2027 Medicare Annual Enrollment Is Here: What's Changing and What You Need to Know

If you have Medicare, fall is one of the best times of year to review your health and prescription drug coverage.

The Medicare Annual Enrollment Period 2027 (AEP) runs from October 15 through December 7 each year. During this time, you can review your current coverage and make changes now for 2027, but any changes you make do not take effect until January 1, 2027.

Even if you are happy with your current Medicare plan, you should review your coverage every year. Medicare Advantage and Part D plans change every year, including premiums, prescription drug coverage, provider networks, deductibles, copays, and additional benefits.

What is Medicare Annual Enrollment?

The Medicare Annual Enrollment Period is the yearly opportunity for people already enrolled in Medicare to review and, if appropriate, change their Medicare Advantage or Medicare prescription drug coverage.

Depending on your current coverage and eligibility, AEP may allow you to:

• Change from one Medicare Advantage plan to another

• Change from Medicare Part D prescription drug plans

• Move from Original Medicare to a Medicare Advantage Plan

• Leave a Medicare Advantage plan and return to Original Medicare

• Add a standalone Part D prescription drug plan when eligible

You don't have to change plans simply because AEP arrives. Please don't let anyone make you believe that. That said, reviewing your coverage each year helps you know whether your current plan is still right for you.

Why Reviewing Your Medicare Plan Matters in 2027

Your Medicare plan may have worked well for you in 2026, but that does not automatically mean it will be the right fit in 2027. Insurance companies can change their Medicare Advantage and prescription drug plans every year. Your plan should send you an Annual Notice of Change (ANOC), explaining changes to your coverage for the coming year. Whatever you do, don't throw this document away.

Your ANOC can tell you whether your premiums, deductible, copays, benefits, prescription coverage, or other aspects of your plan are changing for 2027. So the question isn't "Is there a cheaper plan?" The question is "Does my current coverage still work for my doctors, prescriptions, healthcare needs, and budget?"

What Is Changing For the Medicare Annual Enrollment 2027?

Encouraging news is on the way for the 2027 Medicare plan year: according to the Centers for Medicare & Medicaid Services (CMS), the weighted average monthly premium across Medicare Advantage plans is projected to drop from $14.37 in 2026 to $12 in 2027.

CMS has also projected that more than 99% of Medicare beneficiaries will have access to at least one Medicare Advantage plan in 2027, while 97% will have access to 10 or more Medicare Advantage options.

For standalone Medicare Part D prescription drug plans, CMS projects the average monthly premium will increase slightly, from $35.09 in 2026 to approximately $36 in 2027. Please note that those are national averages, and your actual options, premiums, benefits, provider networks, prescription costs, and plan availability depend on where you live and the plans available in your service area.

That alone is one reason a Medicare review matters.

Prescription Drug Coverage Deserves a Close Look

Prescription coverage should be part of every annual Medicare review, even if your medications have not changed. A plan's formulary, which is its list of covered prescription drugs, can change. The tier assigned to a medication can affect what you pay.

CMS has also finalized provisions continuing important changes to the Medicare Part D benefit structure for 2027 and beyond, including financial protections for beneficiaries and the elimination of cost sharing in the catastrophic phase.

When reviewing your 2027 drug coverage, consider:

• Are all of your current prescriptions still covered?

• Have any medication tiers changed?

• Has your pharmacy's preferred-network status changed?

• What will your medications actually cost under the plan?

• Are there restrictions such as prior authorization or step therapy?

• Would another available plan better fit your current prescriptions?

A low monthly premium does not necessarily mean the lowest total healthcare cost.

Check Your Doctors and Hospitals

One of the biggest mistakes you can make during the Medicare AEP is choosing coverage based primarily on the premium or extra benefits without checking the provider network. If you have Medicare Advantage, confirm that the doctors, specialists, hospitals, and other providers you want to use will participate in the plan's network in 2027.

