Ahead of Medicare Open Enrollment, the Centers for Medicare & Medicaid Services (CMS) announced today that, on average, Medicare Advantage premiums in 2020 are expected to decline 23 percent from 2018 while plan choices, benefits and enrollment continue to increase.
This news comes as the agency releases the benefit and cost-sharing information for Medicare Advantage and Part D prescription drug plans for the 2020 calendar year. Specific highlights include:
- 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.
- Coupled with the previously announced 13.5 percent decline in the average monthly basic Part D premium, beneficiaries have saved about $2.65 billion in Medicare Advantage and Part D premium costs since 2017.
- The projected average monthly basic Part D premium of $30 in 2020 is the lowest the Part D basic premium has been since 2013.
CMS has taken several actions over the last two years to protect and strengthen the Medicare Advantage and Part D programs, driving competition and lowering costs...(