If you’re 65 or older, be sure to mark Medicare open enrollment 2027 on your calendar: October 15 through December 7, 2026. It is an important time of year to review your current medical coverage and healthcare needs and select the most suitable Medicare plan for the new year.
Even if you’re already enrolled in Medicare, it’s still a good idea to review your plan, considering that coverage and your health needs may change from year to year. If you will become eligible for Medicare coverage for the first time in 2027, now is a good time to start learning about the different types of Medicare (e.g., Medicare Parts A, B, C, and D) and what they mean for you.
Back to topWhat is Medicare Open Enrollment 2027?
The Medicare Open Enrollment Period for 2027 begins on October 15, 2026, and ends on December 7, 2026.
During this time, you can:
- Enroll in a Medicare Part D prescription drug plan
- Switch from one Medicare Part D plan to another
- Join, change, or drop a Medicare Advantage plan
- Review your current Medicare coverage and costs
Any plan changes made during open enrollment generally take effect on January 1, 2027.
Back to topWhat are the different types of Medicare?
Medicare is an insurance plan provided by the federal government and overseen by the Centers for Medicare and Medicaid Services (CMS). Medicare coverage is divided into four general sections, each of which covers different services. You must be enrolled in Medicare Part A and/or Medicare Part B to be eligible for Medicare Part D.
Medicare Part A covers hospital expenses (e.g., it pays for costs if you are hospitalized or placed in a nursing home). Medicare Part B covers outpatient services, such as doctor’s visits, labs, immunizations, X-rays, and surgeries that don’t require you to stay overnight in a hospital.
Medicare Part C, also known as Medicare Advantage, is a type of Medicare coverage offered by private insurance companies that contract with CMS. It is available to anyone enrolled in Medicare Parts A and B. Medicare Advantage plans cover not only the services provided by Parts A and B but may also offer dental, vision, and/or prescription-drug coverage.
Medicare Part D is a supplemental form of Medicare that specifically covers prescription drug services. If you are enrolled in Parts A and/or B, you can enroll in a Part D plan for prescription coverage.
Back to topWhat is Medicare Part D Prescription Drug Coverage?
While Medicare Parts A and B cover many healthcare services, they generally provide limited coverage for retail prescription medications. Medicare Part A typically covers medications that you receive while you are in a hospital or a skilled nursing facility and Medicare Part B covers select medications administered in outpatient settings, such as vaccines, injectable medications, and medications administered via IV.
This lack of regular prescription coverage can be a significant problem for older adults. According to the 2021–2022 National Health Interview Survey, more than 88% of adults aged 65+ reported taking at least one prescription drug during the previous 12 months. If you’re 65 or older, it’s worth looking into how signing up for Medicare Part D coverage may save you money, especially if you are already taking multiple prescriptions.
Back to topWho is eligible for Medicare Part D?
Anyone eligible for Medicare is generally eligible for Medicare Part D. Generally, you will qualify for Medicare if you are 65 or older. People who are about to turn 65 can apply for Medicare outside of the regular open enrollment period during their 65th birthday month as well as the three months before or after (although coverage does not start until you turn 65).
If you are under 65, you may also qualify under special circumstances, such as if you’re disabled (and have been receiving Social Security Disability Insurance checks for at least 24 months), have end-stage renal disease, or have ALS (e.g., Lou Gehrig’s disease).
Back to topHow can you sign up for Medicare Part D?
Once you are enrolled in Medicare Parts A and/or B, you can sign up for Medicare Part D coverage on the Medicare Plan Finder page. You can review and select health plans after entering your ZIP code and answering a series of questions. If you are already enrolled in a Medicare Part D plan, your plan will automatically renew. So, technically, you’ll only need to visit the website if you want to change plans.
However, it’s still a good idea to review your plan annually in case your current plan has changed or to determine whether a different plan would better meet your current needs.
Back to topHow much does it cost in 2027?
The Medicare Plan Finder page provides pricing information. You will be prompted to type in your list of medications and select your preferred pharmacy. The website will then display a list of plans from which you can choose. The cost of your Medicare Part D plan may vary based on the plan you select and where you live. You’ll want to compare plan costs and copays to determine which plan will work best for you.
Back to top2027 Medicare Part D Highlights
Here is some important information about Medicare Part D for 2027.
New discounts on common medications
The 2022 Inflation Reduction Act included several updates to Medicare Part D. Most notably, Medicare is now able to negotiate discounts on prescription drugs with the manufacturers. These discounts started taking effect in 2026. New drugs will continue to be added annually through 2029.
The first 10 negotiated drug prices took effect in 2026. Starting January 1, 2027, 15 additional drugs join the list. The American Association of Retired Persons (AARP) reports that about 5.3 million people enrolled in Medicare Part D use one or more of these 15 drugs. According to the AARP, Medicare Part D enrollees are expected to save about $685 million in out-of-pocket costs from these 15 drugs.
The drugs on the list are all medications for which no generic or biosimilar exists. The 15 new drugs treat conditions including type 2 diabetes, cancer, COPD and asthma, irritable bowel syndrome, and other illnesses. Among the new additions for 2027 are the popular GLP-1 medications Ozempic, Wegovy, and Rybelsus.
The AARP has published the full list of drugs discounted in 2027, along with the conditions they treat.
GLP-1s for weight-loss
While GLP-1s are included in the Medicare Part D discounted list starting in 2027, coverage is only for treatment of diabetes and heart disease. Medicare Part D won’t cover GLP-1s prescribed solely for weight loss. That said, a new short-term program called Medicare GLP-1 Bridge has created a limited exception.
Between July 1, 2026, and December 31, 2027, eligible enrollees in Medicare Part D can get certain GLP-1 drugs for weight loss for a flat fee of $50 per month. The copay stays the same no matter which phase of your benefit you’re in, and the copay won’t count towards your deductible or out-of-pocket max. Eligibility depends on BMI and other variables, so ask your doctor or pharmacist to help you determine whether you qualify.
Learn more about the Medicare Part D Bridge Program.
Pricing changes for 2027
Here are the price updates for various elements of Medicare Part D for 2027.
- The initial deductible will increase by $85 to $700. This means you’ll pay slightly more before Medicare Part D begins paying its share if you have a plan with the highest possible deductible.
After your deductible is met, you’ll pay a copay that varies based on the type of drug and your income level. You’ll be responsible for those copays until you meet your RxMOOP (maximum out-of-pocket limit for formulary prescriptions). Note: You no longer need to worry about the coverage gap (aka the “donut hole”) because that was eliminated in 2025.
Some plans may offer a $0 deductible for lower-cost (Tier 1 and Tier 2) drugs. In this case, you may pay a small copay for these drugs, even if you have not met your deductible. All CDC-recommended adult vaccines are typically free of charge even if your deductible hasn’t been met, and you’ll never pay more than $35 for insulin.
- RxMOOP (maximum out-of-pocket limit for formulary prescriptions) is now $2,400 per year, an increase of $300 from last year. This means that after you incur $2,400 in out-of-pocket costs for prescriptions included in your Medicare formulary, you will not pay anything extra for formulary drugs through the end of the year.
To understand more about the Medicare Part D changes for 2027 and what they mean for you, talk to your pharmacist at your local Good Neighbor Pharmacy. Pharmacists can help you compare Medicare Part D plans, review your medications, identify potential prescription savings opportunities, and stay up to date on recommended vaccines and preventive care.