Medicare Open Enrollment 2027: 8 Things Every Senior Should Know Before October 15

The annual Medicare open enrollment period is just a couple of months away.

During this window of time from Oct. 15 to Dec. 7, seniors enrolled in the nation's retirement health insurance program have the opportunity to make changes to their coverage that take effect on Jan. 1, 2027.

Looking over your options during open enrollment is one of the smart moves for seniors that improves your health coverage in particular and your golden years overall. Here is what you need to do before open enrollment begins.

1. Read the Annual Notice of Change

The Medicare Plan Annual Notice of Change (ANOC) details any changes in coverage, costs, and other aspects of Medicare that go into effect on Jan. 1, 2027.

This notice should arrive in the mail in late September. Looking over this document helps you decide whether your current plan is still the best option for you in 2027 or whether it makes more sense to explore new options.

2. Check Part D and Medicare Advantage options on Plan Compare

The official Medicare.gov website offers a Plan Compare tool that allows you to enter your ZIP code and investigate the Medicare coverage options that are available to you.

The tool lets you compare health, drug, or supplement plans. Logging into the site before you search helps you get a summary of your current coverage and a list of saved drugs and pharmacies. This should help make the comparison process easier.

3. Confirm doctors and pharmacies are still in your network

The ANOC letter you receive in September is the best place to look for possible changes in your current plan's coverage.

In particular, check to see whether:

• Your pharmacy of choice is "preferred" instead of "standard"
• Doctors and hospitals you use remain in-network
• Premiums and out-of-pocket costs have not changed significantly

4. Ensure that medications remain on the formulary

It is important to scan your ANOC letter to find out whether the drugs you need are still in your plan's formulary and if they remain in the same tier.

A change in tier quietly increases your Medicare costs. In general, drugs in lower tiers cost less than medication in higher tiers.

You should expect formularies to change every year, so this is a crucial step you should not overlook.

5. Watch for 2027 Part D changes

A federal government subsidy that previously made Medicare prescription drug programs more affordable expires in 2027. This shift has the potential to raise your Medicare costs.

In particular, the out-of-pocket drug cap is projected to rise to $2,400, up from $2,100. The standard Part D deductible also increases, from $615 to $700.

Things to keep in mind about Medicare changes in 2027

It's important to note that exact 2027 prices won't be published until mid-to-late September. So, some key information is simply not available right now.

Still, you should not delay in preparing for open enrollment. The sooner you examine your Medicare needs, the more educated you are likely to be when open enrollment finally commences.

Also, keep the following in mind.

1. There is a separate Medicare Advantage open enrollment period

A second Medicare Advantage open enrollment period is slated for Jan. 1 through March 31, 2027.

This open enrollment period is intended only for those who are already enrolled in Medicare Advantage and who intend to change their coverage. Changes go into effect the first day of the month after the request to change is received.

Those who are enrolled in Original Medicare cannot participate in this open enrollment period.

2. Free help is available

Medicare is confusing to many people. Fortunately, free help is available to beneficiaries.

Counselors in the State Health Insurance Assistance Program (SHIP) provide unbiased one-on-one Medicare help. For more information, visit the SHIP website or call toll-free at 1-877-839-2675.

Free help is also available by dialing 1-800-MEDICARE. Aside from federal holidays, someone is always available to answer your call 24 hours a day.

3. Check into cost-assistance programs

If you struggle to afford the cost of Medicare, Medicare Savings Programs offer assistance. There are four such programs altogether, and they assist with the cost of:

• Premiums
• Deductibles
• Coinsurance
• Copayments

 The Medicare Extra Help program also offers assistance with Medicare Part D prescription drug costs such as deductibles and copays.

Bottom line

The annual Medicare open enrollment period is fast approaching, and it would be foolish to skip preparing for this rare opportunity to change your coverage.

As part of your ongoing overall retirement plan, actively review your options rather than simply letting your plan auto-renew. Remember that the window closes on Dec. 7, so treat that date as a hard deadline.

Finally, keep in mind that this article offers general information, not personalized coverage advice. If you need more help, look to the State Health Insurance Assistance Program or Medicare itself for assistance.

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