Medicare open enrollment begins: What beneficiaries should know for the coming year

(NewsNation) — Medicare open enrollment is now underway, and several upcoming changes could affect health care coverage. Beneficiaries can switch their health and drug plans for the next plan year through Dec. 7.

What changes are set to take effect?

Medicare changes expected next year include new negotiated drug prices, lower prices for some weight-loss medications, and higher deductibles and out-of-pocket limits.

For Medicare Part D prescription drug coverage, the out-of-pocket cap will rise to $2,400, up from $2,100.

The standard Part D deductible will increase to $700 from $615.

In addition, negotiated prices for 15 more drugs will take effect. Those include certain GLP-1 medications such as Ozempic, Rybelsus and Wegovy.

Other medications affected 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 rise to $209.50 per month, up from $202.90, according to the Medicare Trustees Report. The annual Part B deductible is also expected to climb, from $283 to about $292.

Other changes for seniors

Retirees are also set to receive a sizable Social Security cost-of-living adjustment, though higher Medicare Part B premiums could reduce part of the increase.

The 3.6% cost-of-living adjustment will raise the average Social Security retirement benefit by $75 a month, or about $900 over a full year.

After the adjustment, the average monthly benefit for retired workers is expected to reach $2,170 at the start of the next year, according to the Social Security Administration.

That figure is only an 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' forecast holds, the standard Part B premium would increase by 3.25%, compared with a much larger jump in the prior year.