Medicare Open Enrollment Started: 3 Major Changes Will Hit Seniors in 2027
Summary
Medicare open enrollment started on October 15 and ends on December 7, allowing beneficiaries to choose or change their health and drug coverage for 2027. Starting in 2027, Medicare Part D will have a higher out-of-pocket spending limit, new drug prices for some expensive medicines, and the end of a government program that helped stabilize drug plan premiums.Key Facts
- Medicare open enrollment runs from October 15 to December 7 each year.
- Changes made during enrollment take effect on January 1 of the following year.
- In 2027, the Medicare Part D out-of-pocket limit will rise from $2,100 to $2,400.
- The standard deductible for Part D will increase from $615 to $700.
- The federal program helping to stabilize Part D premiums will end after 2026.
- The average national base premium for Medicare Part D plans will start at $41.33 in 2027.
- Prices for 15 additional high-cost drugs will be negotiated, potentially lowering costs for some beneficiaries.
- Social Security will increase by 3.6% in 2027, but rising healthcare costs may reduce the benefit’s impact for many seniors.
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