Colorado seniors have many Medicare Part D prescription drug plans from which to choose—27 to be exact! While that may seem like a lot, comparing them online will help you narrow down your choices so you can find the perfect Rx plan for your needs. 

Several private insurance companies offer Medicare prescription drug plans. Each plan has a monthly premium, deductible, and tiered pricing structure. Your prescription needs and budget will help you determine which plan is best for you. 

Want to save money on Medicare Part D? Try the Insurify Medicare comparison tool to find the best prices on plans in your area. Start with your ZIP code to compare plans and save big. Try it today!

 

 

What Are the Best Medicare Part D Plans in Colorado?

There are nearly 30 Medicare Part D plans available in Colorado, and we’ve found the top eight plans for you to review. This ranking is based on their monthly premiums, deductibles, availability, and star ratings

How do you narrow down your options? First, make sure the plan serves your area and covers your medications. Then, you need to consider the advantages of a low monthly premium versus a low, or no, deductible. You’ll enjoy low drug prices immediately with a $0 deductible plan. However, your monthly premium will be on the higher end of the spectrum. 

#1: WellCare Classic S4802-091 (PDP)

  • Monthly Premium: $30.90
  • Deductible: $445
  • Tier 1: $0
  • Tier 2: $2
  • Tier 3: $32
  • Tier 4: 32 percent coinsurance
  • Tier 5: 25 percent coinsurance

This WellCare plan has an affordable monthly premium, and its co-pays and coinsurance amounts are equal to or lower than the other plans on this list. There is a $445 deductible you need to meet before qualifying for the tiered pricing.

#2: WellCare Value Script S4802-160 (PDP)

  • Monthly Premium: $14.50
  • Deductible: $445
  • Tier 1: $0
  • Tier 2: $5
  • Tier 3: $43
  • Tier 4: 48 percent coinsurance
  • Tier 5: 25 percent coinsurance

This plan features low monthly premiums and $0 Tier 1 drugs. It’s one to consider if you don’t need Part D coverage now but want to avoid paying fees in the future. 

#3: WellCare Wellness Rx S4802-196 (PDP)

  • Monthly Premium: $16.40
  • Deductible: $445
  • Tier 1: $0
  • Tier 2: $5
  • Tier 3: $38
  • Tier 4: 46 percent coinsurance
  • Tier 5: 25 percent coinsurance

This is another Medicare Part D prescription drug plan under $20, and it offers free Tier 1 medications. It should be considered if you need a stand-alone prescription drug plan to avoid the late-enrollment penalty. 

#4: AARP MedicareRx Preferred S5820-026 (PDP)

  • Monthly Premium: $102.60
  • Deductible: $0
  • Tier 1: $5
  • Tier 2: $10
  • Tier 3: $45
  • Tier 4: 40 percent coinsurance
  • Tier 5: 33 percent coinsurance

Are you looking for a $0 deductible plan? This is one to check out. With this health plan, you get cost-sharing prices from day one. When you enter the gap coverage phase, Tier 2 medications are a $10 co-pay when bought at a preferred pharmacy or $0 when you order by mail.

#5: AARP MedicareRx Saver Plus S5921-372 (PDP)

  • Monthly Premium: $30.70
  • Deductible: $445
  • Tier 1: $1
  • Tier 2: $8
  • Tier 3: $36
  • Tier 4: 40 percent coinsurance
  • Tier 5: 25 percent coinsurance

With a reasonable monthly premium, this plan offers Tier 3 and Tier 4 medications lower than many other Part D plans in Colorado. It’s a solid plan that is useful to those who take brand-name medications.

#6: AARP MedicareRx Walgreens S5921-408 (PDP)

  • Monthly Premium: $42.00
  • Deductible: $445
  • Tier 1: $0
  • Tier 2: $6
  • Tier 3: $40
  • Tier 4: 40 percent coinsurance
  • Tier 5: 25 percent coinsurance

For those who take medications that span several tiers, this is a plan to consider since the pricing among all five tiers is on the lower end of the spectrum compared to other Part D plans. Of interest to those who take medications in Tier 2, these medications remain a $6 co-payment in the gap coverage phase, rather than 25 percent coinsurance like all other tiers. 

#7: Anthem MediBlue Rx Enhanced S5596-082 (PDP)

  • Monthly Premium: $19.50
  • Deductible: $350
  • Tier 1: $0
  • Tier 2: $2
  • Tier 3: 20 percent coinsurance 
  • Tier 4: 39 percent coinsurance
  • Tier 5: 26 percent coinsurance

Not only is this plan less than $20 a month, but it also has a deductible of just $350. As you compare this plan to others, notice that Tier 3 requires coinsurance, not a flat-rate co-pay. Another feature is that in the gap coverage phase, Tier 1 and Tier 2 drugs remain at $0 and $2, respectively. 

