Millions of Americans enrolled in Medicare could see higher monthly costs for prescription drug coverage in 2027, according to a new analysis from the health policy research group KFF.
About 4 million Medicare beneficiaries who now pay no monthly premium for their prescription drug plans could face new charges, with some potentially paying as much as $50 a month.
Those changes could affect people who stay with their current plans as well as those who move to new coverage.
Medicare's annual open enrollment period gives beneficiaries time to review their choices and adjust coverage for 2027.
How to get ready for possible cost increases
Experts say Medicare beneficiaries should compare available prescription drug plans before signing up for next year.
Options can be reviewed on Medicare.gov, and shoppers should look beyond the monthly premium when weighing plans.
Key items to check include:
- Monthly premiums: Find out how much the plan will cost each month.
- Deductibles: Check how much you must pay before coverage begins.
- Copayments: Review what you will owe for prescriptions.
- Medication coverage: Make sure your prescriptions are included in the plan's formulary.
- Pharmacy networks: Confirm that your preferred pharmacy is covered.
Prescription discount sites may also help
Drug pricing experts also suggest comparing prescription costs through discount websites, which may offer lower prices on some medications.
One option is ScriptCo, a membership-based service that sells prescription drugs at wholesale prices.
Beneficiaries should weigh the total cost of prescriptions through discount programs against the cost under their insurance plan before deciding which option makes the most financial sense. Discount purchases may not count toward insurance deductibles or out-of-pocket spending limits.
With the enrollment deadline approaching, beneficiaries are being encouraged to review their coverage and estimate costs for 2027 before making a choice.
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