23 Best Medicare Part D Plans in Colorado for 2023
We found the 23 best Medicare Part D Plans in Colorado for 2023.
- The average premiumA premium is an amount that an insurance policyholder must pay for coverage. Premiums are typically paid on a monthly basis. In the federal Medicare program, there are four different types of premiums. is $52.21 per month, however the lowest premium is just $3.50.
- The average drug plan deductibleA deductible is an amount a beneficiary must pay for their health care expenses before the health insurance policy begins to pay its share. is $384 per year, but 4 plans have a zero-dollar deductible.
- Medicare rated 0% of all plans available in Colorado 4 stars or higher.
- There are 9 basic benefit plans and 14 enhanced benefit plans.
- A total of 5 plans offer full low-income subsidySocial Security's Low-Income Subsidy (LIS) program helps Medicare beneficiaries pay for their Medicare Part D prescription drugs by paying some of the costs. Also known as "Extra Help", beneficiaries who qualify for LIS receive premium... (LIS) for those who qualify.
- There are 4 plans that have additional coverage in the coverage gap phase (aka, "donut hole").
We also ranked the best Medicare Advantage plans with Part D in Colorado for 2023.
Colorado Medicare Part D Plans
|Plan Name||Premium||Deductible||Benefit Type||LIS||Gap
|AARP MedicareRx Preferred||$129.10||$0||Enhanced||No||Yes||Yes|
|AARP MedicareRx Saver Plus||$47.20||$505||Basic||No||No||No|
|AARP MedicareRx Walgreens||$30.90||$350||Enhanced||No||No||No|
|Anthem MediBlue Rx Plus||$90.20||$0||Enhanced||No||No||No|
|Anthem MediBlue Rx Standard||$70.40||$505||Basic||No||No||No|
|Cigna Extra Rx||$69.70||$100||Enhanced||No||Yes||Yes|
|Cigna Saver Rx||$12.50||$505||Enhanced||No||No||No|
|Cigna Secure Rx||$37.70||$505||Basic||Yes||No||No|
|Clear Spring Health Premier Rx||$17.60||$505||Enhanced||No||No||No|
|Clear Spring Health Value Rx||$28.70||$505||Basic||Yes||No||No|
|Humana Basic Rx Plan||$40.20||$505||Basic||Yes||No||No|
|Humana Premier Rx Plan||$88.10||$300||Enhanced||No||Yes||Yes|
|Humana Walmart Value Rx Plan||$36.50||$505||Enhanced||No||No||No|
|Mutual of Omaha Rx Essential||$21.30||$505||Enhanced||No||No||No|
|Mutual of Omaha Rx Plus||$100.10||$505||Basic||No||No||No|
|Mutual of Omaha Rx Premier||$95.50||$505||Enhanced||No||No||Yes|
|Wellcare Medicare Rx Value Plus||$71.30||$0||Enhanced||No||No||No|
|Wellcare Value Script||$3.50||$505||Enhanced||No||No||Yes|
The Four Phases of Every Colorado Medicare Part D Plan
Colorado Medicare prescription drug plansMedicare Part D plans are an option Medicare beneficiaries can use to get prescription drug coverage. Part D plans provide cost-sharing on covered medications in four different phases: deductible, initial coverage, coverage gap, and catastrophic. Each... 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
Prior to a plan paying any of your prescription costs, you are required to pay the annual deductible. So, if you enroll in a 2023 plan with a $400 deductible, you'll spend $400 out-of-pocket before coverage begins. Most Medicare Part D plans have a deductible, but some plans exclude Tier 1 (generics), offering immediate coverage on low-cost medications.
NOTE: $505 is the maximum deductible a plan can have in 2023.
