In an article published by Healthcare Finance on September 25th, CMS touted lower premiums and richer benefits for Medicare Advantage plans in 2021. They noted that average 2021 premiums for Medicare Advantage plans are expected to decline 34.2% from 2017 while plan choice, benefits, and enrollment continue to increase. This will make the Medicare Advantage average monthly premium the lowest in 14 years, since 2007.
While CMS accurately depicted the indisputable trend of moving toward lower costs and higher value in Medicare Advantage, their various announcements did not tell the full story. Carrot’s MarketView software consolidates and reports on all Medicare Advantage and Prescription Drug Plan benefit data across the country within a few days of the data being released by CMS. We dug in and summarized key findings.