Medicare Advantage premiums to remain stable in 2024

Medicare Advantage and Medicare Part D premiums, benefits and plan choices won't be changing much in 2024, CMS said Sept. 26.

The average monthly plan premium for all Medicare Advantage plans, including prescription drug plans, is projected to increase from $17.86 in 2023 to $18.50 in 2024. If enrollees stay in the same plan, almost 73 percent won't see any change in their premium. There will also be more MA plan choices and supplemental benefit offerings in 2024.

Enrollment in Medicare Advantage is projected to increase from 31.6 million in 2023 to 33.8 million in 2024, representing 50 percent of all Medicare enrollees.

CMS previously said average total monthly premiums for Medicare Part D coverage is projected to be $55.50 in 2024, decreasing from $56.49 in 2023.

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