An individual could pay as little as $6.90 to as much as $178.30 in monthly premiums for stand-alone Medicare Part D drug plan coverage according to the 2022 Part D Price Index released by the American Association for Medicare Supplement Insurance.
"Some 48 million Americans are enrolled in Medicare Part D plans," reports Jesse Slome director of the organization. "While a growing number of individuals now have drug coverage included as part of their Medicare Advantage plan, millions still pay for stand-alone Part D plan coverage."
The organization reported premiums for 10 leading metropolitan areas across the country.
The lowest monthly premium found was $6.90 available with plans in Atlanta, Chicago, Dallas and Houston. Residents in Philadelphia could find the costliest available monthly premium ($178.30-per-month). Access the 2022 Medicare Drug Plan Price Index at
"Nationally there are 766 different stand-alone drug plans available," shares Slome. "Depending on where you live, there will be between 19 and 27 different Plan D plans to compare," Slome adds. "Consumers have many options which is good but it can make comparing plans difficult." Slome shares that regrettably too few seniors take advantage of Medicare's Annual Enrollment Period (AEP) when switching plans can achieve significant savings."
According to Slome, the typical senior who switches Medicare drug plan coverage during AEP saves between $550 and $750.
"The least expensive premium is not necessarily the best plan choice," Slome explains. "It's vital to look at how your particular prescription medications are covered as well as plan deductibles."
The Association makes available access to a leading drug plan comparison tool that allows consumers to compare from available plans without having to enter any personal information. The organization's online directory of local Medicare agents lists specialists willing to help consumers compare and find the best Medicare drug plan coverage.
Access both via the American Association for Medicare Supplement Insurance website at www.Medicaresupp.org. To see the complete 2022 Medicare Drug Plan Price Index, go to https://medicaresupp.org/how-do-i-find-the-best-medicare-part-d-drug-plan/.
Jesse Slome is director of the American Association for Long-Term Care Insurance. He also directs the American Association for Critical Illness Insurance and the American Association for Medicare Supplement Insurance. To find local Medicare insurance agents utilize the organization's free online directory.