Phase 2 is the Initial Coverage Limit
The Part D ICL (Initial Coverage Limit) for 2023 is $4,660. During the ICL phase, your Part D plan will cover the majority of your prescription costs. If your prescription costs exceed $4,660 you go into the coverage gap phase ("donut hole")
The Third Phase is a Coverage Gap
After your gross drug costs have reached $4,660, you will enter the Coverage GapA period of time in which you pay higher cost-sharing for prescription drugs until you spend enough to qualify for catastrophic coverage. phase. This is where you will pay 25% of your medication's retail cost. While the price of generic drugsA generic drug is a prescription medication that has the same active ingredient formula as a brand-name drug. Generic drugs usually cost less than brand-name 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.
Catastrophic Coverage is the Fourth Phase
After you have spent $7,400 in true out-of-pocket costs on your medications, you get out of the coverage gap phase and you automatically receive "catastrophic coverage". In this phase, you will only have to pay a small percentage of coinsuranceCoinsurance is a percentage of the total you are required to pay for a medical service. or payment on covered drugs for the rest of the year.
The out-of-pocket costsOut-of-Pocket Costs for Medicare are the remaining costs that are not covered by the beneficiary's health insurance plan. These costs can come from the beneficiary's monthly premiums, deductibles, coinsurance, and copayments. that help you get catastrophic coverage include:
- Your plan's deductible;
- What you paid during the initial coverage limitOnce you have met your yearly deductible, you will pay a copayment or coinsurance for each covered drug until you reach the initial coverage limit. You will then enter your plan’s coverage gap (aka, “donut... 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
Choose from the available Part D Medicare plans carefully, and don't settle on a Part D plan until you know that your most expensive medications are covered at a price you can afford. This information is available in the plan's formularyA formulary is a list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits. Medications not on a plan's formulary are generally not covered.. You'll find links to the formulary information, pharmacy information, and the customer service phone number on each PDP page (above).
IMPORTANT: Identifying the best Medicare Part D Plans for you takes a bit of research. What's best for you is personal and must consider multiple factors, including your regular prescriptions, your health, and your finances.
Did you Know Most Medicare Advantage Plans Include Prescription Benefits?
Your Medicare benefits are flexible, and there's more than one way to get prescription drug coverage. If you want to keep your Original MedicareOriginal Medicare is private fee-for-service health insurance for people on Medicare. It has two parts. Part A is hospital coverage. Part B is medical coverage., you can enroll in one of the stand-alone prescription drug plans available in Colorado. The other way to get Part D coverage is to enroll in one of the many Medicare Advantage Plans available in Colorado that include Part D benefits.
Medicare Part D and Medicare Supplements Work Together
Medicare does not pay for all of your hospitalization and medical bills. In fact, Original Medicare only covers about 80 percent of your major medical costs. We keep an up-to-date directory of Colorado Medigap Plans, also called Medicare SupplementsMedicare Supplements are additional insurance policies that Medicare beneficiaries can purchase to cover the gaps in their Original Medicare (Medicare Part A and Medicare Part B) health insurance coverage., with the tools you need to find the best price and coverage. Medicare Part D plans are fully compatible with Colorado Medigap plans.
Colorado Medicaid and Your Medicare Part D
In Colorado, if you are eligible for both Medicare and Medicaid (aka, "dual eligible" or "Medi-Medi") you will automatically be enrolled in a Colorado Medicare Prescription Drug Plan and the Social Security Extra Help program. Extra Help pays for most of the costs of your prescriptions if you meet the eligibility requirements. You may also enroll in a plan of your own choosing that better meets your needs. If you qualified for MedicaidMedicaid is a public health insurance program that provides health care coverage to low-income families and individuals in the United States. before you were eligible for Medicare, contact your local Medicaid office.
Citations & References
- Medicare.gov, "Drug coverage (part D)", Last Accessed September 21, 2022
- Medicare.gov, "How Part D works with other insurance", Last Accessed July 14, 2022
- Medicare.gov, "Medicare costs at a glance", Last Accessed September 11, 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
This Medicare Part D plan state information page was last updated on .