HealthLeaders Media September 28, 2023
CMS announced minimal changes to the average monthly plan premium in the private program.
Payers offering Medicare Advantage (MA) plans continue to want to keep premiums down to attract members.
CMS announced that average premiums, benefits, and plan choices for MA will remain relatively unchanged in 2024, with the data showing that MA plans are opting to remain competitive with their offerings.
The average monthly plan premium for all MA plans is projected to bump up 4% from $17.86 in 2023 to $18.50 in 2024. Most members that choose to stay in their plan will experience little to no premium increase, with nearly 73% not seeing any premium increases at all, according to the federal agency. Supplemental benefit offerings, meanwhile,...