Medicare Open Enrollment for 2027 begins October 15, 2026, and runs through December 7, 2026. During this time, Medicare beneficiaries can review and make changes to their Medicare coverage to help ensure they have the right plan for the year ahead.
For additional information, visit Medicare.gov.
Open Enrollment is particularly important this year because many Medicare Advantage and Part D prescription drug plans are making changes to premiums, provider networks, prescription drug coverage, and supplemental benefits.
Each fall, Medicare Advantage and Part D plans send an Annual Notice of Change (ANOC) to members. This document outlines any changes to premiums, deductibles, copays, provider networks, prescription drug coverage, and supplemental benefits that will take effect in 2027. Reviewing your ANOC is an important step you can take before Open Enrollment.
Notable Changes for Medicare in 2027
Many Medicare Advantage and Part D Plans Are Adjusting Coverage
Even if you are satisfied with your current coverage, it’s important to confirm that your plan will continue to meet your needs in 2027. Plans may make changes to:
- Covered prescription drug lists (formularies)
- Pharmacy networks
- Physician and hospital networks
- Dental, vision, hearing, and over-the-counter (OTC) benefits
These changes can impact both your costs and access to care.
Prescription Drug Costs May Change in 2027
Several prescription drug provisions established under the Inflation Reduction Act remain in place:
- Insulin copays remain capped at $35 per month.
- Recommended adult vaccines covered by Medicare Part D continue to be available at no cost.
- The Medicare Prescription Payment Plan remains available, allowing beneficiaries to spread prescription drug costs over the course of the year rather than paying large amounts upfront.
Additionally, the annual limit on what beneficiaries pay out-of-pocket for covered Part D prescription drugs will increase to $2,400 in 2027, up from $2,100 in 2026. Once you reach this limit, you will pay nothing further for covered Part D medications for the remainder of the year.
The maximum standard Part D deductible will increase to $700 in 2027, up from $615 in 2026. Some plans may offer a lower deductible or no deductible at all.
Medicare Part B Costs May Increase
Medicare typically updates Part B premiums and deductibles annually. Beneficiaries should review the final 2027 figures when they are announced later in the year and consider how any increases may affect their healthcare budget and retirement cash flow.
While figures are not yet confirmed, expected Part B premiums will increase from $203 to $209.50 per month, and the annual Part B deductible is estimated at $310 up from $283 in 2026.
Key Dates and Actions for Open Enrollment
Early October
Review your current coverage and Annual Notice of Change (ANOC).
Take time to assess your current plan’s costs, benefits, and provider networks. Compare your current coverage with available options for 2027 and pay particular attention to:
- Prescription drug coverage: Confirm your medications remain covered and review any changes in cost-sharing.
- Provider networks: Verify that your preferred physicians, specialists, hospitals, and pharmacies remain in-network.
- Supplemental benefits: Review any changes to dental, vision, hearing, transportation, or OTC benefits.
October 15 – December 7, 2026
Open Enrollment Period
During Open Enrollment, you may:
- Join, switch, or drop a Medicare Advantage Plan.
- Join, switch, or drop a Medicare Part D prescription drug plan.
- Move from Original Medicare to Medicare Advantage.
- Return from Medicare Advantage to Original Medicare.
January 1, 2027
New Coverage Begins
Any changes made during Open Enrollment become effective on January 1, 2027. If you choose to keep your current plan, your 2027 costs and benefits will begin on this date.
January 1 – March 31, 2027
Medicare Advantage Open Enrollment Period
If you are enrolled in a Medicare Advantage Plan, you may make one additional change during this period by:
- Switching to a different Medicare Advantage Plan, or
- Returning to Original Medicare and enrolling in a separate Part D prescription drug plan.
Any approved changes generally become effective the first day of the following month.
Medicare Open Enrollment is an important opportunity to ensure your healthcare coverage continues to align with your medical needs and budget. Even if you are happy with your current plan, reviewing your options each year can help you avoid unexpected costs, network changes, or prescription drug coverage issues.
Remember that Medicare premiums, prescription drug expenses, and potential IRMAA surcharges may affect your overall retirement cash flow. Open Enrollment is a good time to evaluate how healthcare costs fit into your broader financial plan.
If you would like assistance in evaluating your Medicare options, please contact your JNBA Advisory Team. We can connect you with one of our professional partners who specialize in navigating Medicare options. You may also compare plans and make coverage changes directly through Medicare.gov or by calling 1-800-MEDICARE.
PLEASE NOTE: JNBA is neither an agent of The Centers for Medicare & Medicaid Services, nor an insurance agent. All claiming strategies and benefits must be verified and accepted by The Centers for Medicare & Medicaid Services, no portion of the above should be construed as insurance advice. All insurance issues should be addressed with the insurance professional of your choosing.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.
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