Medicare Advantage in 2024: Premiums, Out-of-Pocket Limits, Supplemental Benefits, and Prior Authorization

In 2024, 75% of Medicare Advantage participants with prescription drug benefits will not face a premium other than the Part B premium, a significantly attractive factor for beneficiaries with tight budgets. Furthermore, despite fears over changes in Medicare Advantage payment potentially drastically reducing benefits or spiking premiums, Medicare Advantage participants have seen no drastic losses in benefits from 2023 to 2024. The federal government pays Medicare Advantage insurers a set monthly amount per participant which varies based on factors such as location and health status.