Top Medicare Part D Plans in Alaska for 2024
We reviewed the 19 top Medicare Part D Plans in Alaska for 2024. Here's what we found:
Key Facts
- The average premium is $54.54 per month, however the lowest premium is just $3.50.
- The average drug plan deductible is $399 per year, but 2 plans have a zero-dollar deductible.
- Medicare rated 0% of all plans available in Alaska 4 stars or higher.
- There are 7 basic benefit plans and 12 enhanced benefit plans.
- A total of 4 plans offer full low-income subsidy (LIS) for those who qualify.
- There are 5 plans that have additional coverage in the coverage gap phase (aka, "donut hole").
- 2024 Medicare Prescription Drug Plans (PDP) will be published in early October. Sign-up to be notified.
We also ranked the best Medicare Advantage plans with Part D in Alaska for 2024.
Alaska Medicare Part D Plans
Plan Name | Premium | Deduct. | Benefit | LIS | Gap | Rating |
---|---|---|---|---|---|---|
AARP Medicare Rx Preferred from UHC | $102.00 | $0 | Enhanced | No | No | |
AARP Medicare Rx Saver from UHC | $63.30 | $545 | Basic | No | No | |
AARP Medicare Rx Walgreens from UHC | $49.90 | $410 | Enhanced | No | Yes | |
Cigna Extra Rx | $61.90 | $145 | Enhanced | No | Yes | |
Cigna Saver Rx | $14.20 | $545 | Enhanced | No | No | |
Cigna Secure Rx | $36.50 | $545 | Basic | Yes | No | |
Clear Spring Health Value Rx | $26.20 | $545 | Basic | Yes | No | |
Humana Basic Rx Plan | $37.50 | $545 | Basic | Yes | No | |
Humana Premier Rx Plan | $110.40 | $200 | Enhanced | No | Yes | |
Humana Walmart Value Rx Plan | $51.80 | $545 | Enhanced | No | Yes | |
Mutual of Omaha Rx Essential | $24.20 | $545 | Enhanced | No | No | |
Mutual of Omaha Rx Plus | $97.70 | $545 | Basic | No | No | |
Mutual of Omaha Rx Premier | $81.30 | $349 | Enhanced | No | No | |
SilverScript Choice | $43.30 | $545 | Basic | No | No | |
SilverScript Plus | $103.70 | $200 | Enhanced | No | Yes | |
SilverScript SmartSaver | $9.90 | $280 | Enhanced | No | No | |
Wellcare Classic | $39.40 | $545 | Basic | Yes | No | |
Wellcare Medicare Rx Value Plus | $79.60 | $0 | Enhanced | No | No | |
Wellcare Value Script | $3.50 | $545 | Enhanced | No | No |
Please note that 2024 Medicare Part D plan information for Alaska beneficiaries will not be available until early October.
Sign-Up for 2024 Medicare Part D Plan Notification
Every Part D Plan in Alaska Has 4 Cost Phases
Alaska Medicare prescription drug plans help beneficiaries pay for their prescription medications. If you are new to Medicare, some of the Part D plan concepts may be foreign to you. So we'll start with an overview of the four cost-sharing phases.
Phase 1 is the Deductible
A Medicare Part D plan's deductible is the amount you pay out-of-pocket before the initial coverage phase begins and the plan begins paying its share. So, if you enroll in a plan with a $225 deductible, you'll spend that much at the pharmacy for your prescriptions. After that amount, you will pay the copay amount only until you reach the coverage gap. Most Medicare prescription drug plans have a deductible, however, many plans exclude Tier 1 drugs from the deductible, which gives you first-dollar coverage on most lower-cost medications.
NOTE: The maximum Part D plan deductible in 2024 is $505.
The 2nd Phase is the Initial Coverage Limit (ICL)
For 2024, the Part D Initial Coverage Limit (ICL) is $4,660. Your Part D plan will pay the bulk of your prescription cost during the ICL phase. If your costs exceed $4,660, then you will be in the coverage gap phase (aka "doughnut hole")
The Third Phase is a Coverage Gap
After your gross drug costs have reached $4,660, you will enter the Coverage Gap phase. This is where you will pay 25% of your medication's retail cost. While the price of generic drugs might not be much different, what you pay for brand-name drugs will be higher (because you're paying 25% of the full price). This will continue until you reach $7,400 in True Out Of Pocket Costs (TrOOP).
