Medicare Advantage Premiums to Hit Lowest Point in Over a Decade

The U.S. Centers for Medicare and Medicaid Services (CMS) forecast that average monthly Medicare Advantage premiums will hit their lowest point in 13 years in 2020, reports Modern Healthcare . The agency also projected that enrollment in Advantage plans would continue to appreciate as more seniors opt for Advantage over traditional Medicare. Average monthly premiums should fall 14.4 percent from $26.87 in 2019 to $23 next year, marking the lowest premium since 2007. Seniors enrolling in Advantage plans will have more options, with the average number of plans per county rising to 39 plans next year from 33 plans this year. Meanwhile, Advantage plan enrollment should reach hit 24.4 million in 2020, a 9.9 percent gain from 22.2 million now. Advantage enrollment has increased steadily as baby boomers age into Medicare and favor Advantage plans over traditional options. Advantage plans typically offer more benefits such as dental care, eyeglasses, and gym memberships — although beneficiaries must see doctors within the plan's network. CMS estimated that about 250 plans will offer access to non-medical supplemental benefits in 2020, reaching about 1.2 million beneficiaries.