CMS announced that the average Medicare Advantage plan (Part C) premium cost will increase by 64 cents in 2024. CMS estimates the average monthly rate will be $18.50 per month (plus what you will pay directly to Medicare for Part B). Even with the 3.6% increase, the average premium is about $1.00 less than rates were in 2022. The average premium last year (2023) was $17.86. Medicare Advantage plans may or may not include Part D drug coverage. Nearly 34 million Medicare beneficiaries are expected to enroll in Medicare Advantage plans in 2024, as about half of Medicare enrollees are expected to choose a Medicare Advantage plan. The Advantage plan enrollment has been increasing in recent years as people switch from traditional Medicare. Plans vary widely by state and region. For example, the average Medicare Advantage premium for 2024 in various states is projected as follows:
Read very carefully. For many consumers, there will be a $0 monthly premium. However, in all plans, there may be copays, deductible costs, and potentially large out of pocket maximums to consider. At the end of the press release are links where you can find actual premiums by name of health plans in each state. Press Release issued September 26, 2023.