CMS announces average Medicare Advantage, Part D premiums for 2021

The Centers for Medicare & Medicaid Services yesterday announced premium and cost-sharing information for Medicare Advantage and Part D prescription drug plans for the 2021 calendar year.

The average MA premium will decrease by $2.63 (11%) to $21, CMS estimates. The monthly premium for a basic Medicare Part D prescription drug plan will average $30.50, ranging from a 22.6% decrease in Puerto Rico to a 4.4% increase in Maine, the agency said.

Among other program changes, more than 1,600 Medicare Advantage and Part D prescription drug plans will offer insulin for a monthly copay of $35 or less under the new Part D Senior Savings Model. Open enrollment for MA and Part D begins Oct. 15.