Medicare’s annual open enrollment period runs from Wednesday, Oct. 15, through Dec. 7. During that window, people with Medicare can switch between Original Medicare and Medicare Advantage, change Advantage plans, or pick a different Part D prescription drug plan. Changes take effect Jan. 1, 2027.
Choices are narrowing somewhat. The average beneficiary will be able to choose from 35 Medicare Advantage plans in 2027, down from 39 this year, according to an analysis cited by the Medicare Rights Center. The federal Centers for Medicare & Medicaid Services (CMS) says more than 99% of beneficiaries will have access to at least one Advantage plan. It also says about eight in 10 current Advantage enrollees can stay in their plan for the same or a lower premium.
The average monthly Medicare Advantage premium is projected to fall from $14.37 to $12.00, while the average stand-alone Part D drug plan premium rises slightly, from $35.09 to about $36, according to CMS figures. Individual plans can vary widely from those averages.
The annual cap on out-of-pocket costs for covered Part D drugs rises by $300 to $2,400 in 2027. Once enrollees reach the cap, covered prescriptions cost nothing more for the rest of the year. The standard Part D deductible is expected to rise to about $700, though some plans offer lower deductibles.
Negotiated Medicare prices for 15 more drugs also take effect in 2027 under the federal drug price negotiation program, including the diabetes and weight-loss drug semaglutide, sold as Ozempic and Wegovy. How much an individual saves will depend on their plan’s copays and coverage rules.
The 2027 Part B premium, paid by people in both Original Medicare and Advantage, has not been announced. Medicare usually releases it in late October or early November. Projections reported by Yahoo Finance put it around $209.50 a month, up $6.60.
Some Advantage plans are also narrowing their networks of doctors and hospitals for 2027. That makes it important to check that your providers and pharmacies remain in network. “For 2027, the change I would watch most closely is the Medicare Advantage market itself,” Josh Schultz, head of government affairs at the health technology company Softheon, told Yahoo Finance. “The right plan depends on someone’s health needs and the care they expect to use during the year.”
Advocates recommend reviewing coverage every fall even if you’re satisfied. Start with your plan’s Annual Notice of Change, which lists next year’s changes to costs, covered drugs and networks. Then use the Medicare Plan Finder at Medicare.gov to compare plans using your own list of prescriptions and pharmacies. Pay attention to drug tiers and prior-authorization requirements.
Free, unbiased help is available. Pennsylvania’s PA MEDI program, run by the state Department of Aging, offers confidential Medicare counseling at 1-800-783-7067, weekdays from 8 a.m. to 5 p.m., and does not sell insurance. Help is also available from 1-800-MEDICARE (1-800-633-4227) and from the Medicare Rights Center helpline at 800-333-4114. People with limited incomes may also qualify for Medicare Savings Programs or Extra Help with drug costs.
Sources
Medicare Rights Center: New insights on 2027 Medicare Advantage and Part D offerings · Yahoo Finance: Medicare changes coming in 2027 · Kiplinger: 2027 Medicare open enrollment guide · CMS: 2027 Medicare Advantage and Part D state fact sheets · Pennsylvania Department of Aging: PA MEDI