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Medicare Advantage Premiums Fall While Enrollment Grows

Posted by www.psmbrokerage.com Admin on Mon, Sep 28, 2020 @ 03:55 PM

medicare advantage enrollment grows

Medicare Advantage Premiums Fall
While Enrollment Grows

Out of pocket costs for Medicare Advantage plans will decrease in 2021, as enrollment in the popular plan climbs.

In announcing a number of changes Thursday evening, CMS said the average M/A premium will fall about 11%.

About two-thirds of M/A beneficiaries pay a premium, however, and most members still pay a Part B premium, which was $144.60 this year. Among the notable changes CMS announced:

  • M/A average monthly plan premium is expected to decrease to $21.00 in 2021 from an average of $23.63 in 2020;

  • Since 2017, the average monthly M/A premium has decreased by 34.2%;

  • The 2021 rate is the lowest monthly premium for M/A since 2007;

  • There will be about 2,100 more M/A plans in 2021 than in 2017, a 76.6% increase;

  • The average number of M/A choices-per-county will increase from about 39 in 2020 to 47 plans in 2021;

  • Over 94% of M/A plans will offer telehealth benefits, reaching 20.7 million beneficiaries, up from about 58% offering telehealth benefits in 2020;

  • The average basic Part D premium will be about $30.50 in 2021.

Enrollment in M/A is projected to increase to an all-time high of 26.9 million beneficiaries from the current enrollment of 24.4 million; that’s a 44% increase in M/A enrollment since 2017.

About 42% of Medicare beneficiaries are expected to be enrolled in M/A for 2021 and new insurers continue to enter or expand in the M/A market each year..

Full Article based on CMS Release

Tags: medicare advantage enrollment,

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