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2024 Medicare Advantage plan (MA and MAPD) premiums remain low - with more $0 premium options.

Category: Annual Medicare Plan Changes
Published: Oct, 07 2023 12:10:57

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.

Premium Range 2024 MA/MAPD Plans 2023 MA/MAPD Plans 2022 MA/MAPD Plans 2021 MA/MAPD Plans 2020 MA/MAPD Plans
Total Plans 5,806   5,764   5,430   4,958   4,405  
MSA no Premium 72 1.24% 3 0.05% 11 0.20% 5 0.10% 6 0.14%
$0 Premium Plans 3,188 54.91% 3,238 56.18% 2,810 51.75% 2,363 47.66% 1,895 43.02%
Premium >$0-$25 453 7.80% 612 10.62% 493 9.08% 541 10.91% 637 14.46%
Premium >$25-$50 1,473 25.37% 1,220 21.17% 1,349 24.84% 1,196 24.12% 951 21.59%
Premium $0-$50 5,114 88.08% 5,070 87.96% 4,652 85.67% 4,100 82.69% 3,483 79.07%
Premium >$50-$75 197 3.39% 222 3.85% 232 4.27% 285 5.75% 304 6.90%
Premium >$75-$100 141 2.43% 174 3.02% 199 3.66% 216 4.36% 230 5.22%
Premium >$100-$200 225 3.88% 238 4.13% 273 5.03% 293 5.91% 325 7.38%
Premium >$200-$300 55 0.95% 56 0.97% 60 1.10% 56 1.13% 54 1.23%
Premium >$300 2 0.03% 1 0.02% 3 0.06% 3 0.06% 3 0.07%

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

Changes in Medicare Advantage plan premiums from year to year
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.

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  • When enrolling in a Medicare Advantage plan, you must continue to pay your Medicare Part B premium.
  • Medicare beneficiaries with higher incomes may be required to pay both a Medicare Part B and Medicare Part D Income Related Monthly Adjustment Amount (IRMAA). Read more on IRMAA.
  • Medicare Advantage plans that include prescription drug coverage (MAPDs) are considered Medicare Part D plans and members with higher incomes may be subject to the Medicare Part D Income Related Monthly Adjustment Amount (IRMAA), just as members in stand-alone Part D plans. In certain situations, you can appeal IRMAA.
  • You must be enrolled in both Medicare Part A and Part B to enroll in a Medicare Advantage plan. Members may enroll in a Medicare Advantage plan only during specific times of the year. Contact the Medicare plan for more information.
  • If you are enrolled in a Medicare plan with Part D prescription drug coverage, you may be eligible for financial Extra Help to assist with the payment of your prescription drug premiums and drug purchases. To see if you qualify for Extra Help, call: 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048, 24 hours a day/ 7 days a week or consult www.medicare.gov; the Social Security Office at 1-800-772-1213 between 7 a.m. and 7 p.m., Monday through Friday. TTY users should call, 1-800-325-0778; or your state Medicaid Office.
  • Medicare evaluates plans based on a 5-Star rating system. Star Ratings are calculated each year and may change from one year to the next.
  • A Medicare Advantage Private Fee-for-Service plan (PFFS) is not a Medicare supplement plan. Providers who do not contract with the plan are not required to see you except in an emergency.
  • Disclaimer for Institutional Special Needs Plan (SNP): This plan is available to anyone with Medicare who meets the Skilled Nursing Facility (SNF) level of care and resides in a nursing home.
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  • Disclaimer for Chronic Condition Special Needs Plan (SNP): This plan is available to anyone with Medicare who has been diagnosed with the plan specific Chronic Condition.
  • Medicare MSA Plans combine a high deductible Medicare Advantage Plan and a trust or custodial savings account (as defined and/or approved by the IRS). The plan deposits money from Medicare into the account. You can use this money to pay for your health care costs, but only Medicare-covered expenses count toward your deductible. The amount deposited is usually less than your deductible amount, so you generally have to pay out-of-pocket before your coverage begins.
  • Medicare MSA Plans do not cover prescription drugs. If you join a Medicare MSA Plan, you can also join any separate (stand-alone) Medicare Part D prescription drug plan
  • There are additional restrictions to join an MSA plan, and enrollment is generally for a full calendar year unless you meet certain exceptions. Those who disenroll during the calendar year will owe a portion of the account deposit back to the plan. Contact the plan provider for additional information.
  • Medicare beneficiaries may enroll through the CMS Medicare Online Enrollment Center located at www.medicare.gov.
  • Medicare beneficiaries can file a complaint with the Centers for Medicare & Medicaid Services by calling 1-800-MEDICARE 24 hours a day/7 days or using the medicare.gov site. Beneficiaries can appoint a representative by submitting CMS Form-1696.