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 2023 with most Medicare
Advantage plans (
MA and MAPD
plans combined) continuing to have premiums under $50 per month - and almost
67% of
all Medicare Advantage plans having monthly premiums of $25 or
less.
Here are a few additional highlights of 2023 Medicare Advantage plan premium changes:
- More $0 premium Medicare Advantage plans.
In 2023, 56% of all Medicare Advantage
plan will have a $0 premium. As a comparison,
52%
of all 2022 Medicare Advantage plan have a $0 premium.
- More Medicare Advantage plans will have a premium under $50.
Overall, 88% of the 2023 Medicare Advantage plans
(MA and MAPD)
will have a premium of $50 or less. In comparison,
86% of the 2022 Medicare Advantage plans have a
premium of $50 or less.
- CMS noted in their 2023 Medicare plan
press release that:
"The projected average premium for 2023 Medicare Advantage plans is $18 per month, a decline of nearly 8% from the 2022 average premium of $19.52."
As previously announced,
the average 2023 premium for Part D coverage will be $31.50 per month,
compared to $33 in 2022.
The corresponding chart below illustrates the stability of Medicare Advantage
plan premiums for plan years 2019 through 2023 - with an increase in
lower-premium (or $0 premium) 2023 Medicare plans.
Please remember, your 2023 Medicare Advantage plan premium may increase.
Important: The overall stability of Medicare
Advantage plan premiums
does not indicate that your current 2022 Medicare
Advantage plan premium will remain the same in 2023. To see how your 2022
Medicare Advantage plan premium is changing in 2023, please use our Medicare
Advantage plan comparison tool
(
MA-Compare.com/2023)
- 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 2023 plan premiums.
In addition, you can telephone Medicare at 1-800-633-4227 to speak with a Medicare
representative for more information about your 2023 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 2023 Medicare Part D plans and Medicare
Advantage plans begins on October 15th and continues through December 7th, with
2023 Medicare plan coverage beginning on January 1, 2023.
In addition, members of Medicare Advantage plans are given a second annual
enrollment period once the new plan years begins. The annual Medicare
Advantage Open Enrollment Period
(
MA OEP)
begins on January 1st, 2023 and continues through March 31st.
During the MA-OEP, current members of 2023 Medicare Advantage plans can
change to a different 2023 Medicare Advantage plan or return to Original
Medicare and enroll in a stand-alone Medicare Part D plan (PDP), with their new
2023 Medicare plan coverage beginning on the first day of the month following
their enrollment.