CMS Announces Historically Low Medicare Advantage Premiums and New Payment Model to Make Insulin Affordable Again for Seniors

 

The Centers for Medicare & Medicaid Services (CMS) announced today that average 2021 premiums for Medicare Advantage plans are expected to decline 34.2 percent from 2017 while plan choice, benefits, and enrollment continue to increase. The Medicare Advantage average monthly premium will be the lowest in 14 years (since 2007) for the over 26 million Medicare beneficiaries projected to enroll in a Medicare Advantage plan for 2021. Additionally, for the first time, seniors who use insulin will have over 1,600 Medicare Advantage and Part D prescription drug plans to choose from that will offer insulin at no more than a $35 monthly copay beginning in January. Medicare Open Enrollment begins on October 15, 2020, and ends on December 7, 2020. During this time, Medicare beneficiaries can compare coverage options like Original Medicare and Medicare Advantage and choose health and drug plans for 2021. Medicare health and drug plan costs and covered benefits can change from year to year, so people with Medicare should look at their coverage choices and decide on the options that best meet their health needs. They can visit Medicare.gov, call 1-800-MEDICARE, or contact their State Health Insurance Assistance Program. People who want to keep their current Medicare coverage do not need to re-enroll. View full press release: https://www.cms.gov/newsroom/press-releases/trump-administration-announces-historically-low-medicare-advantage-premiums-and-new-payment-model. For a Spanish version of this press release, please visit: https://www.cms.gov/newsroom/press-releases/el-gobierno-del-presidente-trump-anuncia-primas-de-medicare-advantage-historicamente-bajas-y-un. For state-by-state information on Medicare Advantage and Part D in 2021, please visit: https://www.cms.gov/files/document/2021-ma-part-d-landscape-state-state-fact-sheets.pdf. For Medicare Open Enrollment outreach and media materials, including materials specific to the Insulin Savings Program, please visit: https://www.cms.gov/Outreach-and-Education/Reach-Out/Find-tools-to-help-you-help-others/Open-Enrollment-Outreach-and-Media-Materials.