HHS: Average Medicare Advantage Premium to Increase by $1.64 in 2014

The projected average Medicare Advantage monthly premium in 2014 will be $32.60, an increase of $1.64 compared with the average 2013 premium, HHS Secretary Kathleen Sebelius announced today.

Since the Patient Protection and Affordable Care Act, average premiums for Medicare Advantage plans have decreased by 9.8 percent, according to a CMS news release. Under Medicare Advantage plans, private health insurers contract with Medicare to offer Part A and Part B coverage to beneficiaries who choose to enroll in their plans.

Additionally, more than one-third of Medicare Advantage plans will receive four or more stars in 2014, up from 28 percent in 2013, according to the release. CMS calculates star ratings for the plans on a one to five scale based on quality and performance.

The average number of plan choices will remain about the same next year, and access will remain strong, with 99.1 percent of Medicare beneficiaries having access to a plan. CMS also projects that enrollment in Medicare Advantage plans will increase for the fourth consecutive year, according to the release.

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