Key facts
- Annual Medicare enrollment period runs Oct. 15 to Dec. 7.
- Changes to Part D and Medicare Advantage plans are expected for 2027.
- The out-of-pocket cap on drug spending for Part D plans will be $2,400 in 2027.
- The maximum deductible for Part D plans will rise to $700 in 2027.
- Some AARP-branded Medicare Rx plans will see monthly premium increases of $50 or more.
- Zero-premium drug plans are largely disappearing.
The annual Medicare enrollment period, which began Thursday, October 15, is especially critical this year due to significant changes affecting prescription drug (Part D) and Medicare Advantage plans for 2027. These changes could lead to higher costs and reduced benefits for beneficiaries. Insurers are adjusting to new legislation, including an annual out-of-pocket cap on drug spending, which will be $2,400 in 2027, with the maximum deductible rising to $700. The Trump administration's decision to end subsidies previously offered by the Biden administration to offset premium increases has raised concerns about soaring costs for some individuals. Many Medicare Advantage plans are also facing cancellations or reductions in supplemental benefits like dental care, potentially forcing millions of enrollees to switch plans.