Ahead of Medicare Open Enrollment, the Centers for Medicare & Medicaid Services (CMS) announced, on average, Medicare Advantage premiums in 2020 are expected to decline 23 percent from 2018 while plan choices, benefits and enrollment continue to increase. The Medicare Advantage average monthly premium will be the lowest in the last thirteen years for the more than 24 million people projected to enroll in a Medicare Advantage plan for 2020.

This news comes as the agency releases the benefit and cost-sharing information for Medicare Advantage and Part D prescription drug plans for the 2020 calendar year. Specific highlights include:

• The Medicare Advantage average monthly plan premium is expected to decrease 14 percent to $23.00 (estimated) in 2020 from an average of $26.87 in 2019. Since 2017, the average monthly Medicare Advantage premium has decreased by an estimated 27.9 percent. This is the lowest that the average monthly premium for a Medicare Advantage plan has been since 2007.
• Beneficiaries will have more plan choices, with about 1,200 more Medicare Advantage plans operating in 2020 than in 2018.
• Medicare Advantage continues to be popular, with enrollment projected to increase to an all-time high of 24.4 million beneficiaries from the current enrollment of 22.2 million, out of approximately 60 million people currently enrolled in Medicare. Enrollment in Medicare Advantage in 2020 is expected to have increased by 30.6 percent since 2017.
• Coupled with the previously announced 13.5 percent decline in the average monthly basic Part D premium, beneficiaries have saved about $2.65 billion in Medicare Advantage and Part D premium costs since 2017. The projected average monthly basic Part D premium of $30 in 2020 is the lowest the Part D basic premium has been since 2013.
• The continued decline in Medicare Advantage and Part D premiums over the past three years is estimated to save taxpayers nearly $6 billion in the form of lower Medicare premium subsidies.

As the 2020 Medicare Open Enrollment period approaches, CMS has launched a redesigned Medicare Plan Finder, allowing users to shop and compare Medicare Advantage and Part D plans as well as compare pricing between original Medicare, Medicare prescription drug plans, Medicare Advantage plans and Medicare supplemental insurance or Medigap policies.

CMS anticipates updating Medicare.gov with the 2020 Medicare Advantage and Part D premiums and cost-sharing information and releasing the Star Ratings for Medicare Advantage and Part D plans in early October.

Medicare Open Enrollment begins on October 15, 2019, and ends on December 7, 2019. During this time, Medicare beneficiaries can compare coverage options like Original Medicare and Medicare Advantage and choose health and drug plans for 2020.

To view the premiums and costs of 2020 Medicare Advantage and Part D plans, visit: https://www.cms.gov/Medicare/Prescription-Drug-Coverage/PrescriptionDrugCovGenIn/index.html.