Annual Enrollment Period Guide for 2027 Medicare Plans

From October 15 to December 7, you have the opportunity to make changes to your Part D prescription drug plan or Medicare Advantage plan. This window of opportunity is called the Annual Enrollment Period (AEP).

AEP is an excellent time to re-evaluate your Medicare plan.

Reviewing your healthcare plans can:

• Save you money on your health and drug coverage
• Make sure your favorite doctors will be in your network next year
• Help you compare next year’s benefits to other plan options
• Remind you to make important changes, like address changes or beneficiary adjustments

Here is a very simple guide to the Annual Enrollment Period (AEP) for 2027 Medicare plan enrollments.

Disclaimer: We do not offer every plan available in your area. Currently we represent 0-8 organizations which offer 0-41 products in your area. Please contact Medicare.gov, 1‑800‑MEDICARE, or your local State Health Insurance Program to get information on all your options.

This Year Is Different

Before we get into our tips to help you make the best decisions for 2027 health and drug coverage, you should know that this year is unique.

There have been quite a few changes over the past few years due to recent legislation, so it’s more important than ever to take a look at your current Medicare coverage.

For 2027, you may see higher premiums for Medicare Supplement and Medicare Advantage plans, and some benefits may be reduced.

If you notice a price increase for your current plan, there's no need to worry. What you want to do is review your plan with your agent during this AEP to ensure it is still the best fit for your healthcare needs.

Additionally, the Inflation Reduction Act, passed in 2022, will lead to continued changes to Medicare all the way through 2029.  

Some past notable changes to Part D and Medicare drug prices as a result of the Inflation Reduction Act are:

• $35 Insulin Cap: Insulin will be available at $35 per month for covered prescriptions
• ‍Medicare Part D now includes a $2,100 annual out-of-pocket cap for 2026 on covered prescription drugs, helping protect beneficiaries from high drug costs. However, 2027’s cap is expected to increase slightly to $2,400.‍
• End of the Donut Hole: The "donut hole," a coverage gap that previously required beneficiaries to pay a higher percentage of their drug costs after they met a specific threshold for the initial coverage but hadn’t yet met the total out-of-pocket spending threshold. This gap has been eliminated in 2026 and moving forward.

Make sure to keep an eye out for your Annual Notice of Change letter and call your agent to schedule an appointment. We’ll go over your plan changes with you to make sure it continues to meet your needs.

Step One: Take a look at your Medicare Advantage plan

If you’ve opted to have a Medicare Advantage (MA) plan instead of Original Medicare, it’s very important you review it each year during AEP.

Even if you love your MA plan, that doesn’t mean you’ll love it next year. MA benefits aren’t required to stay the same, so those benefits may change for next year. If you don’t take a minute to review those changes, you could end up stuck in a plan you don’t like.

During AEP, you can make the following changes to your MA plan:

• Switch from Original Medicare to a Medicare Advantage plan
• Switch from a Medicare Advantage plan back to Original Medicare
• Switch from a Medicare Advantage plan to a different Medicare Advantage plan
• Switch from a Medicare Advantage plan that doesn’t include prescription drug coverage to one that does, and vice versa

Working with a licensed agent, like one of our agents here at Senior Allies, will help you shop the options to see what plan might be the best for you and your budget.

Step Two: Meet with your insurance agent for an annual review

If you have an insurance agent, odds are you’ll be seeing them during AEP to make changes to your medical and/or drug plans.

That makes it a great time to also do your annual review. If you have any annuities, life insurance policies, or other insurance policies, it’s important to review them annually.

This gives you the chance to make any important changes. For example, if you moved this year, you can tell your agent now to change your addresses on file. If you had a granddaughter and need to add her as a beneficiary on a plan, you can also do that.

It’s a good idea to see your agent yearly to make updates like these.

Additional Tips for AEP

If you have an agent, they will make sure you cover all your bases. However, you’ll want to make sure you do a few extra things as you review your health and drug plans.

Double-check your provider networks.

If you have a network (particularly if you’re on a Medicare Advantage plan), you will want to make sure your preferred doctors are in that network. If not, you can shop around to see if another plan has a better network and compare benefits and/or cost to your current plan.

Make sure your drug plan covers your prescriptions.

It’s important to take a look at any new medications you are on or may be starting soon. Some Medicare Part D drug plans charge more for certain medications, so if there have been any changes, you’ll want to verify what your costs will be—and that you're on the best plan for you for 2027.

Double-check your plan’s rating.

All Part D drug plans and Medicare Advantage plans are rated on a scale of 1-5. The rating is based on overall quality and customer satisfaction, with 5 stars being the best. You can always double check the rating of your plan to make sure you’re choosing the company that’s right for you.

Don’t fall for the lowest premium.

Premiums are only one part of your healthcare expenses. You also have deductibles, coinsurance, and copays. Don’t make the mistake of choosing a plan because it has the lowest monthly premium only to find out later that your deductible is absurdly high. Instead, you want to find the plan that will have the lowest out-of-pocket costs for the year.

Again, your agent will guide you through these things, but if you want to take charge of your health plans, make sure you’re covering your bases.

Conclusion

Do you want personalized help with your Medicare Advantage plan this AEP? Our licensed agents are more than willing to help you evaluate your plans. Just give us a call to get started!