CMS: Medicare Advantage, drug programs to remain stable in 2024 

WASHINGTON – Average premiums, benefits and plan choices for Medicare Advantage and the Medicare Part D prescription drug program will remain stable in 2024, according to CMS. 

The announcement precedes the upcoming Medicare Open Enrollment period, which begins Oct. 15, 2023, to help people with Medicare determine the best Medicare coverage option for their health care needs. 

“A top priority for CMS is to protect and strengthen the Medicare program for people with Medicare, their children, and their grandchildren,” said CMS Administrator Chiquita Brooks-LaSure. “It is important for people with Medicare to review their health care coverage and explore their Medicare options during open enrollment. The Biden-Harris Administration has taken many steps to improve Medicare Advantage and the Medicare Part D prescription drug program, and premiums and benefits in 2024 for Medicare Advantage will remain stable.” 

Improvements adopted in the 2024 Rate Announcement, as well as the 2024 Medicare Advantage and Part D Final Rule, such as increased beneficiary protections around marketing and prior authorization and increased access to behavioral health, are helping to support stability.  

Additionally, thanks to the Inflation Reduction Act, people with Medicare Part D prescription drug coverage will continue to have improved and more affordable benefits, including a $35 cost-sharing limit on a month’s supply of each covered insulin product, recommended adult vaccines at no cost, and additional savings on their Medicare Part D drug coverage costs in 2024. 

The average monthly plan premium for all MA plans, which includes Medicare Advantage-prescription drug plans, is projected to increase from $17.86 in 2023 to $18.50 in 2024. If enrollees choose to stay in their plan, most will experience little or no premium increase for next year, with nearly 73% of beneficiaries not seeing any premium increase at all. Plan choice is also increasing, and people with Medicare continue to have the ability to switch Medicare options. Medicare Advantage supplemental benefit offerings will increase slightly in 2024. 

Enrollment in Medicare Advantage is projected to increase from 31.6 million in 2023 to 33.8 million in 2024. The projected Medicare Advantage enrollment in 2024 will represent approximately 50% of all people enrolled in Medicare, compared to approximately 48% for 2023.