As noted by the Centers for Medicare and Medicaid Services (CMS), monthly Medicare Advantage plan premiums have remained stable or declined over the past several years — and this trend continues into 2024 with most Medicare Advantage plans (MA and MAPD plans combined) having premiums under $50 per month - and almost 63% of all Medicare Advantage plans having monthly premiums of $25 or less.

Here are a few additional highlights of 2024 Medicare Advantage plan premium changes:

• Slightly fewer $0 premium Medicare Advantage plans.
  In 2024, 55% of all Medicare Advantage plan will have a $0 premium.  As a comparison, 56% of all 2023 Medicare Advantage plan have a $0 premium.
  
  
• A few more Medicare Advantage plans will have a premium under $50.
  Just over 88% of the 2024 Medicare Advantage plans (MA and MAPD) will have a premium of $50 or less.  In comparison, just under 88% of the 2023 Medicare Advantage plans have a premium of $50 or less.
  
  
• CMS noted in their 2024 Medicare plan press release that: "The average monthly plan premium for all Medicare Advantage plans, which includes Medicare Advantage-Prescription Drug plans, is projected to change from $17.86 in 2023 to $18.50 in 2024 (an increase of $0.64)." As previously announced, the average Basic 2024 premium for Part D coverage will be $34.50 per month, compared to $32.09 in 2023.

For more detail, below is a table showing how MA/MAPD premiums have varied over the past five years.

The corresponding chart below illustrates the stability of Medicare Advantage plan premiums for the past few years.

Please remember, your 2024 Medicare Advantage plan premium may increase.

Important:  The overall stability of Medicare Advantage plan premiums does not indicate that your current 2023 Medicare Advantage plan premium will remain the same in 2024.  To see how your 2023 Medicare Advantage plan premium is changing in 2024, please use our Medicare Advantage plan comparison tool (MA-Compare.com/2024) - just enter your ZIP code to get started.

You can also review your Medicare Advantage plan's Annual Notice of Change (ANOC) letter that you should receive in late-September or early-October of every year.  You can also call your Medicare Advantage plan using the toll-free number on your Member ID card to learn more about 2024 plan premiums.

In addition, you can telephone Medicare at 1-800-633-4227 to speak with a Medicare representative for more information about your 2024 Medicare Advantage plan options.

October 15th starts the annual Open Enrollment Period

The annual Medicare Open Enrollment Period (or Annual Coordinated Election Period -- AEP) for 2024 Medicare Part D plans and Medicare Advantage plans begins on October 15th and continues through December 7th, with 2024 Medicare plan coverage beginning on January 1, 2024.

In addition, members of Medicare Advantage plans are given a second enrollment period once the new plan years begins.  The annual Medicare Advantage Open Enrollment Period (MA-OEP) begins on January 1st, 2024 and continues through March 31st. 

During the MA-OEP, current members of 2024 Medicare Advantage plans can change to a different 2024 Medicare Advantage plan or return to Original Medicare and enroll in a stand-alone Medicare Part D plan (PDP), with their new 2024 Medicare plan coverage beginning on the first day of the month following their enrollment.