Starting October 1st, seniors can begin to compare their Medicare coverage options for 2021. CMS has released the 2021 benefit and cost-sharing information for Medicare Advantage and Part D prescription drug plans on Medicare.gov. Additionally, seniors will be able to use the Medicare Plan Finder to identify more than 1,600 prescription drug plans. Many of these plans will offer insulin at no more than a $35 monthly copay beginning in January.
Average 2021 premiums for Medicare Advantage plans are expected to decline 34.2 percent from 2017 while plan choice, benefits, and enrollment continue to increase. The Medicare Advantage average monthly premium will be the lowest in 14 years (since 2007). This is for the over 26 million Medicare beneficiaries projected to enroll in a Medicare Advantage plan for 2021. In some states, including Alabama, Nevada, Michigan, and Kentucky, beneficiaries will see average premium decreases of more than 50 percent since 2017.
Beneficiaries will have more plan choices in Medicare Advantage, with about 2,100 more Medicare Advantage plans operating in 2021 than in 2017, a 76.6 percent increase. Overall, beneficiaries will be able to choose from more than 4,800 Medicare Advantage plans during Medicare Open Enrollment.
Medicare Open Enrollment begins
October 15, 2020 and ends on December 7, 2020.
During this time, people with Medicare should look at their coverage choices and decide on the options that best meet their health needs. They can visit Medicare.gov, call 1-800-MEDICARE, or contact their State Health Insurance Assistance Program. People who want to keep their current Medicare coverage do not need to re-enroll.