#8: Anthem MediBlue Rx Plus S5596-060 (PDP)

  • Monthly Premium: $80.60
  • Deductible: $0
  • Tier 1: $1
  • Tier 2: $3
  • Tier 3: $43
  • Tier 4: 45 percent coinsurance
  • Tier 5: 33 percent coinsurance

This no-deductible plan is considerably less expensive than the AARP insurance plan. With this plan, you start enjoying a lower drug cost right away, potentially saving you hundreds of dollars a year. 

Did you know that you can use the Insurify Medicare comparison tool to find the right Medicare prescription plan for you? Enter your ZIP code to see plans in Colorado today!

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How Much Does Medicare Part D Cost in Colorado?

The average monthly premium of Part D plans in Colorado is $32, with some being as low as $14.50 and others exceeding $100. Your cost as a whole also depends on your deductible. A plan with no deductible means that you will pay a higher monthly premium, but your medications will cost less. 

The tiers that your medications are in and the number of medicines you use also play a role in your Medicare costs. Every plan has a formulary that shows which prescriptions are covered, and medications are arranged according to tier.

  • Tier 1: Preferred generic drugs
  • Tier 2: Non-preferred generic drugs 
  • Tier 3: Preferred brand-name drugs
  • Tier 4: Non-preferred brand-name drugs
  • Tier 5: Specialty drugs 

Part D plans have three coverage phases that you might go through each year. You pay according to the tier structure in the initial coverage phase until you reach $4,130 in spending. During the gap coverage phase, up to $6,550, you generally pay 25 percent coinsurance. You pay the higher of 5 percent coinsurance or a co-pay of $3.70 (generics) or $9.20 (brand-name) in the catastrophic coverage phase.

One more factor determining the cost of Medicare prescription drug coverage is whether you receive Extra Help. This is a program that gives financial assistance to eligible Medicare beneficiaries

What Is Medicare Part D?

Medicare Part D is prescription drug insurance for those who use Original Medicare for their healthcare coverage. Part D is used in conjunction with Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance) to give you comprehensive insurance coverage. 

With Medicare Part D, you pay a monthly premium to the private insurance company that is your plan provider. Each plan has a deductible that you will need to meet before you enjoy lower-priced medications. 

Medicare Advantage, or Medicare Part C, is an alternative to using Original Medicare. You are always free to change plans during the Open Enrollment Period, which runs from October 15 through December 7. For more details, you can call the Centers for Medicare & Medicaid Services at 1 (800) 633-4227. TTY users can contact 1 (877) 486-2048.

 

 

FAQ: Colorado Medicare Part D

Am I eligible for a Medicare Part D plan?

Anyone who qualifies for Medicare is eligible for a prescription drug plan. To qualify for Medicare, you must be 65 and have 10 years of qualifying work. Individuals with end-stage renal disease may qualify earlier. Ideally, you should join during your Initial Enrollment Period, which is the three months before, the month of, and the three months after your 65th birthday. To verify your eligibility, contact your local Social Security office or visit www.Medicare.gov. 

Can I add a PDP plan to a Medicare Advantage plan? 

In most cases, no. Prescription drug coverage is included in most Medicare Advantage plans, so it would be pointless to have both. HMO and PPO Medicare Advantage plans cover medications, so if you have one of these and join a PDP plan, you may have to return to Original Medicare. 

The exception to having both a PDP and an MA plan is if your Medicare Advantage plan is a private fee-for-service plan. This type of plan doesn’t offer prescription drugs, so you can add a Part D plan if you have this plan.   

Can I save money and just not join a Part D plan? 

While you might save money short-term, you will find that you are assessed a penalty fee when you do need prescription drug coverage. And this isn’t a one-time fee; you will pay it for as long as you continue in the Medicare program.

If you genuinely do not feel you need a PDP now, choose the lowest-priced one. You will not only avoid the fees later but also have coverage just in case you need it

Conclusion: Save Time by Comparing Plans Online

When it comes to finding the right Medicare Part D plan, you’ll save time by comparing plans online. There’s no need to find an insurance agent to get the best price on your health insurance. You can do it from the comfort of your home without speaking to anyone. However, if you have questions, licensed insurance agents are ready to help you out. 

Modern technology makes it easy for Medicare beneficiaries to find all the plans in your service area so that you don’t waste time finding one that works for you. You can even customize your search by provider, premium cost, and medication.

Use the Insurify Medicare comparison tool to uncover Medicare Part D options in your area. There’s no cost or obligation. Check it out now!

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Updated April 26, 2021

Charlotte Edwards is a freelance writer with a passion for educating others in the areas of personal finance, health, and education. An educator-turned-writer, she has written for publications worldwide over the past decade. In her spare time, she enjoys reading, watching classic movies, and spending time with her husband and two children. You can learn more about her work and life abroad at www.livinginchinawithkids.com.