Medicare open enrollment underway: What beneficiaries should know for 2027

(NewsNation) — Medicare open enrollment is now open, and several changes scheduled for 2027 could affect coverage choices. Beneficiaries can make changes to their health and drug plans for the coming year through Dec. 7.

What is changing in 2027?

Next year’s Medicare updates include newly negotiated drug prices, lower prices for weight-loss medications and higher deductibles and out-of-pocket limits.

For Medicare Part D prescription coverage, the out-of-pocket maximum will rise to $2,400 in 2027, up from $2,100 in 2026.

The standard Part D deductible will increase to $700, compared with $615 in 2026.

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

Other drugs on the list 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 climb to $209.50 a month, up from $202.90 in 2026, according to the 2026 Medicare Trustees Report. The annual Part B deductible is also projected to rise from $283 to about $292.

Other changes affecting seniors

Retirees are expected to receive their largest Social Security cost-of-living adjustment in four years, though higher Medicare Part B premiums could reduce part of that gain.

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

After the increase, the average monthly benefit for retired workers is projected to reach $2,170 in January 2027, according to the Social Security Administration.

That said, the average is only part of the picture. Workers who qualify for the maximum benefit and claim at full retirement age can receive as much as $4,188 per month.

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