21 Medicare Part D Drug Plans in Alaska for 2023

All Medicare has 21 Medicare Part D prescription drug plans available in Alaska for you to compare.   See Plans

Every Part D Plan Has 4 Cost Phases

A Medicare prescription drug plan is extra coverage you can get in Alaska to help you pay for your prescriptions. Part D plans, or PDPs, don't cover all costs, but they do cover a lot. But, how these plans work can be confusing, so let's go over the four phases of cost-sharing.

Phase 1: Your Deductible

The deductible is the amount you pay before the plan's initial coverage phase begins. You pay the full amount for your prescriptions until the deductible is met, then the plan will start paying its share. For example, if you join a plan with a $325 deductible, you'll pay that amount at the pharmacy for your prescriptions. After you've spent that amount, you will pay the copay amount only until you reach the coverage gap phase.

TIP: Some plans in Alaska exclude Tier 1 drugs from the annual deductible. With these plans, you get first-dollar coverage on most of your generic drugs.

Phase 2: Initial Coverage Limit (ICL)

The Initial Coverage Limit starts once the deductible is paid. It is the same for all plans. The amount this year is $4,660. In this phase, you and your plan split all costs up until your total retail spend on prescriptions exceeds $4,660. You pay the formulary amount. The plan will pay the rest. If your medication costs $50, and the formulary calls for a 10% copay, your share will be $5.

CRITICAL: When the total cost of your prescriptions exceeds $4,660, you go into the next please, the Coverage Gap (aka, "donut hole").

Phase 3: The Coverage Gap

In the Coverage Gap phase (i.e., the "Donut Hole"), you pay a 25% copayment for all of your brand-name medications. The manufacturer will give a 70% discount and your Medicare Part D plans covers the remaining 5%. The 25% plus 70% discount you receive from the manufacturer count towards your combined True Out Of Pocket Costs (TrOOP). Once your TrOOP reaches $7,400 you exit the Donut Hole.

TIP: A few Alaska plans offer additional coverage in the coverage gap phase, so look for it on the plan information pages.

Generic drugs are different. Your Medicare Part D plan covers 75% and you pay 25%. But, only the 25% that you pay yourself is counted towards your TrOOP to get you out of the donut hole.

Phase 4: Catastrophic Prescription Coverage

After you have spent $7,400 in 2023, 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. All Alaska Part D plans include this coverage.

Costs That Help You Get Catastrophic Coverage

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.

Get Your Prescription Benefits with a Medicare Advantage Plan

You have two options for prescription drug coverage. All Medicare prescription drug plans available in Alaska are compatible with Original Medicare. That's just one way to get coverage. Maybe you want even more benefits. In that case, one of the many Medicare Advantage plans available in Alaska can help you get more benefits. The majority of these plans offer Part D coverage.

Cover Your Original Medicare Gaps with a Medicare Supplement

Original Medicare offers 80/20 coverage on your major medical costs. With Original Medicare, you pay about 20 percent of all hospital and medical bills and Medicare pays 80 percent. Without additional coverage to help pay your 20 percent share, even a brief hospital stay can be a big expense. That's why we maintain a complete directory of Alaska Medicare supplement insurance companies. The Medicare Wizard makes it super simple to get the best rates on the coverage you want. All Medicare supplement policies sold in Alaska are compatible with Medicare Part D plans. You can mix and match.

Medicare Part D for Dual Eligible Alaska Residents

If you are dual-eligible and qualify for both Medicare and Medicaid in Alaska, you will automatically receive a pre-selected Medicare Part D, as well as Extra Help from Social Security. For dual-eligible people, the Extra Help program covers most prescription costs. Call your local Medicaid office for assistance with your dual-eligible benefits.

The 2023 Medicare Part D Plan information for Alaska was last updated by the All Medicare team on January 9, 2023