Medicare Open Enrollment 2027: What You Need to Know

Medicare Open Enrollment runs from October 15 through December 7, 2026, and new prescription drug cost protections make switching more attractive this year than in past cycles. CMS projects average Medicare Advantage premiums will drop more than 16% for 2027 (CMS), while roughly 6.3 million MA members sit in plans ending or changing, so a quick review can lock in lower costs and avoid a coverage surprise on January 1.

Why 2027 is different from past years

For the first time in a while, premiums are moving the wrong way for insurers and the right way for you. CMS projects the weighted average Medicare Advantage monthly premium will fall 16.5%, from $14.37 in 2026 to $12.00 in 2027, and average drug premiums inside MA plans are projected to drop 38%. Stand-alone Part D premiums rise by less than $1 (CMS).

Prescription drug protections also carry into the new year. In 2027 you'll pay no more than $2,400 out of pocket for covered Part D drugs — up from the $2,100 cap in 2026 — and once you reach that limit, you pay nothing for covered prescriptions for the rest of the year. Insulin stays capped at $35 a month, recommended adult vaccines like shingles and RSV remain covered at no cost, and 15 additional drugs gain Medicare-negotiated prices (Silvur Insurance).

The catch: many plans are changing under you

Lower average premiums hide real disruption beneath the surface. An estimated 6.3 million Medicare Advantage members — about 18.5% of enrollment — are affected by plan terminations or crosswalks for 2027, and roughly 3 million of them are in plans closing without an automatic transfer. Even if your plan continues, benefits can shift: CMS warns that hearing, dental, and vision offerings, provider networks, and drug formularies — the list of covered medications — can all change from year to year. Your Annual Notice of Change (ANOC) letter, which arrives from your plan this fall, is the fastest way to see exactly what is changing in your own coverage.

If your plan is Cross walked to a comparable replacement, you'll generally be auto assigned to the new plan and should compare its costs and network before confirming. If your plan is terminated and you don't choose another by December 7, you'll return to Original Medicare — with no guarantee your new coverage fits your budget or your prescriptions. Reviewing your options now prevents that surprise.

Your 3-step comparison checklist

You don't need to become a Medicare expert — just check the three things that matter most for your situation.

Step 1: Read your Annual Notice of Change. Every plan sends this letter in the fall, and it spells out your 2027 premium, deductibles, copays, provider network, and which medications stay on your formulary. A plan that served you well in 2026 may not fit in 2027, even if it kept its name.

Step 2: Decide before December 7. Changes you make during Open Enrollment take effect January 1, 2027. If you act early, you have time to compare calmly and get help call me at 603 952 4905.