How 2024 Medicare Advantage Premiums Will Change
September 27, 2023
Ahead of open enrollment, CMS announced average premiums, plan choices, and benefits for Medicare Advantage and the Medicare Part D prescription drug program will remain stable during 2024.
The agency announced the plan changes a few weeks ahead of open enrollment. Statewide figures indicate that average monthly Medicare Advantage plan premiums will decrease in Pennsylvania.
“A top priority for CMS is to protect and strengthen the Medicare program for people with Medicare, their children, and their grandchildren,” CMS Administrator Chiquita Brooks-LaSure said in a statement. “It is important for people with Medicare to review their health care coverage and explore their Medicare options during open enrollment.”
Here’s what you need to know:
- Open enrollment period: October 15–December 7.
- In Pennsylvania: The average monthly Medicare Advantage premium will decline $2.34 to $27.94 in 2024. There will be 281 plans available, a 7.3 percent increase from this year.
- There will be 21 standalone Medicare prescription drug plans. About 77 percent of beneficiaries with a Medicare prescription drug plan will have access to a lower premium option than what they paid during 2023.
- National costs: Average monthly premiums for Medicare Advantage plans (including prescription drug plans) will increase from $17.86 in 2023 to $18.50 in 2024, but nearly 73 percent of enrollees will not see any premium increase at all if they stay on their plan.
- Total enrollment: Medicare Advantage enrollment is projected to increase from 31.6 million in 2023 to 33.8 million in 2024. This is about half of all people enrolled in Medicare.
- Quotable: “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,” said Meena Seshamani, CMS deputy administrator and director of the Center for Medicare.
The Inflation Reduction Act has placed a $35 cost-sharing limit on a month’s supply of each covered insulin product and recommended adult vaccines are covered at no cost, CMS noted. A low-income subsidy is also available.
The 2024 Medicare Advantage and Part D premiums are available online. If you need assistance picking a plan, contact 1-800-MEDICARE or contact your State Health Insurance Assistance Programs for help comparing plans and costs this year.
A Medicare handbook for consumers is available online.