Every fall, a thick envelope shows up from your Medicare plan, and every fall most of us shove it in a drawer. Look, I get it. It reads like a tax form wrote a mystery novel.
But open enrollment runs October 15 to December 7, and whatever you choose by December 7 generally takes effect January 1. Here's the short version of what's shifting and how to compare.
What's changing for 2027
Costs move a little every year, and the 2027 numbers are mostly heading up. The details vary by plan, so treat these as the general picture:
- Part D drug plans. The yearly cap on what you pay out of pocket for covered drugs is expected to rise from $2,100 in 2026 to about $2,400 in 2027. The maximum deductible is also expected to go up.
- Part D premiums. A federal program that helped hold premiums down is ending after 2026, so many stand-alone drug plans may cost more next year.
- Part B premium. The standard monthly premium typically rises each year. Medicare announces the official figure in the fall.
- Plan details. Medicare Advantage plans can change their networks, drug lists, copays, and extra benefits every single year, even if the plan name stays the same.
Spoiler alert: the plan that was great last year can quietly become a bad fit this year. That's the whole reason this window exists.
What to compare, in order
- Read your Annual Notice of Change. Your plan has to send one by the end of September. It lists what's different next year, and it's usually the most useful page in the stack.
- Check your doctors. Search each one in the plan's network. Add your hospital and any specialists.
- Check your prescriptions. Look up every drug, its tier, and which pharmacies get the lowest price.
- Add up the total cost. Premium, deductible, copays, and the out-of-pocket maximum. A low premium doesn't always mean a low yearly bill.
- Compare the alternatives. Use the Medicare Plan Finder at Medicare.gov to line your current plan up against a few others.
If you've been in the same plan for years, give yourself a real hour with this. Most people never look.
Switching isn't always a clean do-over. If you're moving from Medicare Advantage to Original Medicare with a Medigap policy, insurers in many states can ask health questions or turn you down outside of certain windows. Check the rules where you live before you cancel anything.
A few dates to put on the calendar
- October 15: open enrollment starts.
- December 7: last day to change plans for 2027.
- January 1 to March 31: people already in a Medicare Advantage plan typically get one chance to switch plans or return to Original Medicare. It's not a second open enrollment, so don't count on it.
Free, unbiased help exists. Your state's SHIP counselors walk through plan comparisons at no cost, and they don't sell anything.
The Medicare Plan Comparison Worksheet and Medicare Enrollment Checklist help you keep doctors, drugs, and costs side by side. They're in our Retirement bundle at lumeway.co/templates. They're organizational tools to help you prepare, not a legal document or a substitute for advice from a licensed professional.
One hour, one spreadsheet, one less surprise in January.
This post is for general informational purposes only and does not constitute legal, medical, or financial advice. Medicare costs, rules, and deadlines are set by the federal government and can change, and plans vary by location. Figures for 2027 are projections or general estimates at the time of writing. For guidance specific to your situation, consult Medicare.gov, your state's SHIP counselor, or a licensed insurance or financial professional.