Medicare Advantage Premiums At 13 Year Low
Recently Medicare announced that Medicare Advantage monthly premiums are projected to be at their lowest point in 13 years. “Medicare Advantage premiums in 2020 are expected to decline 23 percent from 2018 while plan choices, benefits and enrollment continue to increase”, Medicare said.
While not all of the information is available yet from the open enrollment period from 10/15/19-12/7/19, noted below are some of the expected highlights.
- The Medicare Advantage average monthly plan premium is expected to decrease 14 percent to $23.00 (estimated) in 2020 from an average of $26.87 in 2019. Since 2017, the average monthly Medicare Advantage premium has decreased by an estimated 27.9 percent. This is the lowest that the average monthly premium for a Medicare Advantage plan has been since 2007.
- Beneficiaries will have more plan choices, with about 1,200 more Medicare Advantage plans operating in 2020 than in 2018.
- Medicare Advantage continues to be popular, with enrollment projected to increase to an all-time high of 24.4 million beneficiaries from the current enrollment of 22.2 million, out of approximately 60 million people currently enrolled in Medicare. Enrollment in Medicare Advantage in 2020 is expected to have increased by 30.6 percent since 2017.
- The continued decline in Medicare Advantage and Part D premiums over the past three years is estimated to save taxpayers nearly $6 billion in the form of lower Medicare premium subsidies.
To learn more about the costs and benefits of Medicare Advantage programs, please click here >>