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Aetna Medicare Part D 2024 Review | Low Cost, So-so Ratings
Aetna SilverScript Medicare Part D plans have low premiums — but no longer the lowest on the market — and get slightly below-average star ratings.
Alex Rosenberg Lead Writer | Medicare, health care, legislation
Alex Rosenberg is a NerdWallet writer focusing on Medicare and information technology. He has more than 10 years of experience researching and writing about health care, insurance, technology, data privacy and public policy. His research has supported lawmakers in the Wisconsin State Legislature as well as health systems and national health authorities in the U.S. and more than 10 other countries. He is based in Stoughton, Wisconsin.
Holly Carey joined NerdWallet in 2021 as an editor on the team responsible for expanding content to additional topics within personal finance. She currently leads the Medicare team. Previously, Holly wrote and edited content and developed digital media strategies as a public affairs officer for the U.S. Navy. She is based in Virginia Beach, Virginia.
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Aetna
3
CMS Star RatingAverage Medicare star rating, weighted by enrollment. Star ratings are determined by the Centers for Medicare & Medicaid Services (CMS).
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 slightly below-average star ratings from CMS.
Out-of-pocket costsBased on how frequent and how high a company's copays, coinsurance and deductibles are in comparison to other insurance companies.
Average
Member experienceThe average of CMS' star ratings for quality measures in the domain "Member Experience with the Drug Plan," weighted by contract enrollment.
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.
Out-of-pocket costsBased on how frequent and how high a company's copays, coinsurance and deductibles are in comparison to other insurance companies.
Average
Member experienceThe average of CMS' star ratings for quality measures in the domain "Member Experience with the Drug Plan," weighted by contract enrollment.
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 is a CVS Health company, and it sells prescription drug plans under the SilverScript brand name. Aetna's SilverScript Medicare Part D plans get slightly below-average star ratings from the Centers for Medicare & Medicaid Services (CMS) and have the second-lowest premiums on the market, on average.
In previous years, Aetna sold the cheapest Medicare Part D plan on the market. That’s no longer the case (in 2024, it’s Wellcare’s Value Script plan). But Aetna SilverScript plans are still among the cheaper options available, and their star ratings for quality aren't bad.
Aetna Medicare Part D plans cover about 4.9 million Medicare beneficiaries as of June 2024, making Aetna the second-largest Medicare Part D company
Centers for Medicare & Medicaid Services. PDP Plan Directory. Accessed Jul 12, 2024.
NerdWallet’s Medicare content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in Medicare. Their work has appeared in The Associated Press, Washington Post, Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have been cited in publications including Healthline, and appeared on NerdWallet's "Smart Money" podcast.
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.
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
Medicare star ratings are typically released once per year, but in 2024, CMS recalculated its ratings mid-year. Updates took place after multiple court rulings in favor of insurance companies alleging that CMS improperly calculated the 2024 star ratings. NerdWallet has updated this review accordingly.
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.
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.
💬 From our Nerds: Is Aetna SilverScript a good prescription plan?
“Aetna’s prescription plans are middle-of-the-pack Medicare Part D options in 2024. Aetna SilverScript plans aren’t the cheapest or best-rated plans in 2024 — but they’re far from the worst. If an Aetna plan covers your medications at an affordable price, it could be a good option.”
» If you have concerns about affording Medicare Part D, look into Medicare Extra Help.
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.
$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
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
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.
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.
Are SilverScript and Aetna the same company?
SilverScript is the brand name for Aetna’s Medicare Part D prescription drug plans. SilverScript and Aetna are both owned by CVS Health Corporation.
Read the NerdWallet reviews of these other Aetna Medicare offerings:
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.
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, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).
Medicare Part D plan review methodology
NerdWallet’s Medicare Part D reviews are based on ratings data from the Centers for Medicare & Medicaid Services (CMS), pricing, cost-sharing requirements, formulary design, consumer experience and more.
NerdWallet reviewed seven Medicare Part D insurance companies based on highest enrollment and greatest online search volume. Together, these seven companies cover just under 90% of Medicare beneficiaries with stand-alone Medicare Part D plans, according to CMS data. We review at least five major Medicare Part D companies in every state in the United States.
These reviews are a guide, but we encourage you to shop around and compare several plans to find the best coverage and rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines for additional information.
