2024 Medicare Advantage premiums remain low and stable

The average Medicare Advantage premium has remained low and stable, with many beneficiaries choosing plans with a zero-dollar monthly premium, according to data from eHealth, Inc.

eHealth’s seventh annual Medicare Index Report includes data from over 190,000 applications for Medicare insurance products submitted to eHealth during the annual enrollment period for 2024 coverage.

The average monthly premium for Medicare Advantage plans chosen by eHealth customers for 2024 is $9, the same as last year and up slightly from $6 in 2022. The popularity of plans with zero-dollar premiums contributed to the low average.

The majority (84 percent) of eHealth Medicare Advantage beneficiaries selected plans that have no monthly premium. This figure remained stable from 2023, was down from 87 percent in 2022, and up from 63 percent in 2018.

For standalone Part D plans, the average monthly premium is $29, falling by 9 percent from $32 in 2023. The lowest Part D premium eHealth recorded was $20 during the annual enrollment periods for 2020 and 2021.

While Medicare Advantage and Part D premiums either remained stable or were smaller for 2024, Medicare Supplement premiums for those finding coverage through eHealth increased by 9 percent, from $173 in 2023 to $189 in 2024.

The average deductible for Medicare Advantage plans dropped from $103 in 2023 to $95 in 2024—an 8 percent reduction. From 2018 to 2023, the average deductible was over $100 every year.

Meanwhile, the average Part D deductible is $445, up 14 percent from $389 in 2023. Compared to Medicare Advantage plans, Part D plans have generally been on the higher side for the past six years, ranging from a low of $300 in 2018 to a high of $427 in 2022.

The average deductible for Medicare Supplement plans is $194, marking a 20 percent decline from 2023 when the deductible was $241.

The data from eHealth reflects similar predictions CMS made about 2024 Medicare Advantage premiums. Ahead of the open enrollment period, the agency said that premiums, benefits, and plan choices would remain relatively stable in 2024.

CMS projected that monthly premiums would rise by $0.64 from $17.86 to $18.50, which was higher than the average amount eHealth beneficiaries are paying. The agency said beneficiaries who remained in the same plan would see little or no premium increases.

Part D premiums for beneficiaries choosing plans through eHealth were also smaller than CMS projected for Part D plans in 2024. The agency had estimated that average Part D premiums would fall from $56.49 in 2023 to $55.50 in 2024.