BMA Applauds Historically Low Medicare Advantage Premiums for Seniors in 2023
Average monthly premiums set to fall another 8% as 31.8 million Americans expected to choose enrollment in Medicare Advantage
Washington, D.C. – Better Medicare Alliance, the nation’s leading research and advocacy organization supporting Medicare Advantage, responded today to the Centers for Medicare & Medicaid Services’ (CMS) 2023 Medicare Advantage premiums and enrollment projections.
The CMS announcement shows Medicare Advantage average premiums will fall again to $18 a month, down nearly 8% from the 2022 average premium of $19.52 per month. CMS further projects that a record-setting 31.8 million seniors and individuals with disabilities will make an active choice to enroll in Medicare Advantage in 2023.
CMS adds that, “Medicare Advantage plans will continue to offer a wide range of supplemental benefits in 2023”, including eyewear, hearing aids, preventive and comprehensive dental benefits, access to meals, over-the-counter items, and fitness benefits.
“As seniors look ahead to the 2023 Medicare Open Enrollment Period, Medicare Advantage is once again meeting the moment with lower costs, added benefits, and a superior health care experience. With a 94% beneficiary satisfaction rate, it’s no wonder that a record-setting 31.8 million Americans are expected to make an active choice for enrollment in Medicare Advantage over the next year,” said Mary Beth Donahue, President and CEO of the Better Medicare Alliance. “With the lowest average monthly premiums in 16 years, and separate data showing that Medicare Advantage saves seniors nearly $2,000 per year on total health expenditures, Medicare Advantage is poised to bring meaningful health and financial security to millions of seniors in 2023.”
Donahue continued, “On behalf of our Allies and grassroots advocates, we thank CMS Administrator Brooks-LaSure and her team for protecting seniors’ access to affordable coverage options. We look forward to our continued partnership with CMS toward a healthier, more equitable future for all Medicare beneficiaries.”
Medicare’s annual Open Enrollment Period runs from October 15 – December 7, 2022.