CMS on Tuesday announced that premiums for 2020 Medicare Advantage (MA) plans are expected to decline for the third consecutive year, Health Exec reports.
CMS made the announcement ahead Medicare's 2020 open enrollment period, which is scheduled to begin Oct. 15 and end Dec. 7.
Medicare Advantage 2020 premiums
According to CMS, the average monthly MA premium in 2020 is expected to be $23, which is 14% lower than an average of $26.87 in 2019, and 23% lower when compared with 2018 levels. CMS said the 2020 average monthly premium is the lowest MA plans have seen in 13 years.
CMS also said MA beneficiaries will have more plan options in 2020, with about 1,200 more MA plans operating in 2020 than in 2018. According to CMS, the average number of MA plans per county is expected to increase from about 33 plans in 2019 to 39 plans in 2020.
In addition, CMS projected enrollment in MA plans will reach an all-time high of 24.4 million beneficiaries. According to CMS, 22.2 million beneficiaries are currently enrolled in MA plans (Haefner, Becker's Payer Issues, 9/24; Baxter, Health Exec, 9/24; CMS release, 9/24).