Medicare Open Enrollment 2026: What’s Changing for 2027 and How to Review Your Coverage

Every fall, a thick envelope from your Medicare plan lands in the mailbox — and every fall, a lot of people set it aside. That’s understandable. It’s dense, it’s dull, and last year’s coverage seemed fine. But Medicare Open Enrollment, which runs October 15 through December 7, 2026, is the one window each year when you can change your coverage for the year ahead. And for 2027, there are more moving parts than usual.

Whether you’re already on Medicare or helping a parent navigate it, here’s what’s changing, what to review, and how your health coverage fits into the bigger retirement picture.

What Is Medicare Open Enrollment?

Medicare Open Enrollment (also called the Annual Enrollment Period) is the yearly window when people with Medicare can make changes that take effect January 1. During these eight weeks, you can:

• Switch from Original Medicare to a Medicare Advantage plan, or the reverse
• Move from one Medicare Advantage plan to another
• Join, drop, or switch a Part D prescription drug plan

If you do nothing, most plans simply renew. That sounds convenient, but it means you accept whatever changes your plan made to premiums, drug lists, and provider networks — whether they still work for you or not.

What’s Changing in Medicare for 2027

Several changes make this year’s review especially worthwhile:

1. The Part D out-of-pocket cap rises to $2,400

The annual cap on what you pay out of pocket for covered prescriptions increases from $2,100 in 2026 to $2,400 in 2027. The cap is still a major protection for anyone on expensive medications — it just costs up to $300 more to reach it.

2. The maximum Part D deductible goes up

Plans can charge a deductible of up to $700 in 2027, up from $615. Not every plan charges the full amount, and some charge none at all, which is one more reason to compare.

3. A temporary premium subsidy is ending

A federal demonstration program that helped hold down stand-alone Part D premiums in 2025 and 2026 will not continue into 2027. Exact plan premiums are released in the fall, but some enrollees may see larger increases than they’re used to.

4. Fewer stand-alone drug plans to choose from

The number of stand-alone Part D plans available in a typical area has dropped sharply over the last several years. Your current plan may be changing significantly — or may not be offered at all next year.

5. Lower negotiated prices on 15 more drugs

Starting in 2027, Medicare’s negotiated prices take effect for a second group of 15 widely used medications, including Ozempic, Rybelsus, and Wegovy. If you take one of them, what you actually pay will still depend on how your plan covers it.

Your Medicare Open Enrollment Checklist

You don’t need to become a Medicare expert. You need to answer a few practical questions before December 7.

1. Read your Annual Notice of Change. Your plan must send it by September 30. It spells out exactly what’s changing in premiums, copays, and coverage for next year.
2. Check your prescriptions against the plan’s drug list. Formularies change every year. Confirm that each medication you take is still covered, and at which tier.
3. Confirm your doctors and hospitals are still in network. This matters most with Medicare Advantage, where networks can shift from year to year.
4. Compare total cost, not just the premium. A $0-premium plan with high copays and a large deductible can cost more over a year than a plan with a modest monthly premium. Look at premium plus expected out-of-pocket costs.
5. Run a comparison on Medicare’s Plan Finder. The official Medicare Plan Finder lets you enter your prescriptions and pharmacy to estimate your yearly costs under each available plan.
6. Think about next year, not just this year. Any planned surgeries, new diagnoses, travel, or a move? Choose coverage for the year you expect to have.

Common Medicare Open Enrollment Mistakes

• Letting the plan auto-renew without looking. Your needs change, and so do plans. The plan that fit perfectly two years ago may not fit today.
• Choosing a plan because a friend likes it. Your prescriptions, doctors, and budget are unique to you.
• Assuming you can easily switch back to a Medigap policy. Leaving a Medicare Supplement for Medicare Advantage is simple. Going back often isn’t — in most states, insurers can review your health history and deny coverage or charge more. Make that move with eyes wide open.
• Forgetting the income connection. Higher-income retirees pay more for Part B and Part D through income-related surcharges (IRMAA), which are based on your tax return from two years earlier. A large IRA withdrawal, Roth conversion, or home sale today can raise your Medicare premiums down the road.

Where Medicare Fits in Your Retirement Plan

Health care is one of the largest — and least predictable — expenses in retirement. Medicare covers a lot, but not everything. Premiums, deductibles, copays, dental, vision, and hearing all come out of your retirement income.

And one gap catches many families off guard: Medicare generally does not pay for long-term custodial care, such as help with bathing, dressing, or extended stays in assisted living or a nursing home. That’s why Medicare decisions shouldn’t live in a silo. They belong alongside your income strategy, your Social Security timing, and your plan for long-term care.

If you’re wondering how to protect your savings from a long-term care event, our guide to long-term care insurance is a good next read.

Medicare Open Enrollment FAQs

When is Medicare Open Enrollment for 2027 coverage?

October 15 through December 7, 2026. Changes you make take effect January 1, 2027.

What happens if I miss the deadline?

Your current coverage generally continues. If you’re in a Medicare Advantage plan, you’ll have one more chance to switch plans or return to Original Medicare during the Medicare Advantage Open Enrollment Period, January 1 through March 31. Certain life events, such as moving, can also qualify you for a Special Enrollment Period.

Do I need to do anything if I’m happy with my plan?

Technically, no — but you should still read your Annual Notice of Change and confirm your prescriptions and doctors are still covered. “Happy with my plan” should mean happy with next year’s version of it.

The Bottom Line

Medicare Open Enrollment only comes around once a year, and 2027 brings higher drug cost limits, fewer plan choices, and the end of a premium subsidy. An hour of review now can save you real money — and real frustration — next year.

More importantly, your health coverage is one piece of a larger foundation. Foundational Wealth Partners helps pre-retirees and retirees see how health care costs, income, taxes, and long-term care fit together, so the plan you build supports the life you want. Schedule a conversation with our team today.

This content is for educational purposes only and does not constitute personalized financial, tax, legal, or insurance advice. Foundational Wealth Partners is not connected with or endorsed by the U.S. government or the federal Medicare program. Medicare figures are based on information published as of September 2026 and may change. For complete plan information, visit Medicare.gov or call 1-800-MEDICARE.