Open enrollment begins: What Medicare beneficiaries need to know for 2027

(NewsNation) — Open enrollment for Medicare plans is underway, and several changes are going into effect in 2027 that could affect your health care coverage. Medicare beneficiaries can now change their health and drug coverage plans for the upcoming year through Dec. 7.

What changes are going into effect in 2027?

Changes to Medicare next year include new negotiated drug prices, lower prices for weight-loss drugs, and higher deductibles and out-of-pocket caps.

For Medicare Part D prescription drug coverage, the out-of-pocket limit will be $2,400 in 2027, up from $2,100 in 2026.

The standard deductible for Part D prescription drug coverage will be $700, up from $615 in 2026.

Additionally, new negotiated prices for 15 additional drugs will take effect next year. Among them are certain GLP-1 medications, including Ozempic, Rybelsus and Wegovy.

Other medications include Ellipta, Xtandi, Pomalyst, Ibrance, Ofev, Trelegy, Linzess, Calquence, Austedo and Austedo XR, Breo Ellipta, Tradjenta, Xifaxan, Vraylar, Janumet and Janumet XR, and Otezla, according to Newsweek.

The Medicare Part B premium is projected to increase to $209.50 per month, up from $202.90 in 2026, according to the 2026 Medicare Trustees Report. The annual Part B deductible is projected to increase from $283 to about $292.

Other changes that will affect seniors

Retirees are set to receive their largest Social Security cost-of-living adjustment in four years, but higher Medicare Part B premiums could offset some of the increase.

The 3.6% cost-of-living adjustment, announced this week, will increase the average Social Security retirement benefit by $75 a month beginning in January, or about $900 over the course of the year.

After the 3.6% COLA, the average monthly benefit for retired workers is expected to reach $2,170 in January 2027, according to the Social Security Administration.

But that’s just the average. Workers who qualify for the maximum benefit and claim at full retirement age can receive up to $4,188 per month.

If the Medicare trustees’ projection is correct, the standard Part B premium would increase from $202.90 per month in 2026 to $209.50 in 2027, a 3.25% increase compared with a nearly 10% jump this year.