Some plans offer additional gap coverage, so look for it on the plan information pages.
The Fourth Phase is Catastrophic Coverage
All Part D plans offer catastrophic coverage once you have paid $7,400 in true out-of-pocket costs for covered drugs. This amount includes the cost of covered drugs as well as some additional costs. In the catastrophic coverage phase, your copays or coinsurance will be significantly lower for the remainder of the year.
The out-of-pocket costs that help you get catastrophic coverage include:
- Your plan's deductible;
- What you paid during the initial coverage limit period;
- Most of the full cost of brand-name drugs (and the manufacturer’s discount) purchased in the coverage gap;
- The amount paid by others, including family members, most charities, and other persons on your behalf; and
- The amount paid by State Pharmaceutical Assistance Programs (SPAPs), AIDS Drug Assistance Programs, and the Indian Health Service.
The Lowest Premium May Not Be the Lowest Overall Cost
Don't make a decision on your choice of Part D Medicare plans based on the premium and deductible alone. It's critical that you verify that your medications are covered. You find this information, and the co-payment tiers, in the formulary. On each PDP page (above) we post links to the formulary and pharmacy web pages, and the phone numbers to contact the plan.
CRITICAL: The best Medicare Part D Plans for you can only be determined by factoring in what you can afford, your regular prescriptions, and your health. A bit of time spent on research will pay off in the long run.
Get Your Prescriptions and More with a Medicare Advantage Plan
Your Medicare benefits are flexible, and there's more than one way to get prescription drug coverage. If you want to keep your Original Medicare, you can enroll in one of the stand-alone prescription drug plans available in Alaska. The other way to get Part D coverage is to enroll in one of the many Medicare Advantage Plans available in Alaska that include Part D benefits.
Medicare Part D and Medicare Supplements Work Together
With Original Medicare you are responsible for paying about 20 percent of all hospital and medical bills. Without additional protection, even a brief hospital stay can cost you thousands out-of-pocket. That's why we maintain a complete directory of Alaska Medicare Supplement Insurance, also known as Medigap. We make it easy to find the best rates on the coverage you want. All Medicare supplements sold in Alaska plans are 100% compatible with Medicare Part D plans.
Medicare Part D for Dual Eligible People in Alaska
Alaska beneficiaries who qualify for both Medicare and Medicaid (aka, "dual eligible" or "Medi-Medi") may be enrolled in a Alaska Medicare Prescription Drug Plan automatically, as well as Social Security's Extra Help program. The Extra Help program pays for most of your prescriptions, but only if you meet the strict eligibility requirements. If the dual eligible option does not meet your needs, you have the option to enroll in a Alaska Part D plan that does. If you are already receiving Medicaid, contact your local Medicaid office for assistance in the transition to Medicare.
Plans Offered
Medicare Advantage and Part D plans and benefits offered by the following carriers: Aetna Medicare, Anthem Blue Cross Blue Shield, Aspire Health Plan, Dean Health Plan, Devoted Health, GlobalHealth, Health Care Service Corporation, Cigna Healthcare, Humana, Molina Healthcare, Mutual of Omaha, Premera Blue Cross, Medica Central Health Plan, SCAN Health Plan, Scott and White Health Plan now part of Baylor Scott & White Health, UnitedHealthcare(R), and Wellcare.
Citations & References
- Medicare.gov, "How to get prescription drug coverage", Last Accessed September 3, 2022
- Medicare.gov, "How Part D works with other insurance", Last Accessed July 14, 2022
- Medicare.gov, "Catastrophic coverage", Last Accessed June 13, 2022
- Medicare.gov, "Are prescription drugs covered in Medicare Advantage plans?", Last Accessed June 5, 2022
- SSA.gov, "Extra Help with Medicare Prescription Drug Plan Costs", Last Accessed June 1, 2022
- CMS.gov, "Landscape Source Files", Last Accessed January 15, 2023
- CMS.gov, "Medicare Part C & D Performance", Last Accessed January 15, 2023