coverage gap when you and your Medicare Part D carrier have collectively spent $4,430 in 2022. You will then be responsible for 25 percent of prescription costs until you reach an out-of-pocket maximum of $7,050 and enter what’s called catastrophic coverage. Once you are in this coverage, you may pay only a small percentage of the cost of your medications. This won’t apply to all enrollees, especially those on fewer or more affordable medications, but it’s still important to note.

When to Enroll in a Medicare Part D Plan

It’s best to start shopping early. You may enroll up to three months before your 65th birth month, and you have until three months after. Remember to check your carrier’s drug formulary every year to compare it with competitors and your current medications, as formularies can change. You may be able to change your Medicare Part D plan during open enrollment, which is from Oct. 15 to Dec. 7 every year. You also will have 63 days after moving to enroll in a different plan based on your location.

Pro Tip: For an in-depth look at Medicare, including when you can enroll in or switch your Part D prescription drug plan, head over to our Medicare enrollment guide.

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Senior Living is an online lead generator that helps connect consumers with licensed insurance agents. MEDICARE ADVANTAGE AND PDP: This site provides referrals to representatives of Medicare Advantage organizations and stand-alone PDP prescription drug plans that have Medicare contracts. Enrollment in any plan depends on contract renewal. The plans represented do not discriminate on the basis of race, color, national origin, age, disability, or sex. To learn more about a plan’s nondiscrimination policy, please contact the plan. For a complete list of available plans please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. Generally, Medicare is available for people age 65 or older, younger people with disabilities and people with End Stage Renal Disease. You must have both Part A and B to enroll in a Medicare Advantage plan. Members may enroll in the plan only during specific times of the year. Some Medicare plans are not available in all areas, and costs, coverage, and benefits vary by location. MEDICARE SUPPLEMENT: Medicare Supplement insurance is available to those age 65 and older enrolled in Medicare Parts A and B and, in some states, to those under age 65 eligible for Medicare due to disability or End-Stage Renal disease. Medicare Supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. PRIVATE SITE: This is a non-government website, and is not endorsed by the Centers for Medicare & Medicaid Services (CMS), the Department of Health and Human Services (DHHS), or any other government agency. The purpose of this communication is to connect individuals with a licensed insurance agent. Contact will be made by an insurance agent or a phone representative who can connect you to a licensed insurance agent. AGREEMENT TO TERMS: If you use submit your information through this website, you agree to the Privacy Policy and Terms & Conditions linked below, and to be contacted by a licensed insurance agent or a phone representative who can help connect you to a licensed insurance agent in your area to help review your coverage and options. NOT ALL PLANS OFFERED: The licensed agent to whom you are connected may not offer all plans in your area. Any information provided is limited to those plans the licensed agent does offer in your area. To explore all plans, please contact Medicare.gov or 1-800-MEDICARE.

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Written By

Maureen Stanley

Writer & Editor

Maureen joined SeniorLiving.org with more than 10 years of experience writing in health, lifestyle, and nutrition for premium brands like General Mills, Westinghouse, and Bristol Myers Squibb. Her passion for empowering older adults is evident in coverage of topics like retirement, health… Learn More About Maureen Stanley

Citations
  1. Centers for Medicare & Medicaid Services. (2020). CENTER FOR MEDICARE.