Medicare Part D Star Ratings have been released for 2023 by the Centers for Medicare and Medicaid Services.
57 of the plans earned 5 stars, but this shows a huge drop since last year, which was 74 five stars plans.
This year, 67 contracts earned 4.5 stars, but this is lower than last year by 96!
136 of these contracts earned 4 stars, whereas last year 152 contracts earned four stars.
116 earned 3.5 stars; last year, 122 earned 3.5 stars.
Finally, only 90 earned three stars, but this is a 25 increase from last year.
Kaiser Foundation Health Plans and UnitedHealth Group led in earning five stars. 5 of Kaiser’s plans earned five stars, while 9 plans by UnitedHealth Group earned five stars.
Humana and Highmark also boast several plans that earned five stars.
These star ratings are annually announced, used to gauge the experiences of those using these companies to enroll in healthcare insurance.
Those using Medicare can use this rating system to determine which plan is best, and which plan has the most positive reviews.
Thus, these star ratings are perfect if you are a Medicare insurance agent, as you can refer to this rating system to sell plans effectively to consumers.
Just keep in mind that CMS did slightly alter the star rating system for 2023. Pandemic guardrails for these plans were removed; these safeguards created a hedge of protection during the height of the COVID-19 outbreak. Now these ratings will affect only 5% of bonus payments that are made to plans.
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