If keeping a particular physician or healthcare system is important to you, make that part of your Medicare plan review.

Don't Choose a Medicare Plan Based Only on Extra Benefits

Dental, vision, hearing, fitness programs, and other supplemental benefits can certainly be valuable. But you should consider them alongside your core medical and prescription drug coverage. Before choosing a Medicare Advantage Plan because of an additional benefit, look at the entire picture:

• Your doctors and hospitals

• Your prescription medications

• Monthly premiums

• Medical deductibles

• Prescription deductibles

• Specialist copays

• Hospital costs

• Maximum out-of-pocket limits

• Prescription costs

• Supplemental benefits

• Plan rules and restrictions

The plan with the most advertised extras isn't automatically the best fit for your healthcare needs.

Your 2027 Medicare AEP Checklist

Before reviewing your Medicare coverage, gather a few things. Have your Medicare card, current insurance information, current prescription list, preferred pharmacy, and a list of the doctors and specialists you want to continue seeing.

Then ask:

• Is my current plan still available in 2027?

• Are my doctors and specialists still in-network?

• Are my prescriptions still covered?

• Have my prescription tiers or costs changed?

• Is my pharmacy still preferred?

• Are my copays or deductibles changing?

• Has my maximum out-of-pocket amount changed?

• Are benefits I currently use changing?

• Are there other 2027 Medicare options available in my area that I should compare?

You may ultimately decide your current coverage still meets your needs. That is perfectly fine. The important part is making that decision after reviewing your 2027 coverage rather than assuming nothing has changed.

When Is Medicare AEP for 2027 Coverage?

Mark these dates on your calendar:

October 15, 2026: Medicare Annual Enrollment Period begins

December 7, 2026: Medicare Annual Enrollment Period ends

January 1, 2027: Coverage selected during AEP generally becomes effective.

Waiting until the final days of AEP can make already confusing decisions feel rushed. Reviewing your options earlier gives you more time to ask questions and understand your choices.

Do I Have to Change My Medicare Plan During AEP?

No. AEP is an opportunity to review and change coverage. You don't have to switch plans every year. If your current coverage still meets your healthcare and prescription needs for 2027, you may be able to stay with your plan.

Medicare Help in New Albany, Indiana and Beyond

You don't have to figure Medicare out alone. The Bedrock Group helps Medicare beneficiaries understand their coverage options, review changes to their existing plans, compare available Medicare options, and make informed decisions based on their individual healthcare needs.

If you are in New Albany, Southern Indiana, or the Louisville-area community, you can meet with a licensed Bedrock advisor locally.

Outside of the Southern Indiana market? We have licensed advisors in your area who also provide complimentary Medicare reviews. Please click here to schedule your appointment.

During your Medicare review, we can help you:

• Review your current Medicare Advantage coverage

• Investigate whether your preferred physicians and hospitals participate in available plans

• Compare Medicare coverage options for 2027

• Review prescription drug benefits and estimated expenses

• Understand your existing Medicare benefits and potential changes

At The Bedrock Group, we're not here to change your Medicare. We're here to show you what's changing.

Visit The Bedrock Group

2659 Charlestown Road

New Albany, Indiana

Serving New Albany, Jeffersonville, Clarksville, Sellersburg, Georgetown, Charlestown, Floyds Knobs, and surrounding Southern Indiana communities.

If you're not in Southern Indiana and need to schedule your in-person review, click on "Schedule Your Appointment"; we have agents available nationwide to assist you.

Office Hours:

Monday - Thursday 9:00 - 3:00

Friday & Saturday by appointment

Closed Sundays

Your Medicare review is complimentary, with no obligation to enroll or change your current coverage.

This blog is provided for educational purposes by The Bedrock Group, an independent insurance agency, and is not affiliated with or endorsed by the federal Medicare program. Medicare plan availability and benefits vary by location. For information about all available Medicare options, visit medicare.gov or call 1-800-MEDICARE.