During this time, Medicare beneficiaries can compare coverage options like Original Medicare and Medicare Advantage and choose health and drug plans for 2021. Medicare Open Enrollment begins on October 15, 2020, and ends on December 7, 2020. Beneficiaries use the Medicare Plan Finder to view plan options and look for a participating plan in their area that covers their insulin at no more than a $35 monthly copay. Overall, beneficiaries will be able to choose from more than 4,800 Medicare Advantage plans during Medicare Open Enrollment.ĬMS has added a new “Insulin Savings” filter on Medicare Plan Finder to display plans that will offer the capped out-of-pocket costs for insulin. In some states, including Alabama, Nevada, Michigan, and Kentucky, beneficiaries will see average premium decreases of more than 50 percent since 2017.īeneficiaries will have more plan choices in Medicare Advantage, with about 2,100 more Medicare Advantage plans operating in 2021 than in 2017, a 76.6 percent increase. This is for the over 26 million Medicare beneficiaries projected to enroll in a Medicare Advantage plan for 2021. The Medicare Advantage average monthly premium will be the lowest in 14 years (since 2007). Additionally, for the first time, seniors will be able to find through Medicare Plan Finder on more than 1,600 prescription drug plans to choose from that will offer insulin at no more than a $35 monthly copay beginning in January.Īverage 2021 premiums for Medicare Advantage plans are expected to decline 34.2 percent from 2017 while plan choice, benefits, and enrollment continue to increase. CMS has released the 2021 benefit and cost-sharing information for Medicare Advantage and Part D prescription drug plans on. Following last week’s announcement of historically low premiums in Medicare Advantage, starting today, seniors can begin to compare their Medicare coverage options for 2021.
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