Medicare Open Enrollment 2027: Key Dates and the Biggest Changes — Part D Cap Rises to $2,400, Part B Premium Projected at $209.50

Medicare open enrollment for 2027 coverage is underway now: it runs from October 15 through December 7, 2026, and any changes you make take effect on January 1, 2027. This year's headline changes are a higher Part D out-of-pocket cap of $2,400, a projected Part B premium of about $209.50 a month, and lower average Medicare Advantage premiums — here is what to check before the deadline.

Key Facts

• Open enrollment window: October 15 – December 7, 2026; changes start January 1, 2027
• Part D out-of-pocket cap: rises to $2,400 in 2027, up from $2,100 in 2026 (it was $2,000 in 2025)
• Part D deductible: the maximum standard deductible rises to $700
• Part B premium: projected at $209.50 a month, up $6.60 from $202.90 — the official CMS figure is still to come, expected in late October or November
• Medicare Advantage: CMS projects the average premium will fall from $14.37 to about $12.00 a month, though many plans are changing benefits and some are ending
• New for 2027: Medicare-negotiated prices take effect on 15 prescription drugs, including Ozempic and Wegovy

What can you change during open enrollment?

Almost everything about how you receive Medicare. You can switch from Original Medicare to a Medicare Advantage plan, move from Medicare Advantage back to Original Medicare, change from one Advantage plan to another, or join, switch or drop a Part D prescription drug plan. If you are in a Medicare Advantage plan and miss this window, you get a second chance during the Medicare Advantage Open Enrollment Period from January 1 to March 31, when you can switch Advantage plans or return to Original Medicare. Everyone else is generally locked in until next fall unless they qualify for a special enrollment period.

What is changing with prescription drug costs in 2027?

Two numbers move in opposite directions for your wallet. The good news first: 2027 is the first year Medicare's negotiated prices apply to 15 widely used prescription drugs, including Ozempic and Wegovy, which could cut costs for people taking them. The tougher news: the Part D out-of-pocket cap — the most you can spend on covered drugs in a year — rises to $2,400 from $2,100, and the maximum standard deductible climbs to $700. On top of that, the temporary federal premium subsidies that have been holding down Part D premiums are ending, so many drug-plan premiums are expected to rise. That combination is exactly why reviewing your drug plan this year matters more than usual.

What will the Part B premium be in 2027?

The official number is not out yet, but the Medicare Trustees project the standard premium will rise about $6.60, from $202.90 to roughly $209.50 a month — a 3.25% increase and the smallest jump since 2023, after last year's near-10% leap from $185 to $202.90. The annual Part B deductible is projected to climb from $283 to about $292. CMS usually confirms the real figures in late October or November, and higher-income retirees will again pay income-related surcharges (IRMAA) on top of the standard premium.

Why are so many people being told to shop around this year?

Because Medicare Advantage is in flux. CMS will pay Advantage plans 2.48% more in 2027, and the average Advantage premium is projected to fall to about $12 a month — yet insurers are still trimming extra benefits, raising copays and exiting some areas entirely. According to KFF estimates, about 3.2 million people in individual Medicare Advantage plans will have to choose new coverage because their current plan is ending, and hundreds of thousands live in counties where options are shrinking. If your plan is ending, you cannot simply do nothing — check your Annual Notice of Change, confirm your doctors are still in network and your drugs are still covered, and compare alternatives on Medicare.gov before December 7. Free, unbiased help is available from your State Health Insurance Assistance Program (SHIP) or by calling 1-800-MEDICARE.

Frequently Asked Questions

When is Medicare open enrollment for 2027 coverage?

From October 15 to December 7, 2026. Any plan changes you make during that window take effect on January 1, 2027.

What is the Part D out-of-pocket maximum in 2027?

$2,400, up from $2,100 in 2026. The maximum standard Part D deductible also rises, to $700.

Do I have to do anything if I like my current plan?

Your plan usually rolls over, but premiums, drug coverage, copays and provider networks change every year — and some plans are ending altogether for 2027. Read your Annual Notice of Change and verify your drugs and doctors before December 7.

Part B figures for 2027 are Trustees' projections until CMS announces the official amounts. This article is information only, not insurance or financial advice.