Open enrollment for Medicare plans is underway, and several federal changes coming in 2027 could alter what beneficiaries pay for premiums, deductibles and prescription drugs. Beneficiaries may switch health and drug plans through Dec. 7, 2026, the window the Centers for Medicare & Medicaid Services sets for annual plan changes, according to NewsNation.
Key 2027 figures
- Medicare Part D out-of-pocket limit: $2,400 in 2027, up from $2,100 in 2026 (NewsNation).
- Part D standard deductible: $700 in 2027, up from $615 in 2026 (NewsNation).
- Projected Medicare Part B premium: $209.50 per month in 2027, up from $202.90 in 2026 (2026 Medicare Trustees Report, as cited by NewsNation).
- Projected Part B annual deductible: about $292 in 2027, up from $283 in 2026 (NewsNation).
- Social Security cost-of-living adjustment (COLA): 3.6%, raising the average retired-worker benefit by $75 a month to an expected $2,170 in January 2027 (Social Security Administration, as reported by NewsNation).
Those changes mean prescription costs and out-of-pocket exposure will rise for many Medicare Part D enrollees next year even as benefit checks increase. NewsNation reports the Part D out-of-pocket cap will climb by $300 and the deductible by $85 compared with 2026.
15 drugs added to negotiated-price program, including GLP-1s
Medicare will implement new negotiated prices for 15 additional drugs in 2027, a move that could lower costs for people who take those medicines but also reshapes plan formularies. Newsweek, cited by NewsNation, lists the medicines affected. The list includes several GLP-1 medications that have been widely prescribed or discussed for weight and metabolic conditions:
- Ozempic
- Rybelsus
- Wegovy
- Ellipta
- Xtandi
- Pomalyst
- Ibrance
- Ofev
- Trelegy
- Linzess
- Calquence
- Austedo and Austedo XR
- Breo Ellipta
- Tradjenta
- Xifaxan
- Vraylar
- Janumet and Janumet XR
- Otezla
NewsNation’s roundup cites Newsweek for the inventory of drugs. The Medicare negotiation program is intended to secure lower prices for selected medicines covered under Part B and Part D, but the precise savings beneficiaries will see depends on sponsors’ formularies, copay structures and plan design for 2027.
How the COLA and Medicare changes interact
The Social Security Administration’s announced 3.6% COLA will lift the average retired-worker benefit by $75 a month to an expected $2,170 beginning in January 2027, NewsNation reports citing the SSA. The increase will raise monthly income for most beneficiaries, but higher Medicare Part B premiums and increased Part D cost-sharing could reduce the net gain for many households.
| Item | 2026 | 2027 (projected) |
|---|---|---|
| Part D out-of-pocket limit | $2,100 | $2,400 |
| Part D standard deductible | $615 | $700 |
| Part B monthly premium | $202.90 | $209.50 |
| Part B annual deductible | $283 | about $292 |
| Social Security COLA | — | 3.6% (average retired-worker benefit +$75 to $2,170) |
The Medicare Trustees Report projection for the Part B premium and deductible cited by NewsNation is a forecast, not a final premium notice. Exact Part B premiums for 2027 will be set and announced by Medicare administrators after further review. Similarly, how much an individual beneficiary will save on any negotiated drug depends on plan coverage and the drug’s negotiated price within a specific Part D plan.
Beneficiaries who want to compare 2027 plan options should consider both premium and out-of-pocket exposure, including the higher Part D cap and deductible. Open enrollment runs through Dec. 7, 2026, the deadline to enroll in or switch Medicare Advantage and Part D plans for coverage that starts Jan. 1, 2027.
