Medicare Open Enrollment 2027: What Retirees Should Review Before December 7

By Brent Meyer — Founder & Editor, SafeMoney.com

Reviewed by Licensed Financial Professionals | SafeMoney.com — The Open Book on Retirement | Updated Regularly

Quick Answer

Medicare Open Enrollment for 2027 coverage runs from October 15 through December 7, 2026, but Medicare says beneficiaries can begin comparing their current health and drug coverage with 2027 options starting October 1. Changes made during Open Enrollment generally take effect January 1, 2027. Medicare

Even if you’re satisfied with your current coverage, don’t assume it will work exactly the same way next year. Premiums, deductibles, copays, drug formularies, pharmacy arrangements, provider networks and other plan details can change. The most important question isn’t simply: “Did my Medicare premium go up?” It’s: “What could my healthcare actually cost me next year—and does my current coverage still fit my needs?”

That makes Medicare Open Enrollment more than an insurance decision. It’s part of your retirement plan.

October Is Medicare Review Month

If you’re already on Medicare, you may be tempted to do nothing during Open Enrollment. Your current plan worked this year. Your Medicare card hasn’t changed. Your doctors haven’t changed. Your prescriptions may even be the same. So why go through everything again? Because your plan can change even when you don’t. Medicare health and drug plans send an Annual Notice of Change, or ANOC, each fall. It explains changes in coverage, costs and other plan provisions that will take effect in January. Medicare recommends reviewing those changes to determine whether the plan will continue meeting your needs. Medicare At the same time, new plan options and pricing may become available where you live.

That’s why October 1 matters. Medicare’s yearly review guidance identifies October 1 as the time to begin comparing your current health and drug coverage with options for the following year, even though actual Open Enrollment doesn’t begin until October 15. Medicare That gives you time to investigate before making a decision.

The Four Medicare Dates to Remember

October 1: Start comparing your existing coverage with 2027 options. October 15: Medicare Open Enrollment begins. December 7: Medicare Open Enrollment ends. January 1: New coverage generally takes effect if you make a change during Open Enrollment. Medicare Don’t wait until December 7 to begin looking. You have much more to compare than a monthly premium.

What’s Changing With Medicare Advantage and Part D for 2027?

CMS released its latest 2027 Medicare Advantage and Part D market information on September 28. At the national level, CMS projects the weighted average monthly premium across Medicare Advantage plans to decrease from $14.37 in 2026 to $12 in 2027. For stand-alone Part D prescription drug plans, CMS projects the total average monthly premium to rise by less than $1, from $35.09 in 2026 to approximately $36 in 2027. Centers for Medicare & Medicaid Services Those figures sound encouraging.

But be careful about what they mean.

National Averages Aren’t Your Medicare Costs

A projected national average doesn’t tell you what your plan will cost. Your choices depend on factors including:

• where you live,
• which plans are available,
• your prescriptions,
• your preferred pharmacy,
• your doctors and hospitals,
• your healthcare use,
• your plan’s cost-sharing,
• and the coverage features that matter to you.

CMS says more than 99% of Medicare beneficiaries are expected to have access to at least one Medicare Advantage plan in 2027, and 97% are expected to have access to 10 or more options. Centers for Medicare & Medicaid Services More options can be useful. They can also make comparison more complicated. That’s why the lowest advertised premium shouldn’t automatically determine your decision.

Don’t Shop for Medicare by Premium Alone

Suppose you’re comparing two plans. Plan A: $0 monthly plan premium. Plan B: $35 monthly plan premium. Is Plan A automatically cheaper? No. Your actual annual healthcare spending could look very different depending on the services and prescriptions you use.

Look at Total Potential Cost

Depending on the type of coverage you’re comparing, examine:

• monthly premium,
• medical deductible,
• drug deductible,
• primary-care copays,
• specialist copays,
• hospital costs,
• outpatient costs,
• coinsurance,
• prescription costs,
• preferred versus non-preferred pharmacies,
• provider networks,
• prior-authorization requirements,
• and applicable maximum out-of-pocket limits.

A plan with a higher monthly premium could potentially result in lower overall costs for one person. A lower-premium plan could be more economical for someone else. The answer depends upon how you use healthcare. The cheapest Medicare premium and the lowest total healthcare cost aren’t necessarily the same thing.

Review Every Prescription You Take

This may be one of the most important things you do during Open Enrollment. Don’t assume: “My medication was covered this year, so I’m fine.” Drug coverage can change.

Check the Formulary

A plan’s formulary is its list of covered prescription drugs. For every prescription you regularly take, check: Is it covered for 2027? Then go further. What tier is it on? What’s the copay or coinsurance? Does prior authorization apply? Are there quantity limits? Is step therapy required? A prescription remaining on the formulary doesn’t necessarily mean your cost will remain the same.

Check Your Pharmacy Too

Your pharmacy choice can affect what you pay. Medicare advises people with Part D coverage to check whether pharmacies are in their plan’s network. Medicare Some plans may have preferred pharmacies offering different pricing than other participating pharmacies. If you’ve been filling prescriptions at the same pharmacy for years, don’t assume it’s still the most cost-effective option under your 2027 plan.

Part D Has Important 2027 Numbers to Know

Prescription drug coverage deserves particular attention this year. For 2027, the maximum deductible permitted under the defined standard Part D benefit rises to $700, up from $615 in 2026. The 2027 annual out-of-pocket threshold for covered Part D drugs rises to $2,400, up from $2,100 in 2026. Centers for Medicare & Medicaid Services That doesn’t mean every plan will charge a $700 deductible. Plans can have lower deductibles, including no deductible in some cases.

It means you need to look at your particular plan, rather than relying on the national limit.

Don’t Ignore Part D Because You Take Few Medications

Your prescription needs can change unexpectedly. And plan formularies, pharmacy arrangements and costs can change from one year to the next. Someone who takes only one or two medications still has a reason to compare. Someone taking multiple medications has even more reason. The comparison should be based on the prescriptions you actually use—not simply the plan name or premium.

Make Sure Your Doctors Are Still Where You Think They Are

For many retirees, doctors matter as much as cost. If you’re enrolled in Medicare Advantage, verify that the physicians, specialists, hospitals and other providers important to you fit the plan you’re considering.

Medicare Advantage Networks Matter

Medicare explains that Medicare Advantage beneficiaries may need to use providers within a plan’s network and service area for non-emergency care. Some plans permit out-of-network services, often at a higher cost. Medicare So don’t simply ask: “Does Dr. Smith accept Medicare?” Ask: “Is Dr. Smith participating in this specific Medicare Advantage plan for 2027?” Those aren’t necessarily the same question. If you regularly use specialists, check them individually. If a particular hospital or health system matters to you, verify that too.

And when a provider relationship is especially important, consider confirming participation with both the plan and provider rather than relying solely on an old directory.

Original Medicare or Medicare Advantage? Understand the Difference

Open Enrollment is also an opportunity to reconsider how you receive your Medicare benefits. There are two primary paths.

Original Medicare

Original Medicare consists of Part A and Part B. Medicare says beneficiaries can generally use any doctor or hospital in the United States that accepts Medicare. You can add a separate Part D plan for prescription coverage. You may also be able to purchase Medicare Supplement Insurance, commonly called Medigap, to help with certain out-of-pocket costs. Medicare Original Medicare itself generally doesn’t impose an annual out-of-pocket maximum for Part A and Part B services unless you have supplemental coverage that helps address those costs. Medicare

Medicare Advantage

Medicare Advantage, or Part C, is offered through Medicare-approved private insurers as an alternative way to receive Medicare-covered benefits. Most Medicare Advantage plans include Part D drug coverage, and many offer additional benefits not covered by Original Medicare. However, plans can have provider networks, different cost-sharing arrangements and prior-authorization requirements. Medicare Advantage plans do have annual limits on what beneficiaries pay for covered Medicare services, although specific limits and rules vary by plan. Medicare

Which Is Better?

There isn’t one answer for everyone. Your decision can depend on:

• doctors,
• hospitals,
• prescriptions,
• travel,
• budget,
• supplemental coverage,
• healthcare usage,
• provider flexibility,
• additional benefits,
• and your willingness to work within a plan network.

SafeMoney.com isn’t suggesting that everyone should choose Original Medicare or everyone should choose Medicare Advantage. The objective is to understand the differences and choose coverage appropriate for your circumstances.

Be Careful When Moving From Medicare Advantage to Original Medicare

This deserves special attention. Someone may decide during Open Enrollment that Original Medicare appears more attractive and assume they can simply add a Medigap policy. It isn’t always that simple. Medicare specifically notes that if you switch from Medicare Advantage to Original Medicare, you may want Medigap coverage, but there are limits on when you can add it. Medicare Medigap enrollment rights can depend on circumstances, timing and applicable rules. So if supplemental coverage is important to your decision, investigate your Medigap options before completing a change rather than assuming you’ll automatically qualify for the policy you want afterward.

Read the Annual Notice of Change Before You Throw It Away

That thick Medicare-related envelope arriving in the mail is easy to ignore. Don’t. Your Annual Notice of Change is one of the most important documents in your Medicare review. It tells you what your existing plan is changing for the coming year. Medicare says plans send the ANOC each fall and that it includes changes in costs, coverage and more that take effect in January. Medicare

Compare This Year With Next Year

Look specifically for changes involving:

• premium,
• deductible,
• copays,
• coinsurance,
• prescription coverage,
• drug tiers,
• pharmacy network,
• medical provider network,
• prior authorization,
• additional benefits,
• and other out-of-pocket costs.

Don’t ask only: “Is my plan still available?” Ask: “Is the version of this plan being offered next year still the plan I want?”

Those are very different questions.

Don’t Confuse Medicare Open Enrollment With ACA Open Enrollment

The terminology causes understandable confusion. Medicare Open Enrollment and Health Insurance Marketplace Open Enrollment aren’t the same thing. Medicare explicitly states that its October 15–December 7 Open Enrollment period is separate from the Health Insurance Marketplace. People who already have Medicare don’t need Marketplace coverage to replace their Medicare choices during this period. Medicare For Medicare beneficiaries, the October 15–December 7 period is about Medicare health and drug coverage.

Your 10-Minute Medicare Open Enrollment Checkup

Before deciding to keep or change coverage, sit down with your current information and answer these questions.

1. Did my premium change?

Compare what you’re paying now with what you’ll pay in 2027. But don’t stop there.

2. Did my deductible change?

Review both medical and prescription deductibles where applicable.

3. Are all my prescriptions still covered?

Check each medication individually.

4. Did any of my drugs change tiers?

A formulary change can alter your out-of-pocket cost even if the medication remains covered.

5. Is my pharmacy still in the network?

And is it still a preferred or cost-effective option under your plan?

6. Are my doctors still in network?

Check your primary physician and every specialist you regularly see.

7. Is my preferred hospital still covered appropriately?

Don’t overlook hospitals and health systems.

8. What would I pay if I became seriously ill?

Don’t evaluate a health plan only for a healthy year. Look at hospital copays, specialist costs, coinsurance and the applicable out-of-pocket maximum.

9. Have my healthcare needs changed?

New diagnosis? New prescription? New specialist? Upcoming surgery? More travel? Your life may have changed even if the plan hasn’t.

10. Is this still the coverage I would choose if I were selecting it today?

This may be the most revealing question. Forget for a moment that you’re already enrolled. If you were choosing from scratch using your current doctors, prescriptions, health and finances: Would you choose the same coverage again?

If the answer is yes, keeping it may make sense. If you aren’t sure, compare.

Medicare Is Part of Your Retirement Budget

Healthcare planning shouldn’t live in a separate box from retirement planning. Every dollar you spend on:

• premiums,
• prescriptions,
• deductibles,
• copays,
• dental care,
• vision,
• hearing,
• and other healthcare expenses

is a dollar that must come from your retirement income.

A 0 Monthly Difference Is

,600 a Year

Suppose one coverage arrangement results in $300 more per month in combined healthcare spending than another appropriate alternative. That’s $3,600 per year. Over ten years, ignoring inflation and other changes, that’s $36,000. That doesn’t mean choosing the cheapest coverage. Sometimes paying more can provide benefits or flexibility that are worth the cost. It means healthcare belongs in the retirement-income calculation. Your retirement plan shouldn’t merely ask: “How much income do I need?” It should ask: “How much income do I need after accounting for healthcare?”

Don’t Evaluate Medicare Only for the Year You Expect to Have

Most of us would prefer a healthy 2027. But insurance exists partly because we don’t know what’s going to happen. So compare coverage under at least two scenarios.

Scenario One: A Normal Healthcare Year

Think about:

• regular doctor visits,
• current prescriptions,
• routine testing,
• preventive care,
• and ordinary medical needs.

Estimate what those could cost.

Scenario Two: A Difficult Healthcare Year

Then ask what happens if you need:

• hospitalization,
• surgery,
• repeated specialist care,
• expensive medications,
• rehabilitation,
• or substantially more medical services.

What could your out-of-pocket responsibility look like? A plan that looks attractive when you use almost no healthcare may look different when you model a year in which you need significant care. That’s why premium alone is an incomplete comparison.

What If You Do Nothing During Medicare Open Enrollment?

In many cases, if your existing Medicare health or drug plan continues into the following year and you make no change, you’ll remain enrolled and the plan’s new terms will apply. But “automatic” doesn’t mean “optimal.” You may remain in the same plan while:

• your premium changes,
• your copays change,
• your prescription costs change,
• your formulary changes,
• your provider situation changes,
• or a better-fitting alternative becomes available.

Doing nothing is still a decision. Make it an informed one.

What Can You Change During Medicare Open Enrollment?

During the October 15–December 7 Open Enrollment period, Medicare says beneficiaries can, depending on their existing coverage:

• switch from Original Medicare to Medicare Advantage,
• switch from Medicare Advantage to Original Medicare,
• change from one Medicare Advantage plan to another,
• join, drop or switch Medicare drug plans where permitted,
• or make applicable changes to Medicare Advantage drug coverage. Medicare

Changes generally take effect January 1. There is also a separate Medicare Advantage Open Enrollment Period from January 1 through March 31 for people already enrolled in Medicare Advantage. The options during that period are more limited than the fall Open Enrollment period. Medicare That’s another reason not to assume you can fix every decision later.

Key Takeaways

• Start reviewing now. Medicare identifies October 1 as the time to begin comparing current coverage with 2027 options. Medicare
• Open Enrollment runs October 15–December 7, 2026, with changes generally effective January 1, 2027. Medicare
• Don’t compare premiums alone. Look at deductibles, copays, coinsurance, drug costs, provider networks and potential out-of-pocket exposure.
• Review every prescription and provider. What worked in 2026 isn’t automatically the best fit for 2027.
• Healthcare is a retirement expense. Include Medicare and other healthcare costs when estimating the income your retirement plan needs to provide.

Frequently Asked Questions About Medicare Open Enrollment

When is Medicare Open Enrollment for 2027?

Medicare Open Enrollment runs from October 15 through December 7, 2026. Medicare encourages beneficiaries to begin comparing current health and drug coverage with 2027 options starting October 1. Changes made during Open Enrollment generally become effective January 1, 2027. Medicare

Do I need to change my Medicare plan every year?

No. But reviewing it every year is worthwhile. Medicare plans can change coverage, costs and other provisions for the next plan year. Your health, prescriptions and preferred providers can change too. Review your Annual Notice of Change and compare your existing coverage with available alternatives before deciding to stay or switch. Medicare

What should I compare during Medicare Open Enrollment?

Look beyond the monthly premium. Compare deductibles, copays, coinsurance, prescription coverage and pricing, pharmacy arrangements, provider networks, hospital access, prior-authorization requirements, additional benefits and applicable out-of-pocket limits. The best fit depends on your healthcare needs and financial situation.

What’s changing with Medicare Part D in 2027?

Among the important 2027 figures, the maximum standard Part D deductible rises to $700, while the annual out-of-pocket threshold for covered Part D drugs rises to $2,400. Individual plans can differ, so beneficiaries should review the actual terms of plans available to them. Centers for Medicare & Medicaid Services

Is Medicare Advantage better than Original Medicare?

Neither is universally better. Original Medicare generally provides broader provider choice among providers who accept Medicare, while Medicare Advantage plans may use networks and can offer additional benefits and annual limits on covered Medicare-service out-of-pocket costs. Your doctors, prescriptions, travel, budget and healthcare preferences should be considered. Medicare

Is Medicare Open Enrollment the same as Obamacare or ACA Open Enrollment?

No. Medicare states that its Open Enrollment period is separate from the Health Insurance Marketplace. Medicare beneficiaries use Medicare’s enrollment rules and resources to review Medicare health and drug coverage. Medicare

Before December 7, Give Your Medicare Coverage an Annual Checkup

You don’t need to change plans simply because Open Enrollment arrives. And you shouldn’t switch simply because an advertisement promises additional benefits or a lower premium. But you should look. Pull out your Annual Notice of Change. Make a list of your prescriptions. Write down your doctors and specialists. Identify the hospitals you want access to. Review your healthcare spending from this year. Then compare those needs against your 2027 coverage. Most importantly, connect that decision to the rest of your retirement.

Your Medicare coverage affects your healthcare. Your healthcare affects your expenses. Your expenses affect the income you need. And the income you need affects the retirement plan you’ve spent decades building. That’s why Medicare Open Enrollment shouldn’t be viewed as merely another insurance deadline. It’s an annual opportunity to make sure one of the most important parts of your retirement plan still fits your life. You can begin by using SafeMoney.com’s free retirement calculators to estimate how healthcare and other expenses fit into your retirement-income needs. Calculator results are educational estimates based on the assumptions entered and aren’t predictions, guarantees or individualized recommendations.

If you’d like help looking at Medicare and healthcare expenses as part of your broader retirement-income plan, you can also connect with an independent financial professional through SafeMoney.com’s advisor network. For Medicare plan comparisons and official enrollment information, use Medicare.gov or call 1-800-MEDICARE.

Important Disclosure

This article is for general educational purposes only and isn’t individualized Medicare, insurance, financial, tax or legal advice. Medicare rules, plan availability, premiums, formularies, provider networks, benefits and costs can change. Plan availability and terms vary by location and individual circumstances. National averages and examples don’t represent what a particular beneficiary will pay. Verify current plan details with Medicare, the applicable insurer and healthcare providers before making coverage decisions. SafeMoney.com does not guarantee the availability, suitability or performance of any Medicare plan.