The Most Popular Medications Among Medicare Recipients in 2023

As Medicare beneficiaries make up a significant portion of drug spending in the US, it is important to understand the top-10 medications that are commonly prescribed to seniors. According to projections, the total cost for 2023 is expected to reach $370 billion, an increase from $359 billion in 2020. In this article, we will explore the facts about Medicare drug spending, the top-10 drugs, and ways to reduce the cost of drug coverage.

Understanding Medicare Drug Spending

When it comes to drug spending in the United States, Medicare beneficiaries play a significant role. According to the Centers for Medicare & Medicaid Services (CMS), prescription drug expenditures in the US totaled $370 billion in 2019. Of this total, spending through Department of Health and Human Services (HHS) programs accounted for 41 percent, or $151 billion. These programs include Medicaid, Medicare Part B, and Medicare Part D.

Top-Spending Drugs in 2020

In 2020, one of the top-spending drugs for Medicare was Eliquis, a blood thinner. More than 2.6 million Medicare Part D enrollees were prescribed this medication, with a total cost of nearly $10 billion.

Reducing the Cost of Drug Coverage

While the cost of drug coverage can be high for Medicare beneficiaries, there are ways to reduce these expenses. Some options include shopping around for the best prices, using generic medications when possible, and taking advantage of discounts or financial assistance programs. It is important to speak with a healthcare professional or insurance provider to explore the options available to you.

Ways to Lower Prescription Drug Costs for Medicare Beneficiaries

1. Consider Medicare Advantage (Part C) plans that include prescription drug coverage. These plans have their own set of pros and cons, with costs and providers varying depending on your location. It is highly recommended to speak to a local Medicare Advantage agent to explore the options available in your area. You can use our free Zip Code directory to find one in your area.

2. Compare Medicare drug plans based on the specific drugs you take. Medicare Agents Hub provides access to a free tool that you can use without entering personal information. Simply enter your Zip Code and the drugs you take, and the tool will show the best plan for your area.

3. Utilize discount drug plan codes, such as GoodRx. Even with the best Medicare drug plan, it can be beneficial to check the prices on discount plans like GoodRx. Many major pharmacies, such as CVS and Costco, accept these codes, so it pays to compare prices even with great Medicare Plan D coverage.

Top Medications Consumed by Medicare Recipients

We've compiled a list of the top 10 drugs that Medicare has spent the most on. Some of the data is from the year 2020, while price increases are based on the January 2022 increase compared to the previous year (2021). The information has been gathered from various reports from the Centers for Medicare & Medicaid Services (CMS) department.

1. Eliquis
   
   A blood thinning medication for people with atrial fibrillation, Eliquis is manufactured by Bristol-Myers Squibb. The cost of a 30-day supply without insurance was listed as $522 on the manufacturer's website in 2022.
   
   Those who have prescription coverage through Medicare pay an average of $37 for Eliquis, according to the manufacturer.
   
   In 2020, Medicare spending on Eliquis reached $9.9 billion, with 2,641,941 beneficiaries. The price of Eliquis increased by 6% in 2022 compared to the previous year.
   
   
2. Revlimid
   
   Another commonly used drug among Medicare beneficiaries, Revlimid is primarily utilized as part of cancer treatment. According to a new analysis, there is a significant variation in spending for specialty drugs such as Revlimid among Medicare Part D plans.
   
   The average annual out-of-pocket cost for Revlimid was $17,142, according to a report from Good Rx. However, the minimum price paid for the drug was $2,818, while the maximum out-of-pocket cost was $20,0152, representing a difference of almost $18,000.
   
   In 2020, Medicare spending on Revlimid amounted to $5.4 billion, with 43,747 beneficiaries. The price of Revlimid increased by 4.5% in 2022 compared to the previous year.

3. Xarelto
   
   A medication commonly used as a blood thinner for those with atrial fibrillation, the cost of Xarelto without insurance in 2022 was estimated to be between $400-500 for a 30-day supply.

   Individuals with prescription insurance through Medicare typically pay between $2-18 on average for a 30-day supply of Xarelto, with the final cost varying depending on factors such as the type of Medicare coverage.

   In 2020, Medicare spent a total of $4.7 billion on Xarelto, with 1,184,718 beneficiaries. The price of Xarelto increased by 4.9 percent in 2022 compared to the previous year.

4. Januvia
   
   A medication used to aid in the treatment of diabetes, the average cost for Medicare members ranges from $75 to $175 per month for a 30-tablet supply. This compares to a retail cost of over $450 per month for the same amount of Januvia.

   In 2020, Medicare spent a total of $3.9 billion on Januvia, with 934,686 beneficiaries. The price of Januvia increased by 5 percent in 2022 compared to the previous year.

5. Trulicity
   
   Trulicity is a medication used as part of diabetes treatment. According to the manufacturer, Lilly, the list price of Trulicity in 2022 is $886.36 per month without insurance. For those with prescription insurance through Medicare, approximately 70% pay between $0-100 per month, while the remaining individuals pay an average of $207 per month. Additionally, those with Medicare who qualify for Extra Help may expect to pay $4 to $9 for each Trulicity prescription. In 2020, Medicare spending on Trulicity amounted to $3.3 billion and it had 497,327 beneficiaries. The price of Trulicity increased by 5 percent in 2022.
   

6. Imbruvica 
   
   Used as a treatment for cancer, Imbruvica costs $484 per capsule/tablet, regardless of the strength (70mg, 140mg, 280mg, 420mg, 560mg). This amounts to $13,546 for a supply of 28 tablets/capsules.

   However, most people will not have to pay this full amount, as insurance plans and Medicare cover the cost of this medicine. 99% of Medicare Part D and Medicare Advantage plans cover Imbruvica.

   2020 Medicare spending: $3 billion
   Beneficiaries: 26,847
   2022 price increase: 7.4 percent

7. Jardiance
   
   Jardiance is commonly prescribed as part of diabetes treatment. For patients with Medicare Part D coverage, approximately 63% of patients will pay between $0–$50 a month, according to the company. The remaining 37% pay an average of $161 a month.

   2020 Medicare spending: $2.4 billion
   Beneficiaries: 594,859
   2022 price increase: 4 percent

8. Humira (Cf) pen 
   
   This medication is used to treat conditions such as rheumatoid arthritis and plaque psoriasis. A month's supply of Humira can cost around $7,389.

   2020 Medicare spending: $2.2 billion
   Number of beneficiaries: 42,406
   Price increase: 7.4 percent (2022 over 2021)

9. Ibrance
   
   This drug is used as part of cancer treatment. The cash price for a supply of 21 capsules of Ibrance is around $13,000 to $13,500, with the manufacturer offering an online coupon. It is covered by 100% of Medicare Part D plans as of March 2019.

   2020 Medicare spending: $2.1 billion
   Number of beneficiaries: 21,394
   Price increase: 6.9 percent (2022 over 2021)

10. Symbicort

    Symbicort is a medication prescribed as part of asthma treatment. The list price for a 30-day supply of Symbicort is $303.42* (80/4.5 mcg) and $346.83* (160/4.5 mcg). According to the manufacturer, individuals with Medicare Part D coverage can expect to pay an average out-of-pocket cost of $31.03 per month. In 2020, Medicare spending on Symbicort totaled $2 billion and it had 1,017,530 beneficiaries. The price of Symbicort increased by 2 percent in 2022.