For roughly the next seven weeks, tens of millions of older Americans and people with disabilities have a chance to change their Medicare coverage. The annual open enrollment period began Thursday, Oct. 15, and runs through Dec. 7, 2026, according to Medicare.gov. Whatever you choose generally takes effect on Jan. 1, 2027.

This year the decision comes with new price tags attached. Projected 2027 figures for Part B, Part D and Medicare Advantage plans are already circulating, and they point in different directions: some costs are rising, others are expected to fall. Here is a guide to what has been reported, what is still a projection, and how to make the most of the window.

What open enrollment lets you do

During the Oct. 15 to Dec. 7 period, people already on Medicare can generally:

  • Switch from Original Medicare to a Medicare Advantage plan, or the reverse.
  • Change from one Medicare Advantage plan to another.
  • Join, drop or switch a stand-alone Medicare Part D prescription drug plan.

If you are happy with your current plan, you generally do not need to do anything, but experts regularly advise reviewing it anyway. Plans can change their premiums, deductibles, drug lists (formularies) and provider networks from one year to the next, and the notices that insurers send in the fall spell out those changes.

Part B: a projected increase

Part B covers doctor visits, outpatient care and many preventive services. According to the 2026 Medicare Trustees Report, as summarized by SavingAdvice.com, the standard monthly Part B premium is projected to rise from $202.90 in 2026 to $209.50 in 2027. That is an increase of $6.60 a month, or $79.20 over a year.

Two cautions apply. First, this is a projection. The Centers for Medicare & Medicaid Services (CMS) sets the official premium, and we could not confirm that a final 2027 figure had been published as of Friday. Second, higher-income beneficiaries pay more than the standard amount through income-related surcharges. Check Medicare.gov for the official numbers that apply to you.

For most people on Social Security, the Part B premium is taken directly from their monthly benefit. That matters this week because the Social Security Administration just announced a 3.6% cost-of-living adjustment for 2027, worth about $75 a month on average. A higher Part B premium reduces the net amount that reaches the bank account. See our companion article on the 2027 COLA for details.

Part D: higher caps for prescription drug plans

Medicare Part D covers prescription drugs, and 2027 brings changes to two important limits, according to the SavingAdvice.com summary of Medicare.gov and CMS information:

  • Maximum deductible: The most a Part D plan may charge rises from $615 in 2026 to $700 in 2027, an increase of $85. Not every plan charges the maximum, and some have lower or no deductibles.
  • Out-of-pocket cap: The annual cap on what you pay for covered Part D drugs is reported to rise from $2,100 to $2,400. That article did not attribute the figure to a specific source, so confirm it on Medicare.gov. The cap does not include monthly premiums or drugs your plan does not cover.
  • Average stand-alone premium: CMS projections cited in the same report put the average monthly premium for stand-alone drug plans at about $36 in 2027, up from $35.09 in 2026.

The report also noted that CMS is ending its temporary Part D Premium Stabilization Demonstration after 2026. Programs like that one were designed to cushion premium increases, so their end is one reason to compare drug plans carefully this year.

Medicare Advantage: premiums projected to fall

Medicare Advantage plans, offered by private insurers as an alternative to Original Medicare, are projected to get cheaper on average. Citing a September 2026 CMS announcement, SavingAdvice.com reports that the enrollment-weighted average monthly Medicare Advantage premium is projected to fall from $14.37 in 2026 to $12 in 2027, a decline of about 16.5%. That figure includes Special Needs Plans.

The same report says the drug-coverage portion of average Medicare Advantage premiums is projected to drop from $11.32 to about $7, and that more than 99% of beneficiaries will have access to at least one Medicare Advantage plan. Those two figures were not tied to a named source in the article, so treat them as unverified estimates.

Remember the premium is not the whole price

A low or zero plan premium does not mean low costs. Most Medicare Advantage members still pay the Part B premium in addition to any plan premium. The real cost of a plan also includes copayments, coinsurance, deductibles and the annual out-of-pocket maximum, as well as whether your doctors and hospitals are in the network.

How to compare your options

Start with your own health needs

List your prescriptions, the doctors you want to keep seeing and any procedures you expect next year. A plan that saves $10 a month in premiums can cost far more if it does not cover a key medication or leaves your specialist out of network.

Use official tools

The Medicare Plan Finder on Medicare.gov lets you enter your drugs and pharmacy and compare plans in your area. Free, unbiased counseling is available through your State Health Insurance Assistance Program (SHIP), which you can find at shiphelp.org, or by calling 1-800-MEDICARE.

Read your plan’s annual notice

Insurers must send an Annual Notice of Change describing next year’s differences in costs and coverage. Many people skip it; this is the document most likely to reveal a surprise.

What to know

  • Deadline: Dec. 7, 2026 is the last day of this enrollment period.
  • Effective date: Changes generally begin Jan. 1, 2027.
  • Projections versus final numbers: Several 2027 cost figures cited here are projections. Verify against Medicare.gov before deciding.
  • Watch for scams: Be wary of unsolicited calls or messages offering to enroll you or asking for your Medicare number. Medicare does not call to sell you a plan. Use official channels only.
  • Do not rely on premium alone: Compare total expected yearly cost, including deductibles and your likely use of care.

What to watch next

  • The final Part B premium and deductible. CMS typically announces these figures in the fall, and they will set how much of your Social Security increase is absorbed.
  • Your insurer’s notice. Look for changes to formularies and networks, which can shift your costs even if premiums look similar.
  • The end of Part D premium cushioning. With the stabilization demonstration ending, watch whether your drug plan’s premium moves more than the roughly $36 average suggests.
  • Dec. 7 and beyond. After the deadline, most people cannot change plans until the next enrollment period unless they qualify for a special circumstance. Separate Medicare Advantage enrollment windows exist early in the year for some beneficiaries, but check the current rules at Medicare.gov.

The bottom line

Open enrollment is the one regular chance to make sure your coverage still fits your health and your budget. With Part B and Part D costs projected to rise and Medicare Advantage premiums projected to fall, the best option can change from year to year. Set aside an hour, gather your medication list, use the official Plan Finder, and decide well before Dec. 7.

Sources: Medicare.gov enrollment dates and cost information and CMS announcements as summarized by SavingAdvice.com (Oct. 12, 2026); 2026 Medicare Trustees Report projections. This article is for general information and is not insurance or financial advice.