Medicare open enrollment opened on 15 October and closes on 7 December. Whatever you choose takes effect on 1 January 2027, and this year several things change at once: higher Part D out-of-pocket caps, the end of a temporary Part D premium subsidy, and new negotiated drug prices, the Associated Press reports. If you usually let your plan roll over, this is the year to look before you leap.
The 5 changes to check
1. Part D out-of-pocket caps are going up
The yearly limit on what you pay for covered prescriptions rises in 2027. If you take expensive medicines, compare how each plan's costs add up across the full year, not just the monthly premium.
2. A temporary Part D premium subsidy ends
A temporary federal program that helped hold down Part D premiums ends at the close of 2026. The Centers for Medicare & Medicaid Services has projected only modest premium increases for most people, but your own plan's number is the one that counts. Check your Annual Notice of Change.
3. New negotiated drug prices arrive
Another round of Medicare drug-price negotiation takes effect. If one of your medicines is on the list, how your plan covers it could change, so look it up in each plan's formulary.
4. The $90 Part B payment, and who doesn't get it
The administration announced one-time payments of $90 per person in October to help more than 20 million enrollees with Part B premiums. Roughly 35 million Medicare Advantage enrollees, millions of people with disabilities and low-income recipients aren't eligible, so don't build it into your budget unless you've confirmed it.
5. The 2027 Part B premium, still to come
The standard Part B premium is usually announced in mid-November and often comes out of your Social Security check. It can rise faster than the COLA, which shrinks your real raise. See what the 3.6% COLA means for you.
Five changes, one budget
Each change on its own looks small: a few dollars of premium here, a higher drug cap there, a COLA that's partly eaten by Part B. Together they decide whether 2027 feels comfortable or tight. The only way to know is to see them all on one page.
The Matriarch Money Method Complete Collection includes the Money Dashboard spreadsheet, where your new benefit, premiums and drug costs sit side by side, plus the guided workbooks and an exclusive bonus, so your 2027 plan is complete before January.
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Your 45-minute Medicare review
- Find your Annual Notice of Change (it arrives in the autumn) and highlight anything about premiums, drug coverage and your doctors.
- List every prescription with dose and how often you take it.
- Use the Medicare.gov plan finder to compare at least three plans on total yearly cost.
- Check your doctors and pharmacy are in each plan's network.
- Decide by early December. Don't leave it to the 7th, when help lines are busiest.
Free, unbiased one-on-one help is available through your State Health Insurance Assistance Program (SHIP). KFF's Medicare policy director describes open enrollment as a chance to check whether better, lower-cost options exist, so use it even if you're happy with your plan.
Helping a parent with this?
Many women do this review twice: once for themselves and once for a mother or father. Our scripts for talking to aging parents about finances help start the conversation, and if you've recently lost a spouse, our gentle financial checklist includes insurance. Under 65 and buying your own coverage? Read what to do if your ACA insurer is leaving.
Quick questions
When is Medicare open enrollment for 2027? 15 October to 7 December 2026. Changes take effect 1 January 2027.
What's changing in Medicare in 2027? Higher Part D out-of-pocket caps, the end of a temporary Part D premium subsidy, and new negotiated drug prices.
Who gets the $90 Part B payment? It was announced for more than 20 million enrollees; Medicare Advantage enrollees and several other groups are not eligible.
Sources
- Associated Press via Boston Globe, A new Medicare season begins, but some shifts will arrive in 2027 (15 Oct 2026)
- AARP, Social Security COLA set at 3.6% for 2027 (14 Oct 2026)
- Nasdaq / Motley Fool, Medicare Part B premiums and the COLA
- Medicare.gov
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Educational content only. Not personalised medical, insurance or financial advice.