CMS lowers Medicare Advantage premiums: 3 things to know

Average premiums for Medicare Advantage plans will be an average 11 percent lower for the 2021 plan year compared to this year, CMS said Sept. 24.

Three things to know:

1. Average monthly premiums for Medicare Advantage beneficiaries next year will be $21, compared to $23.63 in 2020.

2. The decrease continues a trend of lower premiums for Medicare Advantage beneficiaries, as next year's premium will be the lowest price in the past 14 years. CMS said the lower premiums have saved beneficiaries almost $1.5 billion since 2017.

3. Starting in January, diabetic seniors will also have more than 1,600 Medicare Advantage and Part D prescription drug plans to pick from that provide insulin for a $35 or less monthly copay.

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