Top Medicare Part D Plans in Nevada for 2024

We reviewed the 21 top Medicare Part D Plans in Nevada for 2024. Here's what we found:

We also ranked the best Medicare Advantage plans with Part D in Nevada for 2024.

Every Part D Plan in Nevada Has 4 Cost Phases

Nevada 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.

The Deductible is the First Phase

The deductible (up to $505 in 2024) is the amount that you pay before your Medicare Part D plan begins paying its share of the costs. So, if you enroll in a 2024 prescription drug plan with a $480 deductible, you'll spend $480 out-of-pocket before cost-sharing coverage begins. Most Medicare Part D plans have a deductible, but some Medicare Part D plans exclude Tier 1 drugs from the deductible, giving immediate coverage on most generic medications.

Phase 2 is the Initial Coverage Limit

The 2024 Initial Coverage Limit (ICL) is $4,660. The ICL phase is when your Part D plan begins to pay the bulk of the costs. If your prescription costs exceed $4,660, you will enter the Coverage Gap phase (aka, "donut hole").

The Coverage Gap is the Third Phase

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.

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 coinsurance or payment on covered drugs for the rest of the year.

The out-of-pocket costs that help you get catastrophic coverage include:

1. Your plan's deductible;
2. What you paid during the initial coverage limit period;
3. Most of the full cost of brand-name drugs (and the manufacturer’s discount) purchased in the coverage gap;
4. The amount paid by others, including family members, most charities, and other persons on your behalf; and
5. 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

There's more than one way to get prescription drug coverage with your Medicare benefits. The first way is by enrolling in one of the Medicare prescription drug plans available in Nevada. The second way is to get prescription coverage through one of the many Nevada Medicare Advantage Plans that include Part D benefits. Most Medicare Advantage plans available in Nevada include Part D as an additional benefit.

Using Supplemental Medicare Insurance with Part D

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 Nevada 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 Nevada plans are 100% compatible with Medicare Part D plans.

Nevada Medicaid and Your Medicare Part D

In Nevada, if you are eligible for both Medicare and Medicaid (aka, "dual eligible" or "Medi-Medi") you will automatically be enrolled in a Nevada 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 Medicaid before you were eligible for Medicare, contact your local Medicaid office.

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

1. Medicare.gov, "How to get prescription drug coverage", Last Accessed September 3, 2022
2. Benefits.gov, "Medicare Prescription Drug Plans", Last Accessed September 1, 2022
3. Medicare.gov, "Medicare costs at a glance", Last Accessed September 11, 2022
4. Medicare.gov, "Are prescription drugs covered in Medicare Advantage plans?", Last Accessed June 6, 2022
5. SSA.gov, "Extra Help with Medicare Prescription Drug Plan Costs", Last Accessed June 1, 2022
6. CMS.gov, "Landscape Source Files", Last Accessed January 15, 2023
7. CMS.gov, "Medicare Part C & D Performance", Last Accessed January 15, 2023