Aetna Medicare Part D 2024 Review - NerdWallet (2024)

Aetna Medicare Part D 2024 Review - NerdWallet (1)

Aetna

3

CMS Star Rating

Aetna no longer has the lowest Part D premiums on the market (that's Wellcare for 2024), but its prices are still lower than most, and some of its out-of-pocket costs have come down. The company gets average star ratings from CMS.

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Out-of-pocket costs

Average

Member experience

2.5 (Below average)

Out-of-pocket costs

Average

Member experience

2.5 (Below average)

Pros

  • Premiums are lower than most competitors.
  • Identical cost-sharing for in-person and mail-order prescription fills.
  • The SmartSaver plan has a lower deductible and smaller copays than previous years.

Cons

  • No longer the cheapest on the market.
  • Weak ratings for helping members get and take medications.

Aetna Medicare Part D plans cover about 5.1 million Medicare beneficiaries as of March 2024, making Aetna the second-largest Medicare Part D company.

Aetna has lost about a million Medicare Part D members since 2023, likely in part because it’s no longer the cheapest Medicare Part D option in many markets.

Aetna is a CVS Health company, and it sells prescription drug plans under the SilverScript brand name. Aetna's SilverScript Medicare Part D plans get average star ratings from the Centers for Medicare & Medicaid Services (CMS) and have the second-lowest Part D premiums on the market, on average.

Here’s what you should know about Aetna Medicare Part D prescription drug plans.

Aetna Medicare Part D pros and cons

Aetna's SilverScript Medicare Part D plans have advantages and disadvantages.

Pros

Low premiums: Aetna’s premiums are among the lowest on the market, especially for the SilverScript SmartSaver and Choice plans.

Retail/mail-order options: You can choose to get drugs in person or by mail without any cost implications.

Out-of-pocket costs: Aetna’s low-cost SilverScript SmartSaver plan has lower copays and deductibles than it did in previous years.

Cons

No longer the cheapest: In previous years, Aetna has offered the lowest average Medicare Part D premium on the market, but for 2024, Wellcare has lower prices, on average.

Subpar quality ratings: Aetna underperformed on nine out of 12 Medicare Part D quality measures, including almost every measure related to helping members get and properly take their medications.

» MORE: Best Medicare Part D prescription drug plans

Aetna Medicare Part D star ratings

Average Part D star rating, weighted by enrollment: 3 stars

The Centers for Medicare & Medicaid Services (CMS) rates Medicare Part D plans on 12 quality measures. (You can find definitions for each of these factors in the CMS Star Ratings Technical Notes.)

These ratings use a 5-point scale where 5 is the best and 1 is the worst. The agency bases its ratings on drug plans’ quality of service and customer experiences, and ratings are updated annually.

Based on the most recent year of data, stand-alone Aetna Medicare Part D prescription drug plans get an overall rating of 3 stars. The average for all stand-alone Medicare Part D plans from all insurance companies, weighted by enrollment, was 3.15 stars as of March 2024.

» MORE: Medicare star ratings: How they can help you choose a plan

Still deciding on the right carrier? Compare Medicare Part D Plans

Aetna SilverScript Medicare Part D prescription drug plans

Medicare beneficiaries with Original Medicare (Part A and/or Part B) can purchase a Medicare Part D plan for prescription drug coverage. Part D plans are sold by private insurance companies. The costs and coverage can vary significantly, so it’s important to compare options.

There are three Aetna Medicare Part D plans available for 2024:

  • SilverScript SmartSaver: Aetna highlights this plan’s low premiums, $0 deductible and $0 copays for Tier 1 generic drugs.

  • SilverScript Choice: Aetna highlights this plan’s $2 copay for Tier 1 generic drugs.

  • SilverScript Plus: Aetna highlights this plan’s $0 deductible and $0 copays for Tier 1 and Tier 2 drugs, as well as coverage for certain drugs, vitamins and supplements.

Aetna Medicare Part D cost

Aetna Medicare Part D premiums and deductibles

For 2024, Aetna has raised prices for all of its plans. The high-end SilverScript Plus plan sees the biggest change — it’s over $25 per month more expensive than last year, on average. Average monthly premiums for the low-cost SilverScript SmartSaver plan are up by about $5, and for the mid-range SilverScript Choice plan, they’re up by about $11.

Deductibles are a mixed bag for 2024. The deductible for the SilverScript SmartSaver plan has fallen from 2023’s maximum of $505 to a more affordable $280 in 2024.

Deductibles for the SilverScript Choice and SilverScript Plus plans have gone up. The Plus plan had no deductible last year, but in 2024, it’s $200. And for the Choice plan, the deductible has grown to 2024’s maximum that plans are allowed to charge: $545.

Here are the 2024 premiums and deductibles for Aetna's SilverScript Medicare Part D prescription drug plans:

Plan

Pricing

SilverScript SmartSaver

Monthly premiums:

  • Lowest: $3.30.

  • Average: $10.57.

  • Highest: $31.

Annual deductible: $280.

SilverScript Choice

Monthly premiums:

  • Lowest: $34.70.

  • Average: $45.73.

  • Highest: $66.10.

Annual deductible: $545.

SilverScript Plus

Monthly premiums:

  • Lowest: $85.90.

  • Average: $102.77.

  • Highest: $120.40.

Annual deductible: $200.

» If you have concerns about affording Medicare Part D, look into Medicare Extra Help.

$0-deductible options

Two of Aetna’s Medicare Part D plans have a $0 deductible for certain covered drugs:

  • SilverScript SmartSaver: $0 deductible for Tier 1 (preferred generic) drugs. The deductible is $280 for Tier 2-5 drugs.

  • SilverScript Plus: $0 deductible for Tier 1-2 drugs. The deductible is $200 for Tier 3-5 drugs.

Aetna's SilverScript Choice plan has a $545 deductible that applies to all tiers.

$0-copay options

Two Aetna Medicare Part D plans have $0 copays for drugs on certain tiers:

  • SilverScript SmartSaver: $0 copay for Tier 1 drugs from preferred retail or mail-order pharmacies.

  • SilverScript Plus: $0 copays for Tier 1 and Tier 2 drugs from preferred retail or mail-order pharmacies.

Copays and coinsurance for drugs on higher tiers can quickly get more expensive. As a result, it’s important to check where your medications and pharmacies fall on each plan’s formulary.

Coinsurance vs. copay requirements

You’ll want to check whether you’ll pay a copay or coinsurance for your medications. Copays are set dollar amounts, so it’s easy to see what you’ll pay. Coinsurance is a percentage of the price for your medications, so coinsurance requirements can be more unpredictable and more expensive.

Aetna Medicare Part D plans start requiring coinsurance rather than copays at either Tier 3 or Tier 4, depending on the plan:

  • SilverScript SmartSaver: Copays for Tiers 1-2; coinsurance for Tiers 3-5.

  • SilverScript Choice: Copays for Tiers 1-2; coinsurance for Tiers 3-5.

  • SilverScript Plus: Copays for Tiers 1-3; coinsurance for Tiers 4-5.

You can enter your medications and pharmacy information on Aetna’s website to see which drugs are covered and review your estimated costs with different plan options.

» MORE: How much does Medicare Part D cost?

Aetna Medicare Part D service area

Stand-alone Aetna Medicare Part D prescription drug plans are available in all 50 states and Washington, D.C..

Aetna offers all three of its SilverScript Medicare Part D plan options in all of its markets.

About Aetna

Founded in 1853, Aetna became a subsidiary of CVS Health Corp. in 2018. The company’s headquarters are in Hartford, Connecticut.

Aetna’s health insurance offerings include medical, dental and pharmacy plans. Aetna offers individual and group health insurance, including Medicare Advantage plans, Medicare prescription drug plans and Medicare Supplement Insurance. Aetna covers nearly 11 million Medicare members in the U.S.

Read the NerdWallet reviews of these other Aetna Medicare offerings:

  • Aetna Medicare Advantage.

  • Aetna Medicare Supplement Insurance (Medigap).

Compare Medicare Part D companies

Get more information below about some of the major Medicare Part D companies. These insurers offer plans in most states, but specifics may vary depending on your location.

  • AARP Medicare Part D from UnitedHealthcare.

  • Aetna Medicare Part D.

  • Cigna Medicare Part D.

  • Humana Medicare Part D.

  • Mutual of Omaha Medicare Part D.

  • Wellcare Medicare Part D.

Find the right Medicare Part D prescription drug plan

The interactive tool on Medicare.gov can help you find a Medicare Part D plan that covers your prescriptions. It also helps you compare costs among Medicare Part D and Medicare Advantage plans available to you.

Here are some things to keep in mind when comparing plans:

  • Check the formulary: You’ll want to make sure the medicines you currently take and, importantly, any you think you might need in the future, are covered under each of the plans you’re considering. Talk to your health care providers about what brand-name and generic medicines to look for and any alternatives that may also work in case you can’t find your current medicines on the plans available in your area.

  • Look for plan changes: Formularies change frequently. Your insurer should send you a Notice of Plan Change when the formulary changes. Read that document carefully.

  • Check the pharmacy network: Most Medicare Part D plans negotiate with a network of pharmacies for the lowest cost. Check to see if your pharmacy or an equally convenient one is in the plan’s network. Also, compare prices for using mail order.

If your plan does change, and the change affects the prescription drugs you need, you can switch plans during Medicare's open enrollment period, Oct. 15 to Dec. 7. Changes go into effect on the following Jan. 1.

If you have additional questions about Medicare, visitMedicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Aetna Medicare Part D 2024 Review - NerdWallet (2024)
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