Medicare's annual open enrollment period begins today, Thursday, Oct. 15, and runs through Monday, Dec. 7, 2026. Any change made in that window takes effect Jan. 1, 2027.
It arrives a day after the Social Security Administration announced a 3.6% cost-of-living increase for 2027, and many people on Medicare will be weighing both at once.
What You Can Change Before Dec. 7
According to Medicare.gov, people with Medicare can use open enrollment to:
- Switch from Original Medicare to a Medicare Advantage plan, or the reverse
- Join, drop or switch Medicare Advantage plans, with or without drug coverage
- Join, drop or switch a stand-alone Part D prescription drug plan
People already in a Medicare Advantage plan get a second chance later: a separate Medicare Advantage open enrollment period runs from Jan. 1 to March 31.
Premiums Look Stable on Average
The Centers for Medicare & Medicaid Services (CMS) said in a Sept. 28 release that it expects both Medicare Advantage and Part D to stay stable in 2027.
- $12Avg. Medicare Advantage premiumDown from $14.37
- $36Avg. stand-alone Part D premiumUp from $35.09
- 34MProjected Medicare Advantage enrollees
- 35MA plans available to the average personDown from 39
Source: CMS, Sept. 28, 2026
Those are averages, and individual plans can move a lot in either direction. CMS also estimates that about 8 in 10 people can keep their current plan at the same or a lower premium, so it's still worth checking the annual notice of change your plan sent this fall.
Fewer Plan Choices in Some Places
Behind the stable averages, several insurers are pulling back. Trade publication Becker's Payer Issues reports that 12 insurers selling Medicare Advantage plans in 2026 will offer none in 2027, and that plan choices are shrinking in 28 states.
Humana has said its 2027 exits will affect about 600,000 members, according to Becker's. If your plan is leaving your area, you should have received a notice, and you'll need to choose new coverage.
Part D: A Higher Out-of-Pocket Cap
The annual cap on what people pay out of pocket for covered drugs under Part D is set at $2,400 for 2027, up from $2,100 this year, as reported by Kiplinger based on CMS's 2027 parameters.
A federal program that had been holding down Part D premiums also ends after 2026, which CMS flagged in its July announcement.
Lower Prices on 15 Drugs
Starting Jan. 1, Medicare's second round of negotiated drug prices takes effect. The 15 drugs include several widely used medications:
| Drug | Used for | Monthly list price | Negotiated price |
|---|---|---|---|
| Ozempic / Wegovy / Rybelsus | Diabetes, weight | $959 | $274 |
| Trelegy Ellipta | COPD, asthma | $654 | $175 |
| Xtandi | Prostate cancer | $13,480 | $7,004 |
| Ibrance | Breast cancer | $15,741 | $7,871 |
| Linzess | IBS, constipation | $539 | $136 |
| Janumet / Janumet XR | Diabetes | $526 | $80 |
The full list also covers Pomalyst, Ofev, Calquence, Austedo, Breo Ellipta, Tradjenta, Xifaxan, Vraylar and Otezla, according to an analysis by Manatt Health. Manatt notes that CMS expects a separately negotiated arrangement to replace the listed price for the semaglutide drugs, so what patients actually pay will depend on their plan.
Still to Come: The Part B Premium
The 2027 Part B premium hasn't been released. Medicare trustees project about $209.50 a month, but CMS typically confirms the figure in late October or November.
Where to Get Help
- Medicare Plan Finder at Medicare.gov compares 2027 plans using your own drug list.
- 1-800-MEDICARE (1-800-633-4227) is available 24 hours a day.
- SHIP counselors offer free, unbiased one-on-one help; find yours at shiphelp.org.
People with limited income may also qualify for Extra Help with drug costs or a Medicare Savings Program.
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