The average monthly premium for all Medicare Advantage (MA) plans is projected to increase 3.6%, from $17.86 this year to $18.50 in 2024, the Centers for Medicare & Medicaid Services (CMS) said.
Nearly 73% of enrollees who remain in their plan will see no little or increase in their premiums next year, however, CMS said.
The MA plan increase, which comes ahead of the October 15 start date for Medicare Open Enrollment, includes MA-Prescription Drug plans.
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The plan choice will also be increasing, CMS said. Those with Medicare will continue to have the ability to switch Medicare options, the agency added.
MA supplemental benefit offerings will also slightly rise in 2024, CMS said but it did not provide specifics.
CMS previously announced that the average total monthly premium for Medicare Part D coverage is expected to decrease 1.8%, from $56.49 in 2023 to $55.50 in 2024. The agency credits improvements to the Part D prescription drug program to the Inflation Reduction Act (IRA) “that allow people with Medicare to benefit from reduced costs.”
The IRA has helped people with Medicare Part D coverage to have improved and more affordable benefits, CMS said. These benefits include a $35 cost-sharing limit on a month’s supply of each covered insulin product, recommended adult vaccines at no cost, and additional savings on Part D drug coverage next year, it added.
MA enrollee numbers to climb next year
CMS projects that MA enrollment will grow from 31.6 million this year to 33.8 million in 2024, and will represent about half of all people enrolled in Medicare.
“Today’s release [of CMS information] shows that, as expected, people with Medicare will continue to have robust options and stable benefit offerings in the MA market,” said Dr. Meena Seshamani, CMS deputy administrator and director of the Center for Medicare. “We encourage individuals eligible for Medicare to review these options as well as traditional Medicare and enroll in the option that best meets their health needs.”
If you’re interested in taking advantage of Medicare Open Enrollment, which is scheduled to run through Dec. 7, here’s what you need to know to be ready and here are 10 things to know to prepare